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An individual should check if there is any waiting period and which diseases are included. (Representative Image)

Insurance cover for your parents is always crucial. If your parents are senior citizens, it is essential that you get them insured as soon as possible. Considering the age factor, your parents are more vulnerable to various illnesses and getting a plan with adequate coverage is crucial in getting treatment financial stress. Besides, your parents’ health insurance would play a prominent role in your tax savings too. With your parents’ health insurance premium, you can get tax deduction up to Rs 50,000 in a fiscal year.

Things to consider

One must consider some important things while looking for a health insurance policy for seniors. Selecting the right insurance amount, network hospitals, coverage and limitations if any are main things. The coverage amount should be adequate as per the age of your parents.

One should check if there is any waiting period and which diseases are included.

One must also research on the claim settlement history of the insurer. Also, check if the plan comes with other additional factors such as cataract benefits, free medical check-ups, no claim bonus, co-payment option, cancer coverage, etc.

Four-point guideline

Sum insured – The sum insured of a policy should be decided after considering some factors such as rising medical cost, health condition of your parents and pre-existing diseases if any. If you fix and buy a health insurance then you don’t have any option to increase the amount until next year. Experts say the sum insured should be chosen assuming an inflation rate of 8% annually.

Pre-existing disease- It is suggested to disclose all pre-existing diseases along with any ongoing health issue, symptoms, and diseases that are not formally diagnosed. Also, before buying an insurance policy it is better to have a clear idea of the medical history of your parent’s so that you can get the policy that provides relevant coverage of your parents.

Policy parameter- When you are going to buy a health policy, always check some basic factors of the policy, such as co-pay, room rent limits, treatment limits, surgery cost, ambulance cost, wellness benefits, no claim bonus etc.

There are some plans which have a lower premium but still have some extra coverage. Usually, most policies with a low premium have various restrictions that limit the usage of the policy significantly. Hence, it is better to read the terms and conditions of the policy and then go for it.

Be 100% clear– In most cases of senior citizens, insurers ask for health checkups based on the information provided. So it is always advised to disclose all diseases of your senior citizen parents, if any and then proceed.

Depending on this information the insurer can either issue a policy, increase the premium, or decline the application. Also, the act of concealing health conditions could lead to claim rejection during a critical situation later.