 "Here’s What You Should Know While Claiming Health Insurance For Elderly Parents")
Covid-19 has ushered many changes in our lives, mainly in the way we look at our own and our family’s health. Indeed, with healthcare and immunity becoming the buzzwords of our times, now is a good time to look at health insurance. It is, in fact, imperative for senior citizens and the elderly to have health insurance. Accordingly, you must get your elderly parents insured for health if they aren’t already.
There are two major reasons for this. The first is that healthcare costs have been rising for some time now and look like they will keep rising in the future as well. As per some reports, healthcare inflation is increasing at double the rate of overall inflation[1>. Most of us cannot expect or afford to pay out of our pockets for hospitalisation and other health ailments anymore. Secondly, the surge in lifestyle diseases as well as unknown viruses and their deadly variants makes it impossible to plan for future health expenses. Various studies indicate a rise in lifestyle-related ailments. According to the World Health Organisation (WHO), physical inactivity is a leading cause of disease and disability. Approximately two million deaths per year are attributed to physical inactivity. This has led the WHO to classify sedentary lifestyle among the 10 leading causes of death and disability in the world[2>.
With age, comorbidities also get added and affect our overall health. This makes our elderly parents susceptible to infections even more. Moreover, healthcare costs increase with age, as they may need more expensive treatments. The only way of countering this reality is to buy health insurance for them.
But which health insurance do you pick? There are a several options out there but if you keep a few things in mind, the list narrows down quite significantly.
Must-Haves in Health Insurance for Senior Citizens
Health insurance policies for senior citizens need to be different from generic policies targeted to a younger audience. For example, a mediclaim policy that offers complete health insurance solutions for senior citizens must include features such as high entry age, pre-existing illness cover, waiver of co-payment, pre and post hospitalisation charges cover, ambulance cover, cumulative bonus and free health check-ups.
Making a claim
Say you have bought the insurance policy and you can now afford the best healthcare facilities for your parents should they ever need it. But there are certain things to keep in mind while making a claim to make the most of the health insurance policy. So, here’s what you should know while claiming health insurance for elderly parents:
Waiting period: Different insurance companies have different waiting periods for certain listed conditions in different policies. This waiting period could vary from 30 days to three-four years for some conditions. So before you raise a claim, ensure that the waiting period has elapsed, if applicable. While buying a policy also, you can take into account the waiting period and choose a policy with a shorter period. * Standard T&C Apply
Pre-existing illnesses: Many insurance companies reject claims related to pre-existing illnesses if made within a certain period as per the policy terms. So you must check with your insurer about the inclusion of pre-existing illness coverage, and their specific waiting periods. Also, for your senior citizen parents, you should preferably select plans which have a provision for covering pre-existing ailments as early as possible. * Standard T&C Apply
Co-payment clause: Many insurance policies come with a co-payment clause wherein a percentage of hospital expenses have to be borne by the policyholder. This clause brings down the annual premium of the policy. So you must review the co-payment percentage under the policy terms before making a claim. One should check with the insurer before making a claim so as to manage finances accordingly. * Standard T&C Apply
Deductibles: Apart from the co-payment clause, some health insurance policies also have deductibles as an option. Deductible is the amount a policyholder agrees to pay by himself during the claim. It is different from co-payment in the sense that while in co-payment, you pay a fixed percentage of every claim, whereas in case of a deductible, you have to bear a fixed amount of the medical cost before the insurance policy starts covering the larger portion of the medical bill. For instance, if your parents’ policy has a deductible of Rs 2 lakh and their treatment cost is Rs 5 lakh, you have to pay the first Rs 2 lakh from your pocket and the rest will be paid by the insurer. If the claim is below Rs 2 lakh, the insurance policy will not cover it. Be mindful of the deductible amount while making the claim. * Standard T&C Apply
Documents: For an insurer to admit your claim, you need to have proper documents, reports, etc., supporting your claim. Submit complete, original, documents while filing the claim. If the documents are found to be incomplete or not verified by the hospital authority, then in such cases the claim gets rejected. A few insurers proactively support the consumer to handhold during the claims process to guide on requirements for submission.
Choose the Right Insurance Company
Bajaj Allianz General Insurance’s Silver Health Plan is a comprehensive health insurance for senior citizens that provides financial security for critical illnesses, hospitalisation, medical check-ups and more. The plan allows senior citizens to spend their golden years without any financial worries related to healthcare. This could be the perfect health cover for your elderly parents.
The plan comes with a cashless claims facility at over 6,500 hospitals across the country, making it one of the largest and widest covered health insurance policies. Bajaj Allianz General Insurance’s in-house claim settlement team ensures quick and painless claim settlements without you having to run from pillar to post. The policy also offers some truly innovative packages that are customised for every unique situation.
Not just that, the Silver Health Plan also provides benefits under Section 80D of the Income Tax Act. Additionally, any family member who joins the plan gets a family discount of 5% under the policy so you can save and protect your family from health concerns without breaking the bank. Please note that tax benefit is subject to change in tax laws.
Bajaj Allianz General Insurance’s Silver Health Plan covers pre and post hospitalisation expenses along with an amount equivalent of 3% of admissible pre and post hospitalisation expenses. In an emergency, the policy also covers ambulance charges upto INR 1,000 and covers pre-existing illnesses just one year after the policy is issued. * Standard T&C Apply
Now that should be your cue to get the Bajaj Allianz General Insurance’s Silver Health Plan right away and secure health insurance for senior citizens so they can enjoy their sunset years to the fullest. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
This article has been written by Studio18 team on behalf of Bajaj Allianz General Insurance
