Healthcare has become increasingly unaffordable due to the rising costs of treatment in recent years. Consider the example of Ramesh Sharma, who retired two years ago. While he had accumulated substantial wealth in bonds, deposits, and shares to maintain his lifestyle, his situation changed drastically when he had to undergo angioplasty. Since he did not fully understand the importance of health insurance and considered it unnecessary in his old age, he was compelled to pay a significant amount out of his own pocket.

You certainly do not want your beloved parents to face a similar situation! Investing in health insurance can safeguard both them and yourself from financial burdens in unexpected medical emergencies.

6 Things to Consider Before Buying Health Insurance for Your Parents

1. Entry Age
   Most health insurance providers offer policies for senior citizens up to the age of 70. Ensure your parents opt for a plan before turning 69, as they may no longer be eligible afterward.
2. Renewal Age
   Renewal age is the maximum age up to which a person can renew their policy. Some insurers set a specific cut-off age, beyond which they do not offer renewal. However, certain plans, such as Bajaj Allianz’s Silver Health Plan, provide lifetime renewal, ensuring continued coverage.
3. Pre-existing Diseases
   Coverage for pre-existing diseases is included after the policy has been active for a specified period, which varies across insurers. For example, Bajaj Allianz covers pre-existing conditions starting from the second policy year.
4. Waiting Period
   A waiting period is the duration a policyholder must wait before making a claim. Always check and understand this period before purchasing a health insurance policy to avoid unexpected claim rejections.
5. Sub-Limit
   Some health insurance plans impose sub-limits on specific treatments. For instance, a policyholder may only be eligible to claim Rs. 20,000 for cataract surgery, even if their total insured amount is three lakh. Opt for policies without such sub-limits, even if they come with a slightly higher premium, to ensure comprehensive coverage.
6. Free Look Period
   Many health insurers offer a free look period, allowing individuals to cancel their policy within a certain timeframe and receive a refund. Bajaj Allianz, for example, provides a 15-day free look period from the date of receiving the policy document, offering flexibility if the policyholder has concerns about the terms and conditions.

Your parents deserve the best! A premium health insurance plan tailored to their needs is one of the most thoughtful gifts you can provide. Before making a purchase, consider these essential factors and explore the top health insurance plans for senior citizens today to secure their well-being.