Key Things to Lookout for While Buying a Healthcare Plan For Your Elderly Parents

A health insurance becomes an inescapable need, especially for people who are no more young and healthy. As per a recent report by Mercer Marsh Benefits says the medical inflation rate will be double the inflation rate in 2018. The medical inflation rate will be 10 per cent in India, while inflation will be at 5 per cent. In layman’s language, it means, availing the basic health care amenities is going to get even more expensive, becoming impossible to afford from their own pocket. Hence, the healthcare plan becomes even more crucial for people who are prone to face health issues frequently elderlies. So, turn on your laptop and find out medical insurance schemes offered in your area. Follow the below-mentioned factors to compare the available options and come up with the best insurance policy for yourself.

Get more information click - Exclusions in Health Insurance Policies

1.Minimum Entry Age

First and the foremost factor to consider is the minimum entry age. Earlier, it was very difficult for elderlies above 65 to get a health insurance policy. However, as per the current modifications by the IRDAI, the minimum entry age for medical insurance was changed to 65 years. So, if you are buying a health insurance policy, please look out for that.

2.Sum Insured

On an average, the sum insured in most health insurance policies is restricted to Rs 5 lakh; which is undoubtedly not sufficient. So, look for insurance policies with higher sum assured.

Read More: Which Is The Best Healthcare Plan For Your Elderly Parents?

3.Waiting period

Last but not the least, check the waiting period. Look for policies with the lowest waiting period. Generally, the waiting period will be around 30 days from the date of purchase. However, your aim is to find out insurance policies with a lower waiting period.

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