As we try to move forward with our lives and learn to lower the impact of the pandemic on our lives, we see a lot of changes in our lives that we involuntarily had to make. Many of these changes have proven healthy for us. This shows that the last one and a half years has put the health of ourselves and our loved ones right at top of our priorities. The reason for these changes was the realization of how vulnerable we are in the face of health emergencies. Due to this vulnerability, many people had to pay a heavy emotional and monetary price.
Our parents are at the highest health risk in this pandemic. Hence, the need to secure parents is an essential part of any family’s health and financial planning. Regardless of the pandemic, health issues increase with age. Knowing that along with the skyrocketing prices of medical care, it can cause a lot of emotional stress for the family. Fortunately, there are many health insurance options for senior citizens. Hence, you can do a lot better than just finding the first affordable option.
A well-bought health insurance policy can prove more beneficial than you think. The reason for that is as it would offer much more refined health coverage for your elderly parents. A part of buying the right kind of coverage is to also include the claim procedure into consider ation. In the case of senior citizen health insurance policies, the claim features can be a bit different depending on your insurance provider. Here are all the things you should keep in mind while claiming health insurance for your elderly parents:
- Understanding of the policy
To make claims easier, you have to understand the policy itself thoroughly first. In fact, you should understand the terms and conditions of your policy before you buy health insurance. Make sure that the policy documents clearly mention them and that you read them. Moreover, you should have a deeper understanding of the insurance policy through its terms and conditions.
While things like low premium might seem attractive while buying the policy, a low-premium policy could also mean that you have to deal with substantial usage restrictions. If you have to buy a policy with a low premium, then you should know exactly what features you can make a claim for. Similarly, if you go for a policy that costs a little more, you should ask your insurance provider about exclusions from the coverage.
- Inaccurate information
When it comes to buying health insurance, especially for your elderly parents, accurate information is of key importance. And this applies to both the insurance provider and the policyholder. Hence, it is very important that all the information provided about the policyholders is accurate and complete. This includes information about policyholder’s health condition, employment status, correct age of the policyholders, complete documentation etc. Accurate information about all these factors will help you gain an appropriate and affordable premium for the policy. Moreover, giving the wrong information can lead to your claim to being denied.
Every health insurance policy has a set of waiting periods for different special conditions related to the policyholder. The first waiting period is simply because the insurance provider needs time to process the purchase of the health insurance policy. Hence, even after you buy the policy, you will have to wait for some time for your coverage to be active. For most policies, the initial waiting period is can vary from 30 days to 60 days. In addition to the initial waiting period, you will also have a waiting period for pre-existing illnesses. The exact waiting period for each illness is different. However, most of these waiting periods are between 2 and 3 years.
You should know all of these waiting periods when you buy a health insurance policy for your parents. You should feel comfortable with the waiting periods for all these conditions. If you don’t you shouldn’t buy from that particular insurance provider. Because you are not allowed to make claims for certain things in these waiting periods.