Tips for choosing health insurance policy for dependents

Tips for choosing health insurance policy for dependents

In today’s times, health insurance is imperative – not just for you but for your entire family. Escalating healthcare costs coupled with a reduction in overall fitness levels warrant the need for health insurance for every individual. 

If you are the only earning member and you have a family that is dependent on you, health insurance becomes all the more important. Your partner, children, and parents are your responsibility and it is only logical that you purchase a robust health insurance policy that will help you and your family in any medical emergencies.

Health insurance is especially required for senior citizens such as your parents or guardians. It is a fact that with age, health complications arise that might require hospitalization. And a few days in the hospital can result in hefty hospital bills that can derail your finances. Health insurance can ensure that your dependents receive the best medical care without compromising on the quality of treatment.

So, while you know and understand that you must have medical insurance for your dependents, you might not be certain of what factors to consider before purchasing one.

In this article, we discuss a few tips that you must keep in mind before choosing a health insurance policy for dependents.

Evaluate the coverage sum

It is important to purchase Medical Insurance that has appropriate coverage. With age, it is only obvious that parents become more vulnerable to health ailments. Also, as children have weaker immune systems, they might be more prone to health conditions and illnesses. Any health insurance that you purchase for your family must have enough to cover them well for any emergencies.

Understand the medical history of the dependents

You must purchase medical insurance only after thoroughly understanding the history of the medical health of your dependents. Specifically, you must check whether certain health conditions that your parents suffer from are covered by the insurance.

Check on the network hospitals

In the unfortunate event that your dependents are hospitalized, you would want to avail a cashless facility so that you do not have to pay any money out of your pocket. So, you must have a close look at the network of hospitals that your insurer has tied up with. 

Also, ensure that reputed hospitals that are in the vicinity of your home are a part of the network of hospitals so that you can conveniently avail the facilities of the hospital that you trust and are comfortable with. For children, check on whether trustworthy pediatric hospitals are part of the hospital network.

Evaluate the illnesses covered by the insurance

Before you purchase medical insurance for your parents, it is imperative that you read the fine print and understand all the illnesses that are covered. For instance, if your parents are dependents, then you must be certain that age-related illnesses are covered in the insurance.

Similarly, if your children suffer from any congenital medical conditions, understand whether the insurance covers such conditions.

Check for the waiting period

It is crucial that you keep an eye on the pre-existing disease cover clause. If your parents suffer from any pre-existing medical conditions, they will be covered by the insurance only after the completion of the stipulated waiting period. So, you must be aware of what the waiting period is and choose insurance that has a lower waiting period.

Check on pre and post hospitalization coverage

It is not just hospitalization that contributes towards the steep medical bills – the expenses before and after hospitalization also contribute significantly towards medical expenses. For instance, doctors recommend many pathology tests to diagnose the medical issue accurately and decide on the appropriate course of treatment. Similarly, one might have to visit the hospital multiple times after hospitalization for follow-up treatments, which add up considerably to the overall costs.

So, it is only prudent that you purchase health insurance that has appropriate pre and post-hospitalization coverage.

Look out for psychiatric care

A rising proportion of senior citizens today are suffering from mental and neurological health disorders such as dementia, depression, and anxiety. And, psychologists predict that this number will rise in the future. Social isolation and loneliness coupled with sleep problems only exacerbate such conditions in the elderly.

For these reasons, it is important that the medical health policy that you choose for your parents include cover for such illnesses too.

Check for home treatment clause

Often, doctors and medical experts prescribe treatment at home for elderly patients because this type of treatment might be specific to the patient and prolonged. In such cases, it would be beneficial if you choose an Insurance Company plan that provides coverage for domiciliary care too.

If you carefully check these factors, you will be in a good position to purchase a robust health insurance policy for your entire family.

All the best!