How to purchase or find best Health Insurance plans for your Parents

You can avail health insurance very easily. But do not buy health insurance without comparison. Never buy health insurance based on the plan being cheaper. Remember that a cheap health insurance policy is worse than a policy.

So all in all here is a list of steps to buy the right plan for your Parents:

Step 1: Find a homely, honest web aggregator who can provide you with unbiased quotes from various companies and honest expert advice when needed.

Step 2: Fill in your parents and other details before starting your search. Always declare any pre-existing conditions. If found out later, your insurer can not only deny your claim, you can also risk canceling your policy.

Step 3: Compare the top three quotes for the 7 points mentioned below:

Cover: The cover should be evaluated in relation to the points covered against the premium paid by you. Is the policy financially sound? Check which company offers the most cover against premium.

Co-payment: Co-payment is an option (and sometimes mandatory) by the insured to pay a certain percentage or a certain amount of a claim. This makes the premium method cheaper and cheaper. However, choose a co-payment option which is a good balance between the amount you pay and the discount you get on your premium, as you do not want to pay most of your claim amount nor do you want too much premium. For seniors and people above a certain age, this co-payment is a higher amount or a higher percentage and is mandatory. Check for a company that gives you the lowest possible co-payment. If you are confused, you can always choose the opinion of an expert.

Maximum age at renewal: As previously discussed, many companies do not allow renewal after a certain age (usually 90 years). When choosing a policy you can go for one which offers a lifetime renewal.

Coverage of specific diseases: After the age of 60, it is more likely to suffer from conditions such as high blood pressure, diabetes, heart problems etc., unfortunately. Health complications may occur. When you buy a policy, make sure that your priority list includes most (ideally all) illnesses.

Waiting period: Go for a health insurance policy that has a minimum waiting period. This way your conditions are covered soon.

Medical check-ups: Many companies insist on medical check-ups, while many simply do not work.

Medical examination is done to detect pre-existing conditions. If there are pre-existing conditions that limit, your insurer may deny you a policy. Go for a company that does not insist on medical check-ups.

NCB: Check for a No Claim Bonus Discount, which is a "Claim Bonus" or rebate for every claim-free year. Many companies do not offer NCB. You may want to go for one, as it can help you cut your premium.

Step 4: Buy the best health insurance policy that suits you perfectly. Remember, there is hardly a right policy. You should prioritize your needs and leave the things that matter least. There will be a medical check-up at this time if your company insists on one.

Step 5: Once you buy the policy, dedicate a good amount of time to read the policy. You have a look-up period in which you can cancel the policy without any loss. Make the most of it. Stay alert, be aware.