Can I Buy Health Insurance For My Parents in 2023?
I'm sure many of you might be having questions in
your mind that if your parents are aged
can they be covered by an insurance
policy? If Unfortunately, they have a
disease something like a BP or a diabetes
would still insurance companies be okay
to cover them? There are a lot of points that we have to understand before we take an
insurance for our parents exactly that's
what we are going to discuss in the
entire video and one more important
point is that I'm going to mae a very very
special announcement but at the end of the
video so keep on watching the video till the end. Before we move on I would want to really
thank Mr. Nikhil and Shibani for their
amazing comments and thanks a lot for
supporting the channel. Now let's try
and understand various scenarios assume that
these are parents of Mr. X and their age
is around 52 years, what do you think? will
they get an insurance yes or no?
Answer is Yes, ideally yes they should get an
insurance. Case number two uh okay
anyways now they are a little bit more
aged. If they are above 65 then the possibility of they getting a comprehensive insurance policy is
comparatively less. In simple words there'll be a lot of exclusions here. Possibility number two
majority of the insurance companies saying
no to cover them under insurance is going to be a
shared higher okay, logic is very simple
as and when we start getting older and older, we are susceptible to more
diseases and that is the reason why if
you are like 60, 65 or whatever insurance companies generally may not want
to cover you under any specific policy.
Now let's go to a different scenario where unfortunately one of them or both are detected with cancer,
now can they go ahead and buy a separate insurance policy and answer is no, in such a case
insurance companies will generally not give an insurance cover again logic is very simple for that
right.
Case number four let's say they
don't have uh something like cancer but
some other diseases okay in that case insurance companies may give them an insurance, they may cover them but the
possibility that the premium amount might be
really high, there may be certain exclusions into this that will happen,
I hope all four scenarios are absolutely
clear. All right let's go to the second possibility where Mr. X's parents have
now been detected with BP or something
like let's say diabetes now both decide that anyways now that we have a pre-existing condition let's go for
buying an insurance policy so that whatever expenses are done that will be covered by the
insurance policy. Will that happen? So for that let's understand one by one. Number one will they even
get a policy if they are diagnosed with BP
or diabetes or the likes of that? Answer is Yes, ideally they should get
an insurance for that. Will the premiums
be comparatively higher?
Logically obviously yes. Number
three will the insurance companies
immediately start covering for their expenses right from day one? Answer is ideally No, why? There is a concept called
as Waiting Period. Now what is this waiting
period? It says that from the day you start your policy till a specific
date we will not cover for your expenses
this waiting period will differ from policy to policy but something like for BP
or diabetes, it could be generally
around two to four years, what does it mean? that even if they start there or even if they buy the insurance
policy today for the next two years the expenses will have to be borne by them plus they will have
to pay the premium for the insurance policy. I hope this is clear then what is the solution?
There are two points to be considered here number one try to go for an insurance policy whose
waiting period is comparatively less number one, number two very important try to get an insurance
policy before you are diagnosed with surgery disease when you are fit and fine. Now let's go on to
the third point which is about Co-pay Clause, so first let's understand what do we mean by
co-pay?
For that let's take a simple
example okay assume that this is the bill
that you have received from the hospital and assume that that's a 20%
co-pay clause. What does that mean? 20%
of this amount will have to be borne by you and 80% will be won by the hospital simple till here. Now what do
you think why Co-payment Clause? Why insurance
companies might be encouraging people like you and me to take a
co-payment loss? The reason is very
simple, if I have to shell out 20% from my own pocket will I look at the bill
1000 times and will I cross check every
single item so that I don't pay extra from my pocket this is also beneficial for the insurance company and that
is the reason why to promote co-pay clauses many a times insurance companies also offer
discounts so that we are lured into this and we take copay clause wala insurance, but wait if you are talking
about taking an insurance policy for your
elderly parents and it if it has a co-pay clause god forbid but if such
a thing happens that your parents are
admitted to the hospital assume that the bill is something like 10 Lakh Rupees
now 20 percent of 10 lakhs is also a
huge amount you'll have to shell out 2 lakh rupees from your pocket and for that you might have gotten a discount
initially of let's say five or six thousand rupees in premium so it doesn't make a lot of sense
right so what is the thumb rule here, ideally if you are taking insurance for your elderly parents
you should not go ahead with a co-pay clause but if they are not getting any policy every
single insurer is saying that you have to go for a co-pay clause then something is better than
nothing.
Three points done two more to go
and I hope by now everyone is like okay
let me check whether I have a policy for my parents or not and if you don't have it I'm sure you might be thinking
about finding some solution wherein someone can guide you to choose the right insurance policy for
your parents. Solution is very simple it's Ditto. Ditto is backed by Zerodha and some amazing features
of Ditto, that they have a no spam policy, they
will help you and choose the right policy and for that they'll give you
a free consultation the call will go to
almost 30 minutes wherein their expert advisors will guide you to choose the
right policy, if you want you can book a
free call with them and also if you want you can just send them a WhatsApp wherein they will get back to you at
your preferred time, just in case if you unfortunately have to claim for the policy then they will
also help you, they'll have a chat support, they'll also have a claim support when you have to make
a claim and I hope that solves the entire
purpose so if you want to have a call with them,if you want to buy the
policy through ditto then check out the
link in the description box below.
