Overview
Growing older is an irreversible process. And reaching the age of sixty is a significant achievement worth commemorating. However, with this commemoration comes a slew of health-related risks. As the immune system declines with age, the odds of succumbing to life-threatening illnesses increase to an all-time high.
A Health Insurance policy for parents is a custom-tailored plan, one that covers any medical difficulties that arise as a result of the ageing process and deteriorating physical health. It provides a higher insurance sum as well as essential features such as yearly health check-ups, cashless treatment, and so on to assist consumers (parents and elders) in effectively managing their medical expenses.
The options include a variety of health insurance packages that cover a host of diseases that can be costly to treat, including COVID-19. Specialized COVID-19 plans for elders above the age of 60 have been introduced by various insurance companies, and getting them for our parents is the prudent and appropriate move.
Features of Health Insurance for Parents
The following are the essential features of medical insurance for parents.
- Following the end of the required waiting time, claims for specific illnesses and pre-existing disorders are covered.
- Many health insurance policies for parents provide benefits such as lifelong renewals. This is only relevant if the insured has not taken a break between policy years.
- Indispensable services, including as ambulances are covered by a parent’s medical insurance.
- Costs of day-care treatments and Ayurvedic therapies are also covered in certain packages.
- Most health insurance policies cover major surgeries with substantial medical expenditures, such as bariatric operations, open heart surgeries, and so on. As a result, being admitted to some of the best hospitals in India and even abroad (if the insurance allows) and treated by world-renowned surgeons becomes feasible.
- Medical insurance for parents often allows them to select the sum insured that they believe would provide enough coverage for their medical needs.
- Nowadays, all health insurance firms provide modern settlement processes such as cashless treatment and claim settlement through reimbursement.
- Health insurance for parents allows the policyholder to include his or her spouse in the same policy.
- Certain health insurance policies for parents include a co-pay option. This allows policyholders to pay cheaper premiums and, in some cases, receive substantial discounts.
Benefits of buying Medical Insurance for Parents
Here are some of the reasons why you should buy parental insurance:
Hospitalization coverage: With constantly growing medical costs, it is essential for everyone to acquire comprehensive health insurance in order to cover both scheduled and unanticipated hospitalizations in the future. Furthermore, as you become older, your medical demands will grow, but your income will decrease dramatically. As a result, it is essential to plan ahead of time financially. A health insurance policy spares you the physical and mental anguish of arranging for cash when the need comes.
Prior and post hospitalization coverage: Depending on the terms and conditions, medical policies for parents may cover pre- and post-hospitalization expenses.
Cashless hospitalization: At network hospitals, most new age insurance providers offer the advantage of cashless hospitalization. When a policyholder receives medical care in a network hospital, he or she is entitled for cashless hospitalization. This feature is frequently very useful for scheduled hospitalization and medical treatments, allowing the policyholder to incur negligible medical expense.
Tax breaks: Premium payments for parents’ health insurance are tax deductible under Section 80D of the Income Tax Act of 1961.
Bonuses and discounts: Insurance companies typically provide significant discounts for selecting a bigger sum insured or for not filing a claim in the previous year. As a bonus, the policyholder may be eligible for a larger sum covered the following year.
Pre-existing illness coverage: Health insurance policies for parents may or may not include pre-existing disease coverage, which is a feature that group medical insurance plans often contain.
What is Covered in Health Insurance for Parents?
The following is a list of facilities or services that are covered by parental medical insurance.
- Access to hospitalization and medical services at a variety of network hospitals.
- Eligibility for tax breaks on parental health-care premium payments.
- Inclusion of cashless treatments and hassle-free claim settlement process.
- Domiciliary hospitalization, if certain conditions are met in accordance with the insurance’s terms.
- Free-look time during which one can make a final choice on whether or not to acquire the insurance.
- Eligibility for yearly health examinations.
- Option for seamless policy renewal.
- Reload of insured sum.
What aren’t Covered in Insurance Plans for Parents?
Here are some of the services that aren’t covered by parent health insurance policies.
- Medical history of pre-existing illnesses/injuries till the waiting period is completed.
- Illnesses diagnosed or developed within 30 days of parents acquiring health insurance.
- Any non-allopathic therapy.
- Expenses expended as a result of self-inflicted injuries.
- Mental, psychiatric and behavioral disorders.
- STDs and Venereal Diseases caused by intoxication, drug or alcohol usage, chewing tobacco, and smoking.
- Any hospitalization for the sole purpose of gathering diagnostic information.
- Expenses for dental treatment and lenses or spectacles, unless they are the result of an accident.
- War-related injuries, for example.
- Cosmetic surgeries and related medical treatments.
How to Choose the Right Health Insurance Plan for your Parents?
Because there are so many different health plans available for our older parents, selecting the best one can prove to be a difficult undertaking. So, here’s a brief breakdown of the most crucial considerations when purchasing for health insurance for your elderly parents.
Maximum Coverage – When purchasing health insurance for your parents, it is critical that you read the policy contents and restrictions. Your parents require a plan that covers a variety of conditions. They are more susceptible to serious diseases at this age, therefore that should be covered. Make certain that the illnesses on your priority list are covered.
Entry Age – The majority of health insurance policies cover people aged 55 to 80. Certain plans, however, have an entrance age of more than 60 years. Choose a plan that allows entry at an older age and has no upper age restriction with everlasting renewability.
Waiting Period – Pre-existing diseases are covered after a lengthy waiting period. Opting for a plan that has a shorter waiting period and covers the most conditions, such as heart disease and diabetes, is the smartest move.
Insurance premium – As the individual’s age increases, so does the premium. This is why the price for a senior citizen health insurance plan is generally greater than the premium for a basic health plan. That is why an individual health insurance plan for seniors is preferable to a family floater plan.
Wordings of Policies – A health insurance policy document may appear all ‘Japanese and Mandarin’ at first, but it is critical to properly read the policy terms and conditions and grasp the policy.
Compare Various Health Insurance Plans – Without a doubt, everyone wishes to purchase the best health insurance plan for their parents. To accomplish this, make sure you look into all of the different health insurance plans on the market before settling on one.
How to Buy Medical Insurance for Parents?
Now that you understand why you should acquire health insurance for your parents, let’s go on to the next stage. You can simply obtain medical insurance. But, do not purchase health insurance without first analyzing your options. Never purchase medical insurance based only on the cost of the plan. Remember that a low-cost health insurance coverage is preferable than none at all.
Step 1: Locate a trustworthy, truthful online aggregator that can supply you with unbiased estimates from multiple organizations as well as honest expert assistance when you want it.
Step 2: Fill out your parent’s and other information before beginning your search. Make sure to disclose any pre-existing problems. If this is discovered later, your insurer may not only reject your claim, but you may also have your insurance revoked.
Step 3: Compare the top three quotations for each of the six points listed in the above section.
Cover: Coverage must be weighed against the premium you pay in terms of the points covered. Is the policy economically sound? Check to see which business provides the greatest coverage for the price they offer.
Step 4: Find the finest health insurance for parents that meets all of your requirements. But, keep in mind, there will almost never be a single ideal policy. You may need to prioritize your needs and let go of things that aren’t as important to you. If your firm requires it, a medical examination will be scheduled within this time frame.
Step 5: After purchasing the policy, spend some time reviewing the policy text. You have a look-up period during which you can cancel the insurance without incurring any losses. Make the most of this opportunity. Be vigilant and observant.
FAQ of Parents Health Insurance Plans
How to choose the Best Health Insurance Plan?
We are all aware that health hazards rise with ageing. Nowadays, having a health insurance coverage is a blessing in disguise. There are several insurance firms that provide various senior citizen health insurance policies based on your needs. The insurance market is flooded with many plans, making it difficult to choose one. Furthermore, reading and comprehending the fine print in the policy documents might be difficult since there are numerous insurance jargons such as day limitations, sub-limits, exclusions, and so on that are concealed in the fine print of the insurance policy.
As a result, we wind up purchasing an ineffective coverage based only on the cost of the insurance policy. Furthermore, claim settlements may be rejected as a result of this.
Worse, it gets increasingly dangerous for elderly because income ceases after retirement in the middle of steadily growing healthcare expenditures.
When purchasing a senior citizen health insurance plan, keep the following points in mind:
Waiting time: Every health insurance plan includes a waiting period. The initial waiting period is usually the first 30 days after the insurance is issued. This does not apply in the case of unintentional injury or hospitalization.
Many insurance companies have a 2 to 4 year waiting period for pre-existing disorders, whereas specific ailments have a 2-year waiting period.
Age: Every health insurance coverage has a maximum age. Senior citizen health insurance coverage is typically renewable until the age of 90. Recently, though, several health insurances firms have begun to provide life-long renewal. These are useful for rules that include age restrictions. It is advised to obtain a senior citizen health insurance coverage as soon as possible because rates tend to rise with age.
Network Hospitals: The benefit of receiving hassle-free cashless treatment is only available at the insurance company’s designated network hospitals. To use this service, you must notify the insurance company ahead of time. It is essential that you verify the list of network hospitals in your area to avoid any complications.
There are a few things to consider if you are over the age of 60 and intend to get medical insurance for yourself.
1. Consider inflation and future expenditures while determining the total insured or coverage level you will require.
2. Check for the sub-limits that apply to a certain set of diseases. Also, look for a co-payment provision.
3. Check for a list of network hospitals if you want to use cashless treatment.
4. Finally, before deciding to get medical insurance, go over the complete policy wordings. You may always call the insurer for clarification if you are confused about the insurance terms and conditions.
What are some of the Best Health Insurance Plans for Parents and senior citizens?
In India, a number of general insurance firms provide medical insurance to older folks. The following is a list of the most well-known blueprints.
1. Max Bupa’s gold.
2. Senior Citizen Policy of United India Health.
3. Arogya Top Up Policy from SBI.
4. Care and Care Freedom from Care Health Pvt Ltd.
5. Complete Health Insurance from ICICI Lombard.
6. Star Health Insurance offers Red Carpet Health Insurance.
7. Apollo Munich’s Optima Restore.
8. Red Carpet from Star Health Insurance Pvt Ltd.
Two of the above-mentioned health insurance plans are described below:
How to choose the best health insurance plan?
We are all aware that health hazards rise with ageing. Nowadays, having a health insurance coverage is a blessing in disguise. There are several insurance firms that provide various senior citizen health insurance policies based on your needs. The insurance market is flooded with many plans, making it difficult to choose one. Furthermore, reading and comprehending the fine print in the policy documents might be difficult since there are numerous insurance jargons such as day limitations, sub-limits, exclusions, and so on that are concealed in the fine print of the insurance policy.
As a result, we wind up purchasing an ineffective coverage based only on the cost of the insurance policy. Furthermore, claim settlements may be rejected as a result of this.
Worse, it gets increasingly dangerous for elderly because income ceases after retirement in the middle of steadily growing healthcare expenditures.
When purchasing a senior citizen health insurance plan, keep the following points in mind:
Waiting time: Every health insurance plan includes a waiting period. The initial waiting period is usually the first 30 days after the insurance is issued. This does not apply in the case of unintentional injury or hospitalization.
Many insurance companies have a 2 to 4 year waiting period for pre-existing disorders, whereas specific ailments have a 2-year waiting period.
Age: Every health insurance coverage has a maximum age. Senior citizen health insurance coverage is typically renewable until the age of 90. Recently, though, several health insurances firms have begun to provide life-long renewal. These are useful for rules that include age restrictions. It is advised to obtain a senior citizen health insurance coverage as soon as possible because rates tend to rise with age.
Network Hospitals: The benefit of receiving hassle-free cashless treatment is only available at the insurance company’s designated network hospitals. To use this service, you must notify the insurance company ahead of time. It is essential that you verify the list of network hospitals in your area to avoid any complications.
Are any pre-medical exams or screenings necessary before acquiring a parent’s health insurance policy?
Most health insurance policies demand pre-medical screening for candidates over the age of 45.
What aren’t covered in Parents Health Insurance?
Critical diseases such as cancer, organ failure, and so on, aesthetic treatments, non-diagnostic or medical operations, injuries from adventure sports, and so on. Examine the list of exclusions in your policy’s wordings carefully.
Do health insurance plans for parents cover critical illnesses?
Yes, most health insurance policies for parents provide coverage for critical diseases, but only up to the sum insured amount, with restrictions that vary depending on the plan and the insurer.
Can I add my parents to my health insurance plan?
You can enroll your parents in a Family Floater health insurance plan regardless of their age or whether they are financially reliant on you. However, the premiums for such plans are often greater than those for older citizens.
What is the maximum age limit for health insurance for parents?
The highest age restriction for health insurance for parents is normally 80 years. However, it is subject to change depending on the insurance policy.
Does health insurance for parents covers pre-existing disease?
Yes, pre-existing illnesses are treated after a set amount of waiting time, which varies from provider to provider. Generally, the waiting period ranges between 2 years to 4 years.
In India, a number of general insurance firms provide medical insurance to older folks. The following is a list of the most well-known blueprints.
1. Max Bupa’s gold.
2. Senior Citizen Policy of United India Health.
3. Arogya Top Up Policy from SBI.
4. Care and Care Freedom from Care Health Pvt Ltd.
5. Complete Health Insurance from ICICI Lombard.
6. Star Health Insurance offers Red Carpet Health Insurance.
7. Apollo Munich’s Optima Restore.
8. Red Carpet from Star Health Insurance Pvt Ltd.
Two of the above-mentioned health insurance plans are described below:
Care Freedom Insurance Plan (By Care Health Insurance)
Care Freedom is a comprehensive healthcare shield that addresses all of the medical requirements of diabetic and hypertensive individuals. This new age health insurance coverage is offered in a variety of sums insured. The quantity insured under these choices ranges between Rs. 3 lakhs to Rs. 75 lakhs. The policy is offered in several varieties, each with its own set of coverage features and is available for one, two, or three years. The minimum entry age is 5 years (on an individual basis, and 91 days on a floater basis when at least one covered person is over the age of 18).
This policy has several highlights, including no pre-policy medical check-up requirement, lifelong renewability, tax benefits under Section 80D of the Income Tax Act of 1961, the option to receive cashless treatment, direct claim settlement by the insurance company, annual health check-up for all insured members covered as adults, and a 2-year waiting period for pre-existing diseases. Apart from that, the company offers a wide range of other coverage alternatives.
The Senior Citizen Red Carpet Health Insurance Plan (By Star Health Insurance)
The Senior Citizen Red Carpet Health Insurance Plan is a health insurance plan designed specifically for seniors aged 60 to 75. The plan includes coverage for day-care procedures/therapies, pre-existing conditions, current treatments, and important medical interventions that the elderly may require, as well as choices for everlasting renewals. The product’s distinguishing feature is the availability of 30 percent co-payment alternatives for amount insured options of 15 lakhs and more. Additionally, Cataract Surgery may be exempt from co-payment. The elders can live their life with confidence and pride, knowing their clinical costs won’t be a monetary weight on their kids. Furthermore, one can likewise get a tax exception under segment 80D.
Conclusion
As previously discussed, a health insurance policy for parents is a tailor-made plan that covers any medical issues that develop as a result of the ageing process and decreasing physical health. It provides a bigger insurance sum as well as crucial features like as yearly health check-ups, cashless treatment, and so on to help consumers (parents and seniors) manage their medical expenditures more efficiently.
It is our responsibility to take the best possible care of our parents’ health. Hence, purchasing a proper health insurance plan falls within this category.