Dependent parents, who are in their older ages, need a health insurance plan. Being old, they face many health-related issues and need frequent medical attention. If there are no existing health ailments, your parents are exposed to high health risks due to their advanced age. Since medical costs are rising steadily, meeting your parents’ healthcare expenses might strain your finances.
That is why it is better to insure your parents under a health insurance plan. Moreover, when your parents are old, they might be unable to afford a health insurance plan. As such, you need to buy health insurance for parents so that the policy would cover the medical costs incurred if they suffer any medical contingency.
A normal health insurance plan usually has a maximum entry age up to which the policyholder can buy the plan. In most plans, the entry age is restricted to 60 or 65. What about older individuals? Can they get health insurance coverage?
Yes, they can. There are senior citizen health insurance plans available in the market. These plans are specifically designed to provide health insurance for parents.
In this article, let’s explore health insurance for parents and how the ICICI Lambard Health Insurance plan for Parents should be your first choice for securing your parents’ future!
Health Insurance for parents- The ultimate thing you should opt for!
As our parents grow older, they suffer from various medical conditions induced by aging. They must undergo particular therapies on a regular basis. They are also more likely to suffer from several medical issues.
Treatment for such disorders is also very expensive. When our parents are hospitalized for any reason, a health insurance plan for parents covers roughly 70% of the medical expenses.
Health problems can worsen with time and age, which is why we frequently witness our parents dealing with age-related illnesses. Proper therapy at an early stage can assist in decreasing the discomfort and impact of such disorders. However, growing healthcare expenditures can cause treatment to be delayed and result in a medical emergency. A solid financial safety net with health insurance coverage targeted for parents is required to avoid.
Why is Health Insurance for Parents Important?
Health insurance for parents is essential because it covers:
1. Cashless Hospitalization: Only available at network hospitals.
2. Hospitalization: Hospitalization costs if your parents are admitted.
3. Ambulance Fees: Ambulance fees in a medical emergency.
4. Pre-Hospitalization: Medical expenses incurred 30 days before hospitalization.
5. Post-Hospitalization: A portion of medical expenses incurred up to 60 days after hospitalization.
6. Doctor Consultations: Fees for doctor consultations up to a specific maximum.
7. Health Check-up Expenses: Health check-up expenses up to a specific maximum.
8. Specific diseases: Coverage is provided for specific conditions within certain limits.
How to Make a Claim in Health Insurance for Parents?
There are primarily two methods for filing a claim. The first is a cashless claim, while the second is a reimbursement claim.
Cashless Claim in Health Insurance For Parents
1. Form Completion For cashless approval, complete the pre-authorization form at the hospital.
2. Acceptance or Rejection You will receive a status update once the hospital has informed the insurance company.
3. Hospitalisation Pre-authorization approval is required for hospitalization.
4. Claim Resolution During discharge, the insurance company directly settles the claim with the hospital.
Reimbursement Claim in Health Insurance for Parents
- Hospitalization You pay the hospital bills first & keep the original bills with you.
- Registering claim After discharge, you submit your bills & documents to the insurance company
- Verification, The insurance company verifies your claim through the submitted documents.
- Claim Settlement The insurance company transfers the approved claim amount to your bank account.
How to Save Tax on Health Insurance for Parents?
Deduction on annual health check-ups:
Tax breaks are available on OPD consultation fees and diagnostic tests. You may be eligible for tax breaks even if you pay in cash.
Deduction on the premium paid for health insurance for parents:
Expenses for annual health screenings are tax deductible. The tax exemption ceiling in this city is 5,000/-. For parents, the tax benefit on health insurance is greater:
Premiums of up to 50,000/- can be claimed as tax-deductible. The maximum tax deduction for specific parents’ illnesses costs is Rs. 1,000,000/-.
Tax Benefits provided on Single Premium Health Insurance Plans:
According to IT legislation, the health plan premium you pay in one single sum for a multi-year plan is tax deductible. It occurs as a result of Section 80D. The tax-deductible amount is entirely determined by the total premium paid for the insurance period. It is subject to a 25,000/- or 50,000/- restriction.
How to Choose Health Insurance for your Parents?
Finding the best health plan for your wants and specifications is easier now that so many possibilities are available for your elderly parents. You can either choose one of the plans above or check into supplementary senior citizen health insurance to ensure that your parents have the best medical treatment available throughout their golden years. Before that, here is a quick rundown of the variables you should consider while purchasing health insurance for your elderly parents.
Maximum Protection: Before getting health insurance for your parents, study the policy’s inclusions and exclusions. Your parents require a plan that covers them against various ailments. Because severe illnesses are more likely to arise at this age, kids should surely be insured. Ensure that the diseases on your priority list are covered.
Age Limit: Most health insurance policies cover people aged 55 to 80. Some plans, however, have entry requirements for people over 60. Choose a plan that allows for entry at an older age and offers lifelong renewability with no maximum age limit.
Awaiting Time: Pre-existing conditions are covered after a considerable waiting time. Choose a plan with a short waiting period that covers the widest range of ailments, such as diabetes, heart disease, and other conditions.
Compare several health insurance programs: No doubt, everyone wants to get the best health insurance for their parents. To ensure this, conduct thorough research on the many available health insurance options before selecting the best one.
Hospital Networks: You must review the network hospital list for the chosen insurer. Make sure the plan contains a list of respected hospitals in your neighborhood so that you can simply transfer the patient there in an emergency.
Cost of insurance: The premium varies with the individual’s age, and as the individual’s age increases, so does the premium. It explains why the premium for a senior citizen health insurance plan is often higher than that of a basic health plan. As a result, an individual health insurance plan for a senior citizen is preferable to a family floater plan.
Policy Language: You may initially believe that a health insurance policy document is written in “Greek and Latin,” but it is critical to study the terms and conditions and fully grasp the policy.
ICICI Lambard Health Insurance plan for Parents
Your parents have worked hard to provide you with a nice lifestyle and a good education. Growing up, they appear indestructible to us children. As they age, their bodies become more delicate and susceptible to illnesses and infections.
The steady rise in medical inflation and a limited or no scope of regular income could land your parents in financial hardship during their golden years. That is why it is critical to have suitable health insurance coverage for them. Fortunately, several insurance firms in India offer the option of including dependant parents in a floater policy.
ICICI Lombard health insurance for parents is essential because of the special medical needs of the elderly. They cover a variety of charges, including pre and post-hospitalisation expenses, childcare procedures, mental care, and AYUSH therapies, in addition to offering a high sum insured.
Why should you buy a health insurance policy for your parents?
Here are some more advantages of purchasing health insurance coverage for your parents:
Lifetime Medical coverage
Health insurance policies for parents are often renewable for a lifetime. It means that by purchasing such plans, you can ensure that your parents have medical coverage until they die.
High Sum Insured
With the additional healthcare demands of the elderly in mind, health insurance policies for parents often have a high sum insured. As a result, it enables you to obtain adequate coverage for your parents and ensure that finances are never an impediment to receiving the finest available treatment.
Coverage For Pre Existing Diseases
Your parents’ bodies become fragile and less immune to diseases as they age. As a result, they may be suffering from specific ailments or illnesses at the time of purchasing the coverage. Parental insurance coverage covers pre-existing conditions, but only after a 24- to a 48-month waiting period.
Coverage For Critical Illness
Cancer, heart disease, stroke, and other serious disorders are substantially more common in the elderly. A health insurance policy for parents gives financial protection against such life-threatening conditions.
Types of Health Insurance for Parents
You have three options for health insurance coverage that will cover the medical expenses of your entire family, including your parents. These are:
1. Individual Health Insurance
Only individuals who are covered by this type of insurance are covered. This plan may include your parents and other immediate family members.
In this instance, the insured individual can benefit from a set sum assured rather than a variable sum, which is more advantageous if your insurance policy covers your parents.
2. Family Floater Health Insurance
Unlike individual health insurance plans, the total sum assured under this plan applies to each member insured. Looking for family floater coverage for your parents is not a smart idea. It is due to the fact that when multiple claims are made under this insurance in a single year, the insured individual must make do with the decreased sum assured under the cover.
Several extra health insurance policies for parents in India provide coverage for a wide range of illnesses that primarily afflict persons over the age of 50. As a result, they are the ideal choice for caring for your parents.
Please be patient! If your parents are over the age of 60, you can also buy them senior citizen health insurance coverage.
3. Senior Citizen Health Insurance
Regardless of the illness, such insurance policies are designed to fulfill the medical demands of the elderly. It is advantageous since the substantial claim payout meets the needs of everyone who falls into this category.
Furthermore, perks such as home hospitalization and AYUSH coverage make this insurance policy the greatest choice for paying medical expenses for persons over the age of 60.
Important things to look at while buying health insurance for parents in India
Choosing the best health insurance policy for your parents is influenced by a number of things. Here are a few things to consider when purchasing health insurance for parents:
Maximum entry age
While many insurers in India provide health insurance for parents, the covered person’s maximum entrance age is usually limited. Most insurance has a maximum term of 70 or 80 years. Make sure your parents are eligible for the policy before purchasing it.
Typically, these plans are intended to cover the entire family’s health insurance needs. You can purchase a single-family floater plan that covers all of your family members, including your parents. A two to four-year term after which health insurance coverage begins to cover acceptable pre-existing conditions. You should choose a policy with a short waiting period.
Coverage For Critical Illness
It is best to guarantee that your parents are protected from severe illnesses such as heart attack, cancer, stroke, kidney failure, and so on. Most insurance policies cover the costs of hospitalization for such conditions. You can also choose a critical diseases add-on to receive an additional lump sum payment.
Lifetime Renewability Option
Few insurance companies limit the renewability of health insurance policies to a set age. It is preferable to choose a policy that allows for lifetime renewal.
Claim Settlement Ratio of The Insurer
The insurer’s claim settlement ratio measures its capacity to successfully settle the claims of its policyholders. Choose the insurance with the greatest claim settlement ratio to avoid complications throughout the claim process.
What’s included and what’s not?
- Hospitalization fees incurred by your parents as a result of illness or accidental injuries. These expenditures include hospital room rent, doctor’s fees, ICU charges, nursing charges, and medication and drug costs.
- Expenses incurred for your parents’ childcare treatments such as radiotherapy, chemotherapy, dialysis, and so on.
- Expenses expended for accepted pre-existing condition treatment (after the completion of the waiting period).
- Hospitalization fees are incurred for up to 30 and 60 days, respectively.
- Expenses incurred for your parents’ domiciliary care or in-home treatment.
- Medical expenses for catastrophic conditions such as cancer, heart attack, kidney failure, and paralysis, among others.
- Expenses for coronavirus treatment incurred by your parents throughout the coverage period.
- Hospitalization costs incurred for your parents’ AYUSH (Ayurvedic, Yoga and Naturopathy, Unani, Siddha, and Homeopathic) therapy at a recognized hospital or institute.
- Ambulance fees to transport your parents to the nearest hospital in the event of a medical emergency.
- Expenses for an organ donor’s in-patient hospitalization (if required).
1. Treatment costs for recognized pre-existing conditions till the waiting period is over.
2. Medical expenses incurred for conditions detected within 30 days of policy inception.
3. Medical expenses incurred as a result of self-inflicted injuries.
4. Medical expenses incurred as a result of a civil war or a terrorist strike.
5. Expenses incurred for the treatment of illnesses caused by excessive alcohol, cigarette, or drug consumption.
6. Costs associated with cosmetic surgery.
7. The cost of dental treatment, unless it is the result of an accident.
8. Hospitalization expenses incurred without a doctor’s recommendation.
An aging population needs high healthcare facility costs, putting a hardship on the primary provider of the family. Despite the fact that the government has committed more than Rs. 1.58 trillion to the country’s healthcare system to subsidize healthcare, high expenses are typically connected with high-quality care.
The simplest way to deal with such unanticipated charges is to obtain ICICI Lambard health insurance for parents in India, which provides comprehensive benefits tailored to cover all medical ailments caused by aging. One of the necessities is health insurance, especially if one is responsible for paying for the medical care of elderly parents.
Q1. Should I buy health insurance for my parents?
Ans – Yes of course if you are looking to secure your parents’ future and don’t want to affect your financial stability negatively.
Q2. Why is it better to opt for an early healthcare plan for my parents?
Ans – Illness or any disease doesn’t come with a warning. So it’s better to get a health insurance for your parents as they are also ageing.
Q3. My parents have a pre-existing disease; Can I buy health insurance?
Ans – Yes, Some health insurances also offers the fasciitis buy health insurance with pre existing disease.
Q4. Is there any age limit while buying health insurance for parents?
Ans – You can buy health insurance for your parents despite of their age. Even now health insurances are also available for people aged more than 60years.
Q5. Is there any medical test in health insurance for parents?
Ans – Depends upon which health insurance you are planning to buy. Most of the health insurance companies do tell to undergo some basic medical tests.
Q6. Can I cover my parents in my existing health insurance policy?
Ans – Some health insurance do offer that fascility but it charges higher amount of premium than before.
Q7. How Can I enhance my parents’ insurance coverage?
Ans – Most health insurance for parents providers offers add ons which will help you to enhance your existing health insurance for parents.
Q8. Can I include my senior citizen parents in a family floater insurance plan?
Ans – Yes you can buy you need to follow the terms and conditions that is totally dependent on your health insurance for parents provider.