Best Insurance Plans for Parents in India: An Overview
Health insurance for parents is a must-have for everyone irrespective of age because a medical emergency can come at any time. Since medical care costs are skyrocketing nowadays, it has become essential to buy the best health insurance for parents. Having health insurance helps you to live a stress-free life as you no longer have to worry about medical costs during any emergency. Ideal health insurance covers expenses related to medical and hospital charges. In this article, we are going to learn about health insurance plans for parents, how to choose insurance for parents, and the best health insurance for parents in India.
Health Insurance Plans for Parents: What is it?
People who are in their 60s are most likely to fall ill and their health starts to get affected due to old age. So, special health insurance is needed which is dedicated only to parents. A mediclaim policy for parents is an insurance plan that provides coverage for medical expenses for parents. They offer insurance coverage for illnesses or any diseases that occur due to old age. Health insurance for parents in India provides a higher sum of insurance and offers added benefits such as annual health check-ups, hospitalisation expenses, daycare treatments, home treatment, lifetime renewability, etc.
Recommended Insurance Plans
Some of our recommended parents' health insurance plans are mentioned down below
- Optima Secure: This insurance plan by HDFC ERGO provides the benefit of 4X health coverage at no additional cost. You will receive four times the health cover but at the price of your preferred insured sum. You will also receive no room rent and disease capping and quality medical treatments will be provided to you.
- My: health Suraksha: Through this plan, you will receive a free health inspection every year. Individuals below 45 years of age are not required to provide test reports to receive insurance. You will avail of no room rent capping and these health inspection tests will help you remain in the pink of your health.
- Medisure Super Top-up: Do you wish to upgrade from your current health cover? Then Medisure Super Top-up is the ideal insurance plan for you. You will receive higher cover at a much lower premium.
- Optima Restore: Through this insurance plan, you will receive benefits like sum insured rebound and fitness discount. This plan will take care of the medical expense without making you burn a hole in your pocket.
- Senior Citizens Red Carpet Health Insurance Policy: This Insurance policy covers seniors aged 60 to 75. It offers a plethora of benefits including all necessary medical treatments for the elderly.
- Star Comprehensive Insurance Policy: This insurance plan provides holistic coverage and is the safest option during family emergencies. This policy covers family members from 18 to 65 years of age. A lifetime renewal option and availability to pay the premium in installments are available with the insurance policy.
- Young Star Insurance Policy: This insurance policy aims to provide a healthy lifestyle for individuals below 40 years of age. It is available in Gold and Silver policy variants and made catering to different requirements of individuals. Apart from the plethora of benefits the policy provides, it also provides additional coverage for traffic accidents.
How to make a health insurance claim?
To make the claim, you have to follow the following steps
- You have to intimate the network hospital about your insurance policy and fill out a form about the same.
- Next, the hospital will contact the insurer company and you will receive a status update on your application
- On the basis of the pre-auth approval, hospitalization can be done
- The insurance company will settle the claim direct;y with the hospital at the time of discharge.
Why should you opt for health insurance for parents in India?
Generally, people buy health insurance for their family which covers the entire family including their parents, spouse, and children. When your parents reach the age of 50 years or more, you must opt for the best medical insurance for parents to avoid paying high premiums. The premiums for health insurance are determined by age. For example, a person whose age is 50 years old will have to pay a higher premium than a person who is 30 years. Buying health insurance plans for parents lowers your financial worries as you do not have to worry about financial crises due to medical emergencies.
Another reason to choose a mediclaim policy for parents is the increasing health risks. As the age of your parent's increases, the risk of their health and diseases also increases. So, it becomes important to choose the best health insurance policy for parents.
Understand coverage of Parents' Health Insurance Policies
What’s Covered?
- Hospitalization Expenses (nursing charges, room expenses, ICU fees, and all expenses incurred during hospitalization)
- Mental Healthcare
- Pre & Post Hospitalization (diagnostic tests, consultation fees, expenses 60 days before hospitalization and 180 days after hospitalization)
- Day Care Treatments 9treatments that take less than 24 hours of hospitalization)
- Home Healthcare
- Sum Insured Rebound
- Organ Donor Expenses
- Recovery Benefits
- AYUSH benefits
- Free Renewal Health Check-up (free health check-up within 60 days of renewing policy)
- Lifelong Renewability
- Multiplier Benefit (no claim within the first year will lead to a 50% increase of the sum insured)
What’s Not Covered?
- Adventure Sport Injuries
- Self-Inflicted Injuries
- War
- Participation in Defence Operations (accidental injuries while participating in Army/ Air/ Navy Force operations)
- Veneral or Sexually Transmitted Diseases
- Treatment of Obesity or Cosmetic Surgery
Best health insurance plans for parents in India
There are a plethora of health insurance plans for parents in India and hence, you must compare all the best health insurance for parents in India before concluding a plan.
Some of the best insurance policies for parents are given below:
| Mediclaim policy for parents | Entry age | Insurance sum insured |
| Active care senior citizen health plan | 55 to 80 years | 10 lakhs to 25 lakhs |
| Child individual insurance plan | 3 months to 70 years | 2 lakhs to 25 lakhs |
| Edelweiss health insurance platinum plan | Any age | 15 lakhs to 1 crore |
| Kotak Mahindra family health plan | Up to 65 years | 2 lakhs to 1 crore |
| TATA AIG medi senior health plan | Starts from 61 years and has no maximum limit | 2 lakhs to 5 lakhs |
| Silver plan | 46 to 70 years | 50,000 to 5 lakhs |
| Reliance health gain insurance plan | Up to 65 years | 3 lakhs to 18 lakhs |
| Oriental insurance hope plan | Starts from 60 years and had no limit | 1 lakh to 5 lakhs |
| Star health red carpet plan | 60 to 75 years | 1 lakh to 25 lakhs |
| Senior citizens health insurance | 18 to 65 years | 5 lakhs to 1 crore |
How to Choose the Right Health Insurance Plan for Parents?
There are a few things you must consider or check before buying the best medical insurance for parents.
- Hospitalisation charges: Hospitalisation charges include many things such as being charged, ICU fees, room charges, nursing charges, doctor fees, and ambulance charges. These expenses can exhaust most of your savings. So, make sure that your parental insurance covers all these expenses.
- Daycare treatments: Daycare treatments need hospitalisation for less than a 24-hour stay due to advancements in medical science and technology.
- Surgeries cost: Make sure that your chosen health insurance policy for parents should cover expenses for major surgeries such as heart surgery, bariatric operations, etc. Some health insurance plans for parents allow you to get treatment in the best hospitals in the country and even overseas.
- After and before hospitalisation: Make sure that your parents medical insurance plan covers expenses after and before hospitalisation expenses because doctors usually have to take several medical tests before the process of treatment. The days range from 60 days before hospitalisation to 180 days post-hospitalization.
- Annual health check-up: You should check for annual health check-up benefits before choosing health insurance for parents.
- Renewability: Choose a parental insurance policy that offers lifetime renewability.
To conclude, a health insurance plan for parents is a must when they reach 60 years of age because the rising cost of medical care can wipe out most of your life savings. The medical insurance for parents should be a separate plan which means it should not be included in the health insurance for families. Do thorough research about various insurance policies for your parents that are available and also check whether all your requirements are matched or not.
Why should one opt for health insurance for parents?
After reaching a certain age of around 60s, an individual is more likely to attract frequent illnesses that might wipe out most of their savings. So, to avoid such situations, you must have health insurance for parents to cover all the costs related to medical illnesses.
Does parents' medical insurance offer tax benefits?
Yes, parents' medical insurance offers benefits up to INR 50,000 U/S 80D of the income tax act 1961.
Should I purchase a specific parental insurance policy for my parents?
Yes, you should purchase a specific parental insurance policy for your parents which is solely dedicated to covering the medical costs of your parents if they have reached the age of 50 and have pre-existing diseases.
Is there any limitation on age while buying mediclaim policy for parents?
Yes, every mediclaim policy for parents has specific age criteria.
How to choose mediclaim for parents?
Research and compare the top health insurance plans for parents and based on your requirements choose the right plan.
Are there any tax benefits associated with parents’ health insurance plans?
Yes. Section 80D states the premium paid towards health insurance is eligible for a tax deduction. These tax deductions are subjected to Income Tax Act rules and regulations. The tax-deductive amount will depend on the total premium paid towards the policy.
What is the usual waiting period?
A 30-day waiting period is generally applicable unless for an accident. For ailments, the waiting period can range from 12 to 24 months.