List Of Best Health Insurance Plans For Parents
A medical insurance plan for your parents covers medical expenses, including the cost of hospitalisation that may arise during the policy period. If you are looking to ease your financial burden during a medical emergency, purchasing a health insurance policy for your parents is imperative. A medical policy facilitates reimbursement claims and offers cashless hospitalisation. Besides, it provides tax benefits as stated under the Income Tax Act of India, 1961.
If your parents are senior citizens, they may not be able to avail a health plan for themselves. You need to take the initiative for them.
Want to know about the best medical insurance for parents? If yes, you are on the right page! Keep reading!
What Is the Best Health Insurance for Parents?
Since there are plenty of medical policies in India, it is vital to compare and choose the best health insurance plan for parents. Following is a list of medical plans you can consider:
| Plan Name | Features |
| Navi Health Insurance | Maximum cover- Rs. 1 croreHospitals- 10,000+Claim settlement ratio- 97% |
| Care Family Health Insurance | Maximum cover- Rs. 6 croreHospitals- 16500+Claim settlement ratio- 95.2% |
| Star Health Senior Citizens Red Carpet Health Insurance Policy | Maximum cover- Rs. 25 lakhsHospitals- 11,000+Claim settlement ratio- 90% |
| Aditya Birla Activ Health Platinum Plan | Maximum cover- Rs. 2 croresHospitals- 8200Claim settlement ratio- 94% |
| Bharti AXA SmartHealth Critical Illness Policy | Maximum cover- Rs. 3 croreHospitals- 4500+Claim settlement ratio- 76.01% |
| ICICI Pru Cancer Protect Plan | Maximum cover- Rs. 50 lakh Hospitals- 1969+Claim settlement ratio- 97.8% |
| Oriental Insurance- Health of Privileged Elders | Maximum cover- Rs. 5 lakhsHospitals- 4300+ Claim settlement ratio- 89% |
| Chola MS Critical Healthline Plan | Maximum cover- Rs. 10 lakh Hospitals- 9500+Claim settlement ratio- 56.25% |
| Iffco Tokio Senior Citizen Health Insurance Plan | Maximum cover- Rs. 20 lakhsHospitals- 5000+Claim settlement ratio- 99.71% |
| Bajaj Allianz Critical Illness Insurance | Maximum cover- Rs. 50 lakhHospitals- 6500+Claim settlement ratio- 93.68% |
Benefits of Buying Medical Insurance for Parents
An individual interested in buying the best health insurance in India for parents should see the points below:
Comprehensive Cover:
A person suffering from chronic illnesses, such as hypertension, diabetes, or asthma may require financial assistance during medical emergencies. A comprehensive health insurance policy provides coverage for these diseases, thus serving as an added layer of financial protection.
Ease in claim settlement:
During hospitalization, a health plan provides immediate financial support without any complications. Many insurers offer cashless claim settlement facilities through network hospitals.
Many insurance providers provide ample coverage at a low premium. For instance, some critical illness plans give coverage for every stage of cancer to support the expensive treatment. A combination of comprehensive coverage and affordable premium is fruitful in the long run.
Also Read – https://navi.com/blog/mediclaim-reimbursement-process/
Things to Consider before Buying Health Insurance for Parents
Consider the following aspects to find out which one is the best health insurance policy for parents:
Limitations and inclusions
An individual should analyze which facilities are covered and which ones are excluded under a health insurance plan. You need to read and verify the additional clauses such as deductibles, sub-limits and co-payments while making a purchase decision.
Budget
An individual having sufficient funds at his/her disposal can consider a plan with a high premium. Whereas in case individuals do not have adequate funds, they’ll have to choose a plan that has a low premium.
Claim settlement ratio
It is crucial to know the insurance provider’s capacity to settle claims on time. A cashless claim settlement is an essential feature to look forward to while buying a plan. Furthermore, one must also check the procedures involving claim settlement at the time of hospitalization.
Exclusions Under Medical Insurance for Parents
Often, some of the best health insurance for parents in India have the following exclusions:
- If an illness is diagnosed during the waiting period, your claim gets rejected.
- AIDS and HIV patients are not covered.
- Treatment outside the country, infertility treatment and hormone replacement are exclusions.
- Illness arising from a congenital condition is not taken into consideration.
- Ailments resulting from consumption of alcohol, narcotics or drugs are not covered.
- A person cannot avail medical insurance coverage for injuries resulting from wars, terrorism activities, or military operations.
- If an individual expires within 30 days after being diagnosed with a critical illness, an insurer may not provide coverage.
Eligibility Criteria for Buying Medical Insurance Policy for Parents
To buy the best health insurance policy in India for parents, you need to fulfil the following eligibility criteria:
Age
While purchasing a medical plan, your parent’s age matters. Different policies have different entry age limits. Most plans keep the minimum entry age between 18 and 65 years. Some companies offer plans for senior citizens, keeping an entry age limit of 70 years and above. So, choose a plan/insurance provider according to your parent’s age.
Pre-existing health issues
If a person’s age is more than 45 years, he/she might have to go through medical checkups before buying a health plan. In case a health checkup is not needed, the individual has to attach a declaration mentioning the pre-existing medical conditions. The medical tests and pre-existing illnesses determine if a person is eligible for insurance.
Also Read – https://navi.com/blog/government-health-insurance-schemes/
Steps to File a Claim for Medical Insurance for Parents
For individuals who are seeking the best health insurance for parents, it is essential to know how to file a claim. If you are not aware of the process, you can check out the steps mentioned below:
Step 1
Arrange all health reports and bills in chronological order. Check whether the documents contain information like cost price, the signature of the authorized individual, serial number, document number, patient name, etc.
Step 2
Collect the claim form from the insurer or download it from your insurer’s website. Fill in the details correctly in the form. The policyholder, as well as the network hospital providing treatment, should sign the form. Note that the official seal of the healthcare facility is required in the form.
Step 3
Attach the policy and medical documents (discharge summary, treatment-related documents, etc.) along with the form. Submit the photocopies of the original documents as well.
Step 4
You can visit the Third Party Administrator (TPA) branch to submit your documents. Inform your insurance company about the submission and send them a copy of the same.
How to Choose the Best Health Insurance for Parents?
To select the best medical policy for parents, check the following aspects:
Cashless facilities
Check whether your insurance provider is offering you cashless treatment during hospitalization. A cashless claim settlement is time-saving and hassle-free. In this case, the insurance provider pays the entire amount to the network hospital directly. You must know the total number of hospitals that have a tie-up with the insurance provider.
Waiting period
Based on the policy terms, the waiting period can range from 24 months to 48 months. You can raise a claim after the completion of this timeframe. It is ideal to choose a plan with a shorter waiting period. That said, don’t forget to take the other factors into account before you make a decision.
Additional coverage
Your plan must cover pre and post hospitalization charges. Such charges include ambulance costs, doctor’s fee, medicine prices and medical tests must be included in your health insurance.
Navi Health Insurance offers one of the best health insurance policies for parents in India. The insurer provides coverage of Rs. 2 lakh to Rs. 1 crore and approves cashless claims within just 20 minutes.
It provides extensive coverage, which includes critical disease, ambulance costs, expenses incurred for COVID-19 hospitalization, etc. It has a tie-up with 10,000+ network hospitals across over 400 locations in India. To get more information, install the Navi app.
Final Word
A rise in chronic illnesses combined with high medical expenses requires you to choose a comprehensive health insurance policy for your parents. You must choose a policy having extensive coverage and an affordable premium. So, make a wise decision!
Frequently Asked Questions
What is copayment in health insurance?
Co-payment refers to an arrangement that involves the policyholder paying a part of the medical expenses on their own. The remaining amount in relation to the expenses is borne by the insurance provider. This is carried out through a co-pay clause.
Are discounts offered in health policies for parents?
Yes, some health insurance policies for parents may offer discounts in the following cases:
- When individuals choose a long-term plan
- If a policyholder adds his/her spouse or other family members to the plan
- When one purchases a health insurance policy online
- If one does not raise a claim during the policy term
Can a floater insurance plan be availed for my parents?
Yes, individuals can choose to purchase a family floater policy for their parents. In this case, your parents and you can get coverage under a single plan by paying a single yearly premium. However, you can choose to purchase individual health insurance plans for your parents as well.
Are domiciliary treatments included under medical plans for parents?
Yes, certain parents’ medical plans provide coverage for treatments at home. Such treatments are known as domiciliary hospitalisation. Coverage is approved when hospital beds are non-available or the patient cannot be shifted to a hospital.
What are daycare treatments in a health insurance policy?
A daycare treatment refers to a medical procedure or surgery that does not require more than 24 hours of hospitalization. Examples of such treatments include cataract operation, nasal concha operation, stapedotomy, glossectomy, etc.
Before you go…
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