Best Health Insurance for Parents in India 2023 and How to Buy?
Health insurance for parents offer several perks, including a higher insured sum and full coverage for a wide range of ailments arising due to age. These policies come with lucrative features such as cashless treatment, annual check-ups, and increased coverage for serious illnesses. Purchasing the best health insurance for parents also provides tax benefits under Section 80D of the Income Tax Act of India, 1961.
Read on to know the coverage, advantages, claim settlement process, tax benefits and the 10 best policies for the elderly.
10 Best Health Insurance for Parents 2023
Since there are many health insurance policies in India for older adults, it is important to compare and choose the best parents insurance for parents in India. Here’s is a list of medical plans you may consider:
| Health insurance plans | Features |
| Navi Health Insurance | Maximum cover: Up to Rs. 1 crore Network hospitals: 10000+ Claim settlement ratio: 97% |
| Care Family Health Insurance | Maximum cover: Up to Rs. 6 crore Network hospitals: 9588+ Claim settlement ratio: 95% |
| Star Health Senior Citizens Red Carpet Health Insurance Policy | Maximum cover: Rs. 25 lakh Network hospitals: 11035+ Claim settlement ratio: 90% |
| Aditya Birla Activ Health Platinum Plan – Enhanced | Maximum cover: Rs. 2 crore Network hospitals: 10508+ Claim settlement ratio: 94% |
| Bharti AXA Smart Health Critical Illness Policy | Maximum cover: Rs. 3 crore Network hospitals: 4300 Claim settlement ratio: 98.27% |
| ICICI Pru Cancer Protect Plan | Maximum cover: Rs. 40 lakh Network hospitals: 1969+ Claim settlement ratio: 97.8% |
| Oriental Insurance- Health of Privileged Elders | Maximum cover: Rs. 5 lakh Network hospitals: 2716+ Claim settlement ratio: 89% |
| Chola MS Critical Healthline Plan | Maximum cover: Rs. 10 lakh Network hospitals: 10004+ Claim settlement ratio: 95% |
| IFFCO Tokio Health Protector Plan | Maximum cover: Rs. 30 lakh Network hospitals: 3000+ Claim settlement ratio: 90% |
| Bajaj Allianz Critical Illness Insurance | Maximum cover: Rs. 50 lakh Network hospitals: 7067+ Claim settlement ratio: 98% |
Best Health Insurance Plans for Parents 2023 – Detailed Overview
Navi Health Insurance is one of the best health insurance plans for parents. It can protect your parents from the financial burdens of medical emergencies.
Inclusions
- The sum insured ranges from Rs. 2 lakh to Rs. 1 crore
- The policy offers a 5% additional discount on premiums if the insured has walked an average of 4000 steps daily for a minimum of 250 days.
- The policy covers 100% of hospital bills for 90 days prior to hospitalisation and 180 days after hospitalisation.
- Hospitalisation expenses for at-home treatment are covered for up to 3 days.
- The policy offers unlimited online consultations.
- Additional 100% sum insured for road accident injuries.
- Organ donor expenses are covered.
Exclusions
- OPD treatments
- Eyesight correction
- Dental procedures
- Cosmetic surgeries
- Treatment of drug or substance abuse
2. Care Family Health Insurance
This comprehensive insurance plan offers extensive coverage to the insured and their family members. The premium amount starts at Rs. 456 per month.
Inclusions
- Sum insured ranges between Rs. 5 lakh and Rs. 6 crore.
- Annual medical check-up expenses are covered for all insured members.
- Hospitalisation expenses are covered for 30 days prior to hospitalisation and for 60 days after hospitalisation.
- Ambulance expenses are covered.
- In-patient hospitalisation expenses for a minimum of 24 hours are covered. These include intensive care unit charges, room rent charges, doctor and surgeon’s fees, nursing expenses, anaesthesia, blood, oxygen charges, and operation theatre.
- Organ donor expenses, advanced treatment methods, and alternative medical treatments are also covered.
Exclusions
- The waiting period for existing conditions is 4 years.
- Expenses on the treatment of congenital diseases.
- Self-inflicted injuries and suicidal attempts.
- Treatment of drugs or substance abuse.
- Expenses related to infertility and in vitro fertilisation.
3. Star Health Senior Citizens Red Carpet Health Insurance Policy
This plan is specifically designed for senior citizens (individuals between the age of 60 and 75 years). Individuals are also not required to get a pre-medical screening before buying the policy.
Inclusions
- Sum insured ranges from Rs. 1 lakh to Rs. 25 lakh
- In-patient hospitalisation expenses are covered.
- Daycare treatments that don’t require 24 hours of hospitalisation are covered.
- Hospitalisation expenses are covered for 30 days prior to hospitalisation.
- Ambulance charges are also covered.
Exclusions
- Pre-existing conditions are covered after 1 year.
- Diseases diagnosed during the first 30 days from the issuance of the policy are not covered.
- Dental procedures
- Treatments arising from wars or nuclear weapons.
- Rehabilitation
3. Birla Activ Health Platinum Plan – Enhanced
This plan provides a wide range of health benefits and features aimed at ensuring that the insured receives the best possible care and support during times of illness or injury.
Inclusions
- A sum insured starting from Rs. 2 lakh up to Rs. 2 crore.
- In-patient hospitalisation expenses
- At-home hospitalisation expenses
- Pre-hospitalisation expenses are covered for 90 days, and post-hospitalisation expenses are covered for 180 days.
- Day care treatments
- Road ambulance expenses are covered
- Organ donor expenses
- Mental health treatment
- Obesity treatment
- Outpatient consultations are covered for up to Rs. 1000 for a sum insured of Rs. 15 lakh above.
Exclusions
- Venereal diseases
- Sexually transmitted diseases
- External congenital anomalies
- Drug or substance abuse
- Self-inflicted injuries
- Maternity expenses
- Injuries due to war and nuclear weapons
4. Bharti AXA Smart Health Critical Illness Policy
The policy offers maximum coverage of Rs. 3 crores, ensuring the insured has access to the best medical treatment without worrying about the cost.
Inclusions
- Pre and post-hospitalisation expenses are covered
- Dread disease recuperation is covered
- Organ transplant expenses are covered
- In-patient physiotherapy expenses are covered
- Emergency ambulance expenses are covered
- Expenses incurred on the transport of mortal remains are covered
- Expenses incurred on the treatment of 20 critical illnesses are covered. These include cancer, first heart attack, aorta surgery, kidney failure, stroke, liver failure, lung diseases, multiple sclerosis, and more.
Exclusions
- Hospitalisation within 30 days of the issuance of the policy
- Laser or cataract surgery
- Dilation and curettage
- Replacement of joints unless caused by accidents
- Chronic renal failure requiring dialysis
- Gastric and duodenal erosions and ulcers
- Dental procedures
- AIDs and related conditions
- Routine examination of ears and eyes
5. ICICI Pru Cancer Protect Plan
ICICI Pru Cancer Protect Plan is a comprehensive insurance plan designed specifically to provide financial support to individuals diagnosed with cancer and heart conditions.
Inclusions
- Treatment of heart conditions is covered.
- Hospitalisation expenses are covered with Rs. 5000 per day for a maximum of 10 days.
- 25% of the sum insured is paid out in case of a minor disease, and 100% of the sum insured is paid out in case of a major disease.
Exclusions
- Pre-existing conditions are not covered.
6. Oriental Insurance – Health of Privileged Elders
It provides policyholders with an extensive range of additional benefits. With this, you can have access to financial support during a challenging time.
Inclusions
- Sum insured of Rs. 1 lakh, up to Rs. 5 lakh.
- Pre-hospitalisation expenses are covered for 30 days, and post-hospitalisation are covered for 60 days.
- 1% of the sum insured covers expenses incurred on room rent during hospitalisation.
- 2% of the sum insured covers expenses incurred in the ICU.
- The policy offers 10% to 100% coverage for accidental injury, knee surgery, cancer, cardiovascular diseases, stroke, hepato-biliary disorders, benign prostate, chronic renal failure, and more.
- Expenses incurred on domiciliary hospitalisation are covered.
- Ambulance charges are covered.
Exclusions
- Diseases not specified under the policy
- Pre-existing conditions are not covered for 4 years
- Cosmetic surgeries
- Dental procedures
- Infertility treatments
- Obesity treatment
- Gender treatments
- Substance abuse treatment
- Refractive error treatment
- Health hydro or nature clinic treatment
8. Chola MS Critical Healthline Plan
The Critical Healthline Plan is ideal for individuals planning to get more than just hospitalisation bills covered. The plan covers an extensive range of life-threatening illnesses. Moreover, individuals up to 55 years of age are not required to get a medical checkup. The policy also does not require the insured to submit proof of expenses and hospitalisation bills.
Inclusions
- Sum insured of Rs. 3 lakh, Rs. 5 lakh, or Rs. 10 lakh, depending on your policy variant.
- Lifetime policy renewal.
- You can claim up to Rs. 25000 in deductions for premiums paid towards the policy.
- Illnesses covered include cancer, stroke, multiple sclerosis, aorta surgery, kidney failure, open chest CABG, organ or bone marrow transplant, Parkinson’s disease, primary pulmonary hypertension, permanent paralysis, and motor neuron disease.
Exclusions
- Hospitalisation due to self-inflicted injuries or suicidal attempts
- Vaccination expenses or inoculation
- Non-medical expenses during the hospitalisation
- Hospitalisation arising from war-related injuries
9. IFFCO Tokio Health Protector Plan
The policy covers the entire family for organ transplants, medical expenses, and surgical expenses in case of injuries or illnesses.
Inclusions
- Room and ICU expenses are covered depending on your city.
- Registration charges, surcharge, and service charges are covered up to 0.5% of the sum insured.
- Pre-hospitalisation and post-hospitalisation expenses are covered for up to 45 and 60 days, respectively.
- Treatment arising from terrorism is covered.
- Fees of physicians, surgeons, and other medical practitioners are covered.
- Ambulance charges up to 1% of the sum insured or Rs 2500, whichever is less, are covered.
- The sum insured is increased by 5% on claim-free renewal.
- Cost of health checkup is covered for up to 1% of the sum insured after 4 claim-free renewals.
- Vaccination charges up to 10% of the premium paid in two years will be covered after two continuous claim-free renewals.
Exclusions
- Pre-existing conditions are not covered for 3 years.
10. Bajaj Allianz Critical Illness Insurance
This policy provides comprehensive coverage for 10 critical illnesses, including cancer, heart disease, stroke, and kidney failure, among others. The policy pays a lump sum amount to the insured in the event of a diagnosis of a covered critical illness. The policy can be purchased online.
Inclusions
- Sum insured for 61 to 65 years: Rs. 1 lakh to Rs. 5 lakh.
- Sum insured for individuals below 60 years: Rs. 1 lakh to Rs. 50 lakh.
- 10 major critical illnesses are covered. These include cancer, stroke, major organ transplant, permanent limb paralysis, multiple sclerosis, aorta graft surgery, first heart attack, coronary artery bypass surgery, kidney failure, and primary pulmonary arterial hypertension.
Exclusions
- Acute illnesses diagnosed in the first 90 days of the issuance of the policy.
- Pregnancy and childbirth.
- AIDS/HIV and other sexually transmitted diseases.
- Treatments arising from war.
- Self-inflicted injuries.
- Substance abuse.
Also Read
Benefits of Health Insurance Plans for Parents
Here are the primary reasons for buying health insurance for parents:
1. Group Insurance may be Insufficient
Many salaried employees have the misconception that their Mediclaim group insurance works for their parents. However, senior citizens might incur higher treatment expenses, leading to higher claims, leaving very little insured sum for other members.
2. Higher Insured Sum
Since aged parents are more vulnerable to health risks, they need extensive financial coverage. Dedicated medical insurance plans for parents provide a higher insured sum to match their needs.
3. Covers Pre-Existing Conditions
Most insurance policies do not cover pre-existing illnesses, especially for people over 60 years of age. However, some insurers provide financial cover for senior citizens if their ailments are not terminal or critical.
4. 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.
5. Long-Term Coverage
Many health insurance plans, specially designed for parents, allow long-term coverage of several years.
6. Affordable Premiums
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.
7. Ease in Claim Settlement
During hospitalisation, a health plan provides immediate financial support without any complications. Many insurers offer cashless claim settlement facilities through network hospitals
Tax Benefits of Purchasing Health Insurance for Parents
You can get tax exemption on the premium paid for health insurance for parents. For parents below 60 years of age, you can get a maximum deduction of Rs. 50,000 under Section 80D of India’s Income Tax Act, 1961.
You can get a total tax exemption of Rs. 75,000 (Rs. 25,000 for self and Rs. 50,000 for parents) for buying medical insurance policy for senior citizens. A deductible limit of Rs. 1 lakh is also applicable for critical illnesses.
Types of Health Insurance Plans for Parents
1. Senior Citizen Health Plan
This mediclaim policy is specifically designed for the elderly and covers all of their healthcare costs. This plan provides additional benefits and coverages that are not available in a standard health insurance policy. For example, a shorter waiting period and lifetime renewability.
2. Family Floater Health Insurance
A Family Floater health plan is a type of group insurance that covers family members. Immediate family members, such as a spouse, children, parents, and/or in-laws.
3. Individual Health Insurance Policy
Each parent can be covered by a mediclaim policy under an Individual Plan. This plan is ideal if your parents are of a younger generation. This plan, for example, is advantageous for parents under the age of 60.
How is Health Insurance Premium for Parents Calculated?
Parents’ health insurance premiums tend to be on the higher side. Moreover, individuals can claim income tax deductions up to Rs 35,000 under section 80D. In order to calculate health insurance premiums for parents, companies take into account the following factors:
- Entry age- The age of the person when they are applying for the insurance policy.
- Pre-existing diseases- This includes illnesses like diabetes or cardiovascular diseases.
- Renewal age- There is no limitation for renewal date; however, it is taken into account while calculating insurance premiums for parents.
Waiting period- The waiting period for each premium differs from one company to another.
The Factors Affecting Your Health Insurance Premium
1. Age
Age is a major factor in determining the cost of insurance premiums. Young people usually have lower premium costs than senior citizens as they are less likely to visit a doctor.
2. Gender
Many policies available in India have different charges for policies for men and women. This is because many experts believe that women are more likely to get sick, visit the doctor, and get prescriptions.
3. Occupation
Your choice of profession is pertinent in determining the premium you pay for your health insurance. If you work in hazardous environments like a mine or laboratory where you will be exposed to radiation, chemicals, etc., you will pay a higher premium. This is because you will be more prone to sustaining injuries and developing various ailments.
4. Past Medical History
If you have a history of various ailments like diabetes or high blood pressure, then there is a high chance that you might face difficulty in getting medical insurance. However, if you do get one, its cost will be extremely high.
5. Policy Duration
Policies with short duration are more costly than policies with longer tenure. Moreover, opting for a long-duration premium saves you from the hassle of renewing it every time.
6. Geographical Location
Many insurance-providing companies take your location of stay into account while deciding the amount you have to pay for your premiums. They believe that the temperature, lack of food options, and cultural aversion to exercise are important deciding factors.
7. Body Mass Index
People with high BMI have a higher premium. In popular opinion, a higher BMI brings in a host of illnesses, and the person is more likely to get sick and get hospitalised.
8. Smoking Habits
Smoking is injurious to health, and if you smoke regularly, you are more likely to suffer from deadly diseases like cancer. Hence, the health insurance cost is also high.
9. Coinsurance Feature
Individuals who apply for a coinsurance policy pay less premium. The policyholder will pay part of the medical expenses here, and the health insurance issuing company will cover the rest. This is why the premium amount is also less.
10. Type of Plan One Chooses
Premium cost largely depends on the type of plan. If the policy has certain add-on features, the amount will also be higher.
How to Buy the Best Health Insurance for Parents?
Individuals need to first select the most suitable medical insurance policy based on their requirements. Given below are the steps that one needs to follow for purchasing Medical insurance for their parents:
- First, visit the official website of the insurance provider and select the medical insurance section.
- Then, select the medical policy based on individual requirements and coverage.
- Next, click on the ‘Buy Online’ button which will redirect them to a new page. Provide the required information.
- Enter information regarding the type of Insurance, the desired sum to be insured, DOB and premium amount.
- Fill up personal details like address, phone numbers and medical history.
- Make the necessary payment with respect to the selected medical policy
*The steps mentioned provide the general guidance for buying the best medical insurance for parents. It is always advisable to check with individual insurers for Insurance-specific steps.
Claim Settlement Process for Parental Medical Insurance
There are the two primary ways to file a claim for one’s health insurance for parents:
1. Reimbursement Process
Under this process, one needs to pay the medical expenses themselves and get the amount reimbursed later. The following is the process to do so:
- Contact the insurance company or TPA (Third Party Administrator)
- Fill up the claim form and submit it with all necessary documents (discharge certificate, hospital bills, etc.)
- The insurer will verify all details and transfer the claim amount.
2. Cashless Treatment
Insurers with an expansive hospital network offer cashless treatment facilities. To file a cashless claim, one has to:
- Notify the insurer before getting admitted to a network hospital
- Submit your health card along with identity proof to the hospital
- Fill up and submit the pre-authorisation form for verification
- If approved, the insurer will pay the bills directly to the hospital.
Final Word
Choosing a good health insurance policy for parents over the age of 60 has become a necessity due to a rise in chronic illnesses and high medical expenses. Best health insurance plans for parents 2023 have extensive coverage and an affordable premium.
Protect your parents from the hassle of medical emergencies in old age. Now is the time to get Navi Health Insurance! The plan covers 100% hospital bills, provides annual health check ups, offers cashless hospitalization at over 10,000 locations and much more.
FAQs
It is possible to get coverage for your parents in an existing medical policy. Although it may sound very lucrative to add them to an existing medical policy, experts advise against it. This is because the insurance would get terminated once the eldest member reaches the maximum age covered by the policy. Buying a separate medical insurance plan for your parents is much better.
Yes, parents with pre-existing diseases can be covered under a health insurance plan for parents. However, it is a good idea to opt for a suitable medical insurance policy as soon as you can. As many individuals above the age of 50 suffer from some disease or the other, it becomes difficult to buy a medical insurance policy once a person is heading towards 60.
Yes, most insurance-providing companies have this policy where senior citizens need to undergo medical screening before the insurance policy is issued. Elderly people are more vulnerable to illnesses and their pre-existing health issues make them big liabilities to the company. A medical test is conducted to assess their health condition based on which the premium is determined.
Ans: Individuals or Hindu Undivided Families (HUF) can claim tax deductions for medical insurance premiums, under Section 80D. The deduction is also applicable for critical illness plans and top-up plans. Moreover, the deduction is applicable for policies covering self, spouse, children, and parents.
A medical insurance plan with a wide coverage amount, a vast network of hospitals across multiple cities, a suitable renewal age and a hassle-free claim procedure is the best medical policy for parents. It is a good idea to check and understand the insurance policy by taking into account the important criteria mentioned above.
Some of the things you can do or keep in mind while buying an insurance policy for your parents in order to enhance it are:
– Opt for an adequate sum insured
– Select the right coverage plan
– Include many sufficient riders for the health insurance
– Check the waiting period and minimum renewal age
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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