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.
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%
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.
This comprehensive insurance plan offers extensive coverage to the insured and their family members. The premium amount starts at Rs. 456 per month.
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.
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.
The policy offers maximum coverage of Rs. 3 crores, ensuring the insured has access to the best medical treatment without worrying about the cost.
ICICI Pru Cancer Protect Plan is a comprehensive insurance plan designed specifically to provide financial support to individuals diagnosed with cancer and heart conditions.
It provides policyholders with an extensive range of additional benefits. With this, you can have access to financial support during a challenging time.
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.
The policy covers the entire family for organ transplants, medical expenses, and surgical expenses in case of injuries or illnesses.
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.
Here are the primary reasons for buying health insurance for parents:
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.
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.
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.
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.
Many health insurance plans, specially designed for parents, allow long-term coverage of several years.
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.
During hospitalisation, a health plan provides immediate financial support without any complications. Many insurers offer cashless claim settlement facilities through network hospitals
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.
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.
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.
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.
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:
Waiting period- The waiting period for each premium differs from one company to another.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Premium cost largely depends on the type of plan. If the policy has certain add-on features, the amount will also be higher.
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:
*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.
There are the two primary ways to file a claim for one’s health insurance for parents:
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:
Insurers with an expansive hospital network offer cashless treatment facilities. To file a cashless claim, one has to:
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.
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
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
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.
|Karunya Health Scheme||Niramaya Health Insurance Scheme||Best Health Insurance Repositories|
|Pradhan Mantri Suraksha Bima Yojana||Best Personal Accident Insurance Plans||Best Insurance Policy For New Born Baby|
|Third Party Administrator (TPA)||What is Super Top Up Health Insurance Plan||Deen Dayal Swasthya Seva Yojana (DDSY)|
|Best Health Insurance Plan For Parents||Incurred Claim Ratio In Health Insurance||Chief Minister Comprehensive Health Insurance Scheme|
|Best Health Insurance Policies In India||Best Health Insurance Policies In India||Best Family Floater Health Insurance Plans in India|
|No Claim Bonus in Health Insurance||IRDAI Guidelines For Health Insurance||OPD Cover in Health Insurance|
|Maternity Health Insurance Plans||Health Insurance Plans For Senior Citizens||What is Portability Of Health Insurance|
TPA in Health Insurance – Meaning, Full Form, Functions and RolesTPA (full form - Third Party Administrator) is a licensed intermediary between health insurance pol... Read More »
5 Best Cancer Insurance Policy in India 2023 – Types and BenefitsCancer insurance plans can give individuals and families financial protection from expensive cancer... Read More »
10 Best Cashless Health Insurance Policy in India 2023 – Taxation and CoverCashless health insurance plans are policies that provide medical coverage to policyholders without... Read More »
6 Best Critical Illness Insurance Companies in India 2023Critical illness insurance is a type of health insurance policy that protects against fatal illness... Read More »
10 Best Personal Accident Insurance Policy in India 2023Accident insurance plans provide financial assistance to the policyholder in the event of an unfort... Read More »
Best Dental Insurance Plans in India 2023: Benefits, Types and How to Claim?Dental insurance plans are policies that provide cover for expenses arising out of standard dental ... Read More »
7 Best Health Insurance for Newborn in India 2023 – Benefits and CoverHealth insurance for newborns are crucial in today’s time. When you are a new parent, the safety ... Read More »
Yeshasvini Health Insurance Scheme: Apply for Yeshasvini Health Card OnlineEveryone should have access to quality, affordable healthcare. Yeshasvini Health Insurance Scheme i... Read More »
5 Best Diabetes Health Insurance in India 2023 – Top Plans, Cover and Benefits OfferedDiabetes Health Insurance plans are specifically designed insurance covers for people who have diab... Read More »
Best Family Floater Health Insurance Plans in India (2023)A family floater health insurance plan covers the medical expenses of the entire family. It is more... Read More »
10 Best Cashless Network Hospitals in India 2023 – Benefits and Claim ProcessCashless Network hospitals are accredited hospitals that have partnered with a health insurance com... Read More »
Top-up Health Insurance Premium Calculator -How to Use & its BenefitsAre you looking to compare top-up health insurance policies online? A top-up health insurance premi... Read More »