10 Best Health Insurance for Parents in India Covering Age-Related Ailments
The perks of health insurance for parents include 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 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.
Benefits of Purchasing Health Insurance for Parents
Here are the primary reasons for buying health insurance for parents:
- 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.
- 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.
- 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.
- 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.
- Long-Term Coverage
Many health insurance plans, specially designed for parents, allow long-term coverage of several years.
- 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.
- 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.
Why You Should Consider Buying Medical Insurance for Parents Online?
It is advisable to buy health insurance for your parents online as these online health insurance issuers offer various benefits. Some of these benefits include ease of purchase/renewal of insurance, secure transactions and discounts on premium amounts.
10 Best Health Insurance For Parents
Since there are many health insurance policies in India for older adults, it is important to compare and choose the best parents’ medical insurance. Here’s is a list of medical plans you may consider:
| S No. | Plan Name | Max Cover | Network Hospitals | Claim Settlement Ratio |
|---|---|---|---|---|
| 1. | Navi Health Insurance | Rs. 1 crore | 10,000+ | 97% |
| 2. | Care Family Health Insurance | Rs. 6 crore | 16500+ | 95.2% |
| 3. | Star Health Senior Citizens Red Carpet Health Insurance Policy | Rs. 25 lakh | 11,000+ | 90% |
| 4. | Aditya Birla Activ Health Platinum Plan | Rs. 2 crore | 8200 | 94% |
| 5. | Bharti AXA SmartHealth Critical Illness Policy | Rs. 3 crore | 4500+ | 76.01% |
| 6. | ICICI Pru Cancer Protect Plan | Rs. 50 lakh | 1969+ | 97.8% |
| 7. | Oriental Insurance- Health of Privileged Elders | Rs. 5 lakh | 4300+ | 89% |
| 8. | Chola MS Critical Healthline Plan | Rs. 10 lakh | 9500+ | 56.25% |
| 9. | Iffco Tokio Senior Citizen Health Insurance Plan | Rs. 20 lakh | 5000+ | 99.71% |
| 10. | Bajaj Allianz Critical Illness Insurance | Rs. 50 lakh | 6500+ | 93.68% |
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Medical Expenses Covered By Health Insurance for Parents
- Major Surgical Operations
A unique feature of these health plans is the financial coverage for major surgeries such as open-heart surgeries, bariatric operations, etc. This allows individuals to admit their parents to some of the best hospitals without worrying about high expenses.
- Hospital-Related Expenses
These plans provide a comprehensive financial cover for hospital-related expenses. This includes room rent, surgeon’s fees, consultation fees, expenses for medicines and blood, etc.
- Pre And Post-Hospitalisation Charges
Such policies cover diagnostic tests and doctor’s fees for a specific number of days before hospitalisation. It also covers medical expenses incurred for a certain period after discharge, up to a certain limit.
- Daycare Treatments
These include treatments that do not require a patient to stay for 24 hours or more in a hospital.
- Home Care Treatments
Some of these health insurance policies offer coverage for treatments taken at home. However, this is applicable in situations where one needs prolonged treatment outside a hospital.
- AYUSH Treatments
Most health plans today cover alternative medical treatments, including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.
- Free Health Check-Ups
Some insurers may offer free annual health check-ups after a specified number of policy years.
- Critical Illness
Most of these health plans will provide a high insured sum for critical illnesses such as severe heart problems, lung failure, kidney-related problems, cancer, etc.
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.
How to Buy the Best Medical 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:
Step 1: First, visit the official website of the insurance provider and select the medical insurance section
Step 2: Then, select the medical policy based on individual requirements and coverage.
Step 3: Next, click on the ‘Buy Online’ button which will redirect them to a new page. Provide the required information.
Step 4: Enter information regarding the type of Insurance, the desired sum to be insured, DOB and premium amount
Step 5: Fill up personal details like address, phone numbers and medical history
Step 6: 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.
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.
The Factors Affecting Your Health Insurance Premium
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Myths About Best Health Insurance for Parents
There are a lot of misconceptions involved around health insurance for parents. Earlier, not many people used to buy medical insurance for their parents. However, things have changed now, so let us know about some of the myths about parents’ health insurance.
Myth 1: Your employer’s medical insurance will be enough for your parents
Most employers offer medical insurance to their employees, and it is a lot like a family floater policy as it includes the employee’s family members. However, solely depending on a single employee’s medical insurance policy is not wise, especially if your parents are senior citizens.
Myth 2: Parents with an existing medical condition cannot get a policy
It is difficult to get an insurance policy for parents with pre-existing medical conditions, but it is not impossible. The health insurance providing company evaluates the medical reports of the parents and the declarations and then approves the policy.
Myth 3: Senior citizen health insurance policies are expensive
Senior citizen health insurance policies will be costlier than your insurance policy. However, if you evaluate the pros and cons, you will save a lot in the long run.
Myth 4: Claiming a parent’s health insurance is very difficult
If you have provided complete and true information while buying the insurance policy and fully understood the exclusion, you will easily claim the insurance.
Myth 5: It is unsafe to buy a senior citizen insurance policy online
You can safely buy an insurance policy for your parents online. It is convenient and reliable. Moreover, websites like NAVI Insurance will provide you with various senior citizen health insurance options.
Expenses Excluded From Health Insurance For Parents
- Any treatment that is not considered necessary by one’s doctor.
- Diseases diagnosed within 30 days of getting the policy.
- Most health policies do not cover pre-existing ailments till a certain waiting period is over.
- Illness arising from a congenital condition is not taken into consideration.
- Cosmetic treatments, dental treatments, weight management treatments, etc., are usually not covered.
- These do not cover any unscientific, unproven or experimental treatments.
- Complications from a drug overdose or overconsumption of alcohol.
- Treatments for injuries due to terrorist attacks, war or acts of foreign armies are usually excluded.
- AIDS and HIV patients are not covered.
- Treatment outside the country and hormone replacement therapy.
- If an individual expires within 30 days after being diagnosed with a critical illness, an insurer may not provide coverage.
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 hospitalisation, etc. It has a tie-up with 10,000+ network hospitals across over 400 locations in India. Navi offers a wide choice of health insurance products such as Navi Cure, COCOProtect, Corona Kavach, Group Health Products, etc. Download the Navi app to secure your family’s health financially.
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 senior citizens have extensive coverage and an affordable premium.
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FAQs
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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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