Health Insurance for Parents

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    It is pure bliss to have ageing parents at home and gain the blessings they shower upon us. There is no denying that parents brave all challenges to shape our life, guiding us through various phases. They gave us the best of everything, even before we could ask for it. Now, as they step into the golden years, it is our foremost responsibility to give them the medical attention they deserve, as ageing catches up and brings unavoidable health issues. Therefore, investing in health insurance for parents will keep them financially safe during their retirement years and give you peace of mind. 

    Senior citizens now have access to various government benefits to ensure financial security. They also get a higher Section 80D deduction limit on the health insurance premium they pay, up to Rs 50,000 per year, and a total deduction up to Rs 1 lakh, if the proposer and insured in a floater plan are above 60 years. Indeed, old age is a crucial stage when your parents need the utmost care and financial support. That is achievable if you choose a health cover or mediclaim for parents specifically designed to cover the hefty hospital bills they are likely to incur due to an ailment, injury, or an existing condition.

    Table of Content

    Health Insurance for Parents

    The ever-increasing healthcare costs and the growing health risks due to the ageing factor all suggest that the expenses you would incur for your parents could be higher than what your present savings could meet. Opting for the best health insurance plan for parents is the right approach towards ensuring a secure future for your elderly parents. Moreover, with cashless treatment and additional benefits like alternative treatment and annual health check-ups, your parents can concentrate on leading a healthy life.

    Types of Health Insurance for Parents

    For availing health insurance cover for your parents, you have different options to choose from, depending on their specific healthcare requirements and insurance needs:

    1. Individual health insurance cover: Individual health insurance is ideal for senior citizens or individuals having specific medical conditions. A key point one should note is that the insured member is covered up to the sum insured opted in the policy instead of sharing the sum insured with other members, like in family floater plans. 
    2. Family Floater Health Cover: Those having dependant parents at home can also opt for a family health insurance plan that provides coverage for immediate family members. These plans are quite affordable compared to individual health plans. 
    3. Senior Citizen Health Insurance Plan: It is the best medical insurance policy for your parents if they are above 60 years of age. They come with a higher sum insured and unique benefits to fulfil your ageing parents’ healthcare needs. 
    4. Super top-up Health Insurance: It is a type of health insurance that your parents can avail to boost their existing coverage. It is an affordable way to get a higher sum insured as there is no need to pay a high premium for upgrading your current health policy. It works on the principle of deductible and covers multiple claims in a policy year.

    Why do you need Medical Insurance for Parents?

    Seeing parents grow older is bound to have an emotional impact on most of us. It also comes with a realization that they require constant support and timely care for a happy life during old age. While we manage to provide them with abundant love and care, offering financial support can become challenging especially during medical emergencies. Your parents may be dependent on you monetarily. Besides, getting quality medical treatment in India is an expensive proposition. This is why you need a support system to safeguard your family’s future in times of adversity.

    Health insurance policy for parents acts like a safety cushion that lets your loved ones manage a health crisis without worrying about expenditures. It also enables you to get quality medical care to treat your parent's illnesses in the most affordable way. This is true since the risks of having illness increases as a person ages. Moreover, the chances of hospitalization due to a worsening pre-existing medical condition, chronic ailments, or surgeries are higher in old age. These health insurance plans offer a variety of financial benefits and thus let you focus on delivering care and comfort to your parents.

    • Care

    Comprehensive Health Insurance for Individual & Family

    • Care Freedom

    Health Insurance without Medical Check-ups suitable for Diabetes, High BMI and Hypertension

    • Care for Senior Citizen

    Specially Curated Health Insurance for Individuals above 61 years of Age

    How One Can Select the Best Health Insurance for Parents?

    There are different health insurance plans you can get for your parents. However, a suitable health insurance policy is the one that must include coverage for pre-existing diseases, cashless hospitalization, and a higher sum insured. Here are some pointers to consider when buying a health insurance plan for your parents:

    • Check the Entry Age Criteria: You can easily find health insurance plans for parents without any restriction on maximum entry age. However, to get a senior citizen health insurance policy, an individual should be at least 61 years or above.
    • Type of Coverage: Health insurance plans have two coverage options, namely individual and floater. Your parents can make a selection, depending on their needs. 
    • Co-payment: Co-payment is a mandatory feature in health insurance for parents. Under this feature, the policyholder must pay a certain percentage of the hospital bills. When selecting medical insurance for parents, remember to opt for plans with a lower co-pay amount.
    • Waiting Period: While opting for medical insurance for parents, check for the waiting period clause. Health plans have an initial waiting period of 30 days, a 2-year waiting period for specified diseases, and a 4-year waiting period for pre-existing illnesses. When reviewing the plans, do remember that the lower the waiting period, the better it will be so that you can get coverage without any delay.
    • Renewability: The life-long renewability option in a medical insurance plan for your parents will ensure they get continued coverage in the future. Always check if the feature is available while selecting an option. 
    • Research on the hospital network: At the time of buying a health policy for parents, you must ask for check the list of network hospitals. of your insurer. Find out the network hospital which is nearest to your locality so that you can get a timely and hassle-free claim on your parent's medical treatment.
    • Read the policy document: When buying health insurance for parents, it is necessary to thoroughly the details given in your policy document. Look for the inclusions - that is, the things your parents will be covered for and the exclusions - the cases when you cannot make a policy claim

    So, look for a good mediclaim policy for parents by considering various factors such as low co-payment amount, age, policy inclusions, exclusions, waiting period, and the premium. Make a selection of the plan that best suits your requirements and also has add-on benefits. Secondly, know about the payment mode and claim settlement process. Thirdly, submit the essential documents and complete the formalities.

    Mediclaim for Parents - Eligibility Criteria

    The insured person should be:

    • Aged between 60 and 80 years in order to avail the health insurance plan for parents
    • Senior citizen parents up to a maximum age of 65 years are entitled to life-long renewability of their health insurance policy

    Documents Required

    The vital documents that need to be submitted to your insurer in order to avail the plan are mentioned below:

    • Proposal Form
    • Medical Check-up Report, if required
    • Pre-existing medical condition reports (if any)

    Tax Benefits of Medical Insurance Premium Paid for Parents

    Section 80D of the Income Tax Act specifies that individuals can avail tax deductions for the medical expenses incurred by them on behalf of their parents. Moreover, they are eligible for tax deductions of up to Rs 50,000 in a financial year for the premium paid towards their senior citizen parent.

    Conditions for Claiming the Deductions

    For availing the income tax deductions on the premium paid towards a family floater plan covering you and your family members, including parents, you can avail: 

    • Additional deduction of Rs 25,000 and a total deduction up to Rs 50,000 if both your parents are below 60 years. 
    • Additional deduction of Rs 50,000 and a total deduction up to Rs 75,000 if your parents are senior citizens
    • Total deduction up to Rs 1,00,000 if both self and parents are 60 years or above

    In case of availing Section 80D deductions for medical expenses, the conditions that must be fulfilled include:

    • The medical expense should be for a senior citizen family member over the age of 60
    • The senior citizen family member should not have any medical insurance policy

    Benefits of Health Insurance for Parents

    You can now provide the best medical care for your ageing parents without facing any financial hurdles. The high-risk factor due to coronavirus and medical inflation are some challenges we might have to face. Thus, pick the medical insurance for parents that would offer the following benefits: 

    • Cashless Medical Treatment: The thought of arranging money for paying hospital bills will no longer bother you or your parents. Your parents can go for any planned surgery or get emergency treatment at our network hospital, and we will directly settle the expenses, subject to policy T&C.
    • High sum insured: There is a higher health risk and increased possibility of hospitalization during old age. Health insurance for parents is designed to offer a higher amount of insurance coverage, safeguarding your finances when medical inflation is rising faster than we expect.
    • Coverage for pre-existing illnesses: There is a chance that elderly parents might be dealing with a pre-existing ailment, say diabetes, or a heart problem. Picking a health cover covering such illnesses, subject to a waiting period, will ensure comprehensive protection against the large scale of expenses. 
    • Covid-19 Coverage: The elderly are more at risk of coronavirus-related complications. Getting a health insurance plan with coronavirus cover is more like a financial safety shield in times of uncertainties. It will cover hospitalization related expenses due to Covid-19, thus securing your parents’ health amidst the pandemic.
    • Tax Benefits: You can avail tax savings by claiming a deduction of up to Rs 50,000 on the health insurance premium you pay, as per Section 80D of the Income Tax Act

    What is Covered under Health Insurance for Parents?

    Avail health cover for your senior citizen parents so that they can access the best medical facility during any emergency hospitalization. You get the choice to pick an individual or a floater option, and get the following coverage and benefits:

    • Hospitalization cover: The plan covers in-patient care and medical treatment expenses, including ICU charges you incur while your parents are hospitalized.
    • Day care treatment cover: Thanks to the progress made in medical science, many surgeries and treatments do not require you to stay in a hospital for more than a day. Your parents can now get coverage for modern day care treatments. 
    • Pre and Post hospitalization coverage: The medical expenses, such as diagnostic tests and medication, up to 30 days prior to hospitalization and up to 60 days after discharge from the hospital, will be covered.
    • Pre-existing diseases coverage: The policy will cover treatment expenses for pre-existing diseases, subject to a minimum waiting period, ensuring that your parents get medical care without delays.
    • Second opinion: The policyholder is entitled to get a second opinion for major illness or injury in a policy year.
    • Organ donor cover: For treating a serious ailment, one may incur organ donor expenses. We cover the medical expenses up to the specified amount, subject to policy T&C. 
    • Automatic recharge: If you exhaust the sum insured, it will be reinstated up to the sum insured per policy year, under the benefit of automatic recharge.
    • No claims bonus: We reward the insured for not filing a claim. One gets a specified percentage increase in SI for every claim-free year.
    • Annual health check-up: Your parents can get medical check-up benefits annually and keep a constant track of their health

    Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.

    A affordable health insurance plan makes sure that financial crisis is not an issue during a medical emergency.

    With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a smart decision for the safety of the individual and family as a whole.

    How Care Health Insurance Plans Can Help You?

    15500+

    Cashless Healthcare Provider

    23 Lacs +

    Claim Settled*

    100%

    In-house settlement for better management

    92.3%

    Industry best claim settlement ratio*

    37

    Less grievance ratio per 10,000 claims

    Exclusions in Health Insurance for Parents?

    Buying mediclaim for parents is a smart decision as you have ensured that you get the possible medical facility for them without causing a burden on your pocket. When reviewing an option, remember to check the various scenarios, also called exclusions, which mention the expenses the policy will not cover. They are listed below:

    • Diagnosis of any disease, undergoing surgery or occurrence of an event, whose signs first occur within the initial 30 days of policy period start date
    • Expenses as a result of self-inflicted injury (due to suicide or attempted suicide)
    • Medical expenses resulting from the treatment of congenital diseases or due to alcohol/drug use, misuse, or abuse
    • Medical treatment expenses due to pregnancy and childbirth, miscarriage, abortion, and its consequences
    • Treatment and tests for infertility and in vitro fertilization
    • Hospitalization expenses resulting from war, riot, strike, or nuclear weapons attack

    Tips for senior citizens to achieve good health and overall well-being

    Your elderly parents would surely know the secret of ageing gracefully, yet there are some aspects of health that need more focus so that health risks are taken care of, and they are able to easily cope with the biological changes that are beyond one’s control. Here are some health tips for senior citizens: 

    1. Exercises: Staying physically active will help your elderly parents drive the fatigue and lethargy away, which is natural as one grows older. Physical exercises are vital for the flexibility of the joints, improving the bone strength and physical endurance, and for overall well-being.
    2. Healthy Eating: The nutritional requirements of elderly people must be fulfilled to keep illnesses at bay and allow their body’s immune system to fight diseases effectively. Eating a well-balanced diet that mainly includes immunity-boosting foods is vital. Besides, sufficient water intake helps the body maintain energy levels.
    3. Adequate Sleep: Changing sleep patterns and signs of insomnia or sleep apnea require attention, and older adults require at least 8 hours of restful sleep in a day. Setting a sleep schedule, following relaxation techniques, and encouraging good sleep habits will ensure they get uninterrupted and restful sleep.
    4. Mental Health: Age-related memory loss is common, but one should take measures to prevent the progressive damage caused by stress and ailments like dementia and Alzheimer's disease. Practicing meditation, staying physically active, and having foods that boost cognitive functions work best for mental health.
    5. Regular health check-ups: Monitoring the health is vital as one grows older, since it helps identify hidden health problems and get treatment early before complications arise. So, never postpone visits to the doctor or to the dentist.
    6. Stay away from Myths: There are several ageing-related myths exist that would only make you more anxious. The common belief is that growing older means poor health and various illnesses. However, one should realise that we can make positive changes to our lifestyle, thus, allowing a person to stay healthy, thus, defeating the challenges that ageing poses before us and delaying the onset of diseases.
    7. Connect socially: Spending time with loved ones, whether it is new friends, family, children, or grandchildren, will make your elderly parents feel upbeat and give them a fresh perspective on life. It will help them drive away the loneliness and achieve a positive impact on their physical and mental health.
    8. Develop new interest: Retirement is the phase of life that gives a person ample time to pursue new interests and hobbies, may learning a new language, travelling to a new place, involving in community work, or buying a second home – it is never too late to make a beginning

    FAQs on Mediclaim for Parents

    Q. Is it possible to get medical insurance for parents above 60 years?

    Yes. You can avail medical insurance for parents above 60 years. According to the guidelines by the Insurance Regulatory and Development Authority, individuals up to 65 years of age are covered under health insurance plans. It is always advisable to buy these plans at an early stage.

    Q. Are there any Disease Restrictions for Parents?

    While certain pre-existing conditions are covered after completion of a specified waiting period, there are a few illnesses that may not be covered at all. Those are specified in the exclusions in your policy documents. They may include diseases like congenital diseases.

    Q. Why can't I include my Parents in a Family Floater Plan?

    It is not advisable to include senior citizen parents in a family floater plan. This is because the premium in family floater policies, as well as the renewability, is based on the age of the eldest family member. So, covering a senior citizen parent in a family floater plan will burden you with higher costs.

    Q. My parents are having diabetes/hypertension can I buy mediclaim for parents?

    Yes, you can get mediclaim for parents by opting for an individual health cover that will give adequate coverage and protection against medical expenses. CHI offers a customized health cover, Care Freedom, for those having diabetes/hypertension.

    Q. How to renew a health insurance plan for parents?

    You can renew the health insurance for parents online. Here are the steps to follow:

    • Notify us and raise a request for the policy renewal within the specified time before the policy lapses.
    • Provide complete details, including the policy number and information regarding any change in the medical condition.
    • Pay the health insurance premium through any secured payment mode, such as credit card, debit card, or net banking.

    Q. What is the procedure to get a claim under mediclaim for parents?

    You can get a claim for parents under the mediclaim policy in two ways - cashless claim and reimbursement claim.

    Here are the steps to avail of the cashless facility:
    • Select a network hospital for cashless medical treatment
    • Duly fill and submit the pre-authorization form at the hospital TPA desk, along with ID proof of the patient
    • The hospital will send us the documents
    • Our claim management team will verify the documents. It may raise a query if required
    • The claim management team will share an approval letter

    Here are the steps to avail of the reimbursement claim facility:

    • Fill the reimbursement claim form and attach all the required documents.
    • Submit the form and the required documents to us.
    • The claim management team may raise the query.
    • Once the documents are verified, you will get an approval letter from the claim management team.
    • After approval, the hospitalization expenses will be reimbursed up to the sum insured.

    Q. Is there any medical test while buying medical policy for parents?

    There is no pre-policy medical check-up required for choosing a medical policy for senior citizen parents. However, the underwriter may recommend a pre-medical check-up in some cases.

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