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Health Insurance for Parents - Buy Mediclaim for Parents

Best Medical Insurance for Parents above 60 years

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7.5% Discount
10% Discount

Your premium is Rs.

Above Premium includes 18% GST

I

93%

Claim Settlement Ratio (OND 2018)

II

7800 +

Network Hospitals across 500 cities

III

400 Lacs+

Lives covered

Health insurance for parents is a blessing in today's times. Taking care of the elderly at home can be challenging - emotionally, physically and financially. Moreover, the occurrence of age-related illnesses is inevitable. By choosing the best health insurance plan for parents, you ensure financial security during any unforeseen medical emergency that can result in high-scale expenses for your family. As children, we always want the best for our parents, be it living conditions, food, or healthcare. This is all the more true as they get older and begin to face age-related health issues that may result in hospitalization. Therefore, choosing to buy medical insurance for parents or a mediclaim for parents helps you fulfill your responsibilities much easily and without financial worries.

Table of Content

About Health Insurance for Parents

Steady rise in medical costs and the possibilities of age-related diseases, especially when having elderly members at home, pose hurdles in front of us that could be overcome by opting for the best health insurance plan for parents. This mediclaim for parents is designed to offer specific coverage with due consideration for the high health risks that come with old age.

Thus, buying medical insurance for parents must be a priority. That way you can rest assured as unexpected expenditures will be taken care of, with cashless and quality treatment for any medical ailment for your parents. Also, some additional benefits await you that include domiciliary hospitalization cover, health check-ups, life-long renewability of policy as well as tax benefits on the premium - that makes your investment worthwhile.

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 Requried

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

  • Proof of Age
  • Proof of Identity and Address
  • Proposal For
  • Medical Pre-policy Check-up Report
  • Pre-existing medical condition reports (if any)

Benefits of Health Insurance for Parents

The important benefits of medical insurance for Parents are:

  • Cashless Medical Treatment: Under the plan, you can avail quality treatment in any of the network hospital of your insurer and get the cashless claims in a hassle-free manner.
  • Treatment for pre-existing medical diseases: Your parents will be covered for treatment of pre-existing health conditions such as Diabetes and Hypertension, subject to a specified waiting period.
  • High sum insured (SI): Owing to higher health risks in old age, the health plan is designed to offer a higher amount of insurance coverage.
  • Tax Advantages: Under Section 80D of the Income Tax Act, you can avail tax savings through deduction of up to Rs 50,000 on the premium paid for the policy.

What is Covered?

Avail health cover for your senior citizen parents to get protection when facing a medical emergency. Keep financial distress at bay as the plan takes care of all the expenses incurred by you during hospitalization or medical treatment of your parents. Get individual and floater cover options and the following features in the plan:

  • Expense cover for hospitalization including in-patient care and daycare treatment
  • Cover for pre-hospitalization expenses for 30 days, max. up to SI
  • Cover for post-hospitalization expenses for 60 days, max. up to SI
  • Cover for treating pre-existing diseases subject to the waiting period
  • Get one-second opinion for major illness or injury in a policy year
  • Organ donor cover up to the specified amount
  • Automatic recharge up to sum insured per policy year
  • No claims bonus of a specified percentage increase in SI in a claim-free year
  • Medical check-up for parents on an annual basis
  • Cover for ambulance cost, ICU charges, room rent and daily allowance, as per specified criteria

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. However, it is advisable to always check with your insurer about the cases or exclusions when you cannot make a claim on the policy. They are listed below:

  • Diagnosis of any disease, undergoing surgery or occurrence of 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 AIDS, 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

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 adversities.

Health insurance for your 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.

How to Select the Best Health Insurance for Parents?

Here are some pointers to consider when buying a medical insurance plan for your parents:

  • Check for the entry age: The age of an individual covered under the health insurance for parents must be at least 61 years or above.
  • Explore coverage options: Buyers have two coverage options available - individual and floater.
  • 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.
  • Research on the hospital network: At the time buying health policy for parents, you must ask for the list of network hospitals of your insurer. Find out the network hospital which is nearest to your locality so that you can get the 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.

Tax Benefits of Medical Insurance Premium Paid for Parents

The 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 tax deductions on the premium paid towards a group health insurance covering your family including senior citizen parents, you additional deduction of Rs 50,000 if you, your father or mother is a senior citizen.

In case of availing 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

How to Claim Tax Deductions?

There are no particular specifications. However, it is recommended that you carry medical bills, receipts, test reports, and other documentation.

The only exclusion is that the medical bills should not be paid in cash. Any other mode of transaction qualifies and allows you to avail the deduction.

FAQs on Health Insurance for Parents

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

Yes. You can avail medical insurance for parents above 60 years. As per 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.

How to Buy a Health Insurance Plan for Parents?

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

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 AIDS and congenital diseases.

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

An individual cannot include his or her 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.

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