Health Insurance for Parents

What is Health Insurance for Parents?

Health insurance for parents is a specialised insurance policy intended to offer clinical expenses coverage to senior citizens, generally parents. It gives an economic shield against hospital bills, surgeries, and critical diseases, guaranteeing your parents receive convenient and quality healthcare without burdening family savings.

Parental insurance plans usually incorporate features tailored to the individual health requirements of older adults, like coverage for pre-existing conditions, cashless treatment, and lifelong renewability. In India, where healthcare expenses are increasing so fast, this insurance acts as a security net for families.

Benefits of Buying Health Insurance for Parents

A specialised parental insurance policy presents targeted benefits intended for older adults and their medical requirements. These enclose:

• Coverage for pre-existing diseases after completing the defined waiting period in the policy, depending on the insurer
• Annual health check-ups and wellness support
• Comprehensive coverage covers hospitalisation, pre-existing conditions after waiting period, day-care procedures, and more.
• Cashless treatment services at thousands of network hospitals across India.
• Tax benefits are an attractive benefit. Premiums paid for medical insurance for parents are eligible for tax deductions under Section 80D of the Income Tax Act up to Rs 75000.
• Pre and Post-hospitalisation expenses include clinical costs incurred before and after hospitalisation.
• A lifetime renewability option is essential for parents of advanced age.
• Affordable premiums are designed keeping senior citizens in mind, offering coverage options tailored to their needs.

Many of the best health insurance policies for parents now also offer OPD consultations, second medical opinions, and home care treatment support.

Features of the Best Health Insurance for Parents in India

The insurance industry offers several plans for parents, but what makes the medical insurance for parents in India stand out? Look for some of these features:

• High Sum Insured Options: It ensures that the policy covers substantial clinical costs, offering a comprehensive economic shield in case of emergency hospitalisation or medical treatments.
• Minimal Waiting Periods for Pre-existing Diseases: Parental policy ensures shorter waiting periods for pre-existing conditions so that your parents can get the maximum coverage for any health experience they might have, or may experience later in future.
• Cashless Network: Many network hospitals offering cashless treatments enable parents to receive clinical care without the requirement of paying upfront, which simplifies the claim process.
• No Co-payment Options: It is an ideal choice for parents over 60; no co-payment policies guarantee that the insurer covers all medical costs, eliminating the need for shared expenses, which can be overbearing for senior citizens.
• Flexibility: Health insurance for parents offers flexibility, enabling parents to choose from various coverage alternatives and benefits depending on their particular health requirements, including critical illness, hospitalisation, and additional features.
• Preventive Health Check-ups: They enable the parents to undergo frequent clinical screenings that help diagnose diseases early and support improved overall health. 

Plans proposing flexibility, critical illness cover, and preventive health check-ups are usually considered the best medical insurance for parents.

Types of Health Insurance for Parents

You can choose the best health insurance for your parents, depending on their specific healthcare and insurance needs. Here are some types of health insurance for parents:

• Individual Health Insurance Cover: This is a separate medical policy for parents or individuals with a severe medical condition.
• Family Floater Health Cover: This policy covers the whole family under an insured sum. The total coverage amount is shared by all members, including parents.
• Senior Citizen Health Insurance Plan: The best health insurance policies for parents, covering age-related illnesses and offering benefits like annual health check-ups.
• Super Top-Up Health Insurance: This type is affordable and provides a higher sum insured, eliminating the need for a separate mediclaim policy for parents to ensure sufficient coverage.

Reasons to Buy the Best Health Insurance for Parents

As our parents grow, they become prone to health problems. In India, medical care is costly, and treatments for common conditions, such as diabetes, heart disease, or joint issues, can cost lakhs. That's why reliable health insurance for parents in India is essential.

Here's why it matters:-

• Increasing Medical costs: Hospitalisation, diagnostics, and medicines are more expensive than ever.
• Specialised care: Senior citizens usually need extended treatment durations and continuous monitoring.
• Financial freedom: Best health insurance in India shields your savings while ensuring your parents find the care they require.
• Peace of mind: In a medical emergency, insurance lets you concentrate on recovery and not bills.
• Prevent Economic Stress: Medical troubles can flush out your savings fast without a proper policy. Hence, a reliable parental insurance policy can help prevent a significant financial burden.
• Cashless Hospitalisation: Network hospitals offer stress-free treatment, providing your parents with care without upfront payments.
• Customised Plans: Many insurers offer customised plans with benefits tailored for senior citizens.

Who Should Buy a Parental Insurance Plan?

Here is the list of people who must plan to purchase a mediclaim policy for parents before it’s late:

• Families with parents aged 45 and above
• People who don't have corporate or group insurance coverage for their parents
• A retired individual looking to secure their future
• Individuals who want to prevent high out-of-pocket medical costs
• People looking for long-term financial and emotional security

Whether you are salaried or self-employed, the right health insurance for senior citizens gives you peace of mind knowing that their healthcare needs are covered.

How Much Does a Medical Insurance for Parents Policy Cost?

Health Insurance for Parents policy usually begins from 7 lacs by Care Health Insurance and might go higher depending on individual needs. However, there are several other factors that determine the premium for parental policy, including:

• Insured age
• Sum insured selected
• Any existing health conditions
• Inclusion of riders, such as room rent waiver, critical illness cover
• Plan type, like individual or family floater

What Impacts the Premium of a Mediclaim Policy for Parents?

The cost of your policy depends on three main factors affecting the premium. Here are these:

• Age and Health Condition: The older your parents are and the more health issues they have, the higher the premium.
• Sum Insured & Coverage Type: Selecting a higher sum insured or adding critical illness coverage might increase the premium.
• Policy Type: Individual plans may cost more per individual, while a family floater can be more affordable, but usually divides the sum insured among members.

How to Choose the Right Insurer When Buying Health Insurance for Parents?

When picking the best health insurance policy, don’t forget to keep these pointers in mind:

• An efficient claim settlement ratio
• A vast network of hospitals for cashless treatment
• Quick and fast claim process
• Lifelong renewability
• No hidden clauses or sub-limits
• Good customer service and 24/7 support

How to Renew Health Insurance for Parents?

You can renew health insurance for parents online by following these steps:

• Notify the insurance company 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.
• You can pay the health insurance premium through any secure payment mode, such as a credit card, debit card, or net banking.

Select from Our Best Health Insurance for Parents

Here are some of our top-selling and customised health insurance plans for parents at Care Health Insurance: