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No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75k | Buy Health Insurance starting @ ₹244 pm

Medical Insurance for Parents

Health insurance for parents or parental insurance policy is a tailor-made plan for parents that covers their medical treatments and hospitalisation expenses. This policy can also be used to avail indemnification against routine check-ups, diagnosis, and health evaluations, etc. The elderly population will most definitely need constant medical assistance, and the extent of it can differ from person to person. Therefore, senior citizens must have a health insurance plan that covers their unique medical needs.

Sources: Firstpost, IRDAI

Why do you Need a Health Insurance Cover for Your Parents?

As stated earlier, having a health insurance policy for your parents ensures that they have access to top-class healthcare facilities without stressing about its cost. Besides this, the reasons why it is imperative to buy the best medical insurance policy for parents are as follows:

  • Lifestyle Diseases

For someone over 60 years of age, the chances of acquiring lifestyle diseases are more. For instance, let us assume that unfortunately your parents suddenly need medical attention for a critical illness. Having a bespoke health insurance plan that covers critical health concerns and takes care of the expenses arising during such situations will ensure the much-needed peace of mind. In short, having a senior citizen health insurance plan protects you against medical expenses incurred due to sudden medical contingencies.

  • Inadequate Health Coverage

People generally cover their parents under their basic family health insurance policy. However, do you think a family health plan will be sufficient to cover their and everyone else’s medical expenses? Well, think about it this way. Your parents are getting old and they might need medical assistance frequently. Having a standalone health insurance policy like senior citizen health insurance for your parents will provide adequate coverage to them in times of need.

Benefits of Health Insurance Plans for Parents

Here are some features and benefits of buying medical insurance for parents:

  • There is usually no age limit on renewal and policyholders can continue to receive medical insurance for parents, even after they become senior citizens themselves at the age of 65.

  • Additionally, if an individual or couple that already possesses health insurance for parents wants to start a family in the near future, they would only have to top up the health insurance plan and pay a slightly higher premium to include their children under its coverage.

  • Premiums paid are tax-exempt under Section 80D of the Income Tax Act, 1961 as well as the Finance Act, 2018. The deductible amount can range between ₹50,000 and ₹1 Lakh depending upon how many members of the family are aged 60 and above, as well as certain specific illnesses they may suffer from.

  • Policies are available within a wide range of coverage amounts from ₹1.5 lakh to ₹50 lakh. The policy term may also be flexible depending upon the insurance provider, with tenors of 1, 2, or 3 years.

  • Free health check-ups could be availed periodically even if no claims for parents have been made.

  • Expenses incurred during organ donation may also be covered as per your policy terms and conditions.

  • Some pre-existing illnesses are covered under health insurance for parents after an initial waiting period which may vary from 2 to 3 years after first purchasing the plan.

  • Pre and post-hospitalisation charges would be covered for at least up to 30 and 60 days respectively.

Tax Benefits of Health Insurance Policy for Parents

Although senior citizen health insurance plans can be expensive due to age, the health insurance premium that you pay for them is eligible for tax exemption under Section 80D of the Income Tax Act, 1961. The table below gives an overview of the tax exemption against health insurance for parents:

 

Tax Benefits

If your parents are below 60 years

₹25,000

If your parents are 60 years old or above

₹50,000

 

Check out the below table to know the hospitalisation cover and premium rates of the best medical insurance for parents available at Bajaj MARKETS:

Plans Available

Starting Rate of Premiums

 

CTA

Bajaj Allianz Health Guard Gold

₹3,200

Buy Now

Bajaj Allianz Extra Care

₹2,500

Buy Now

Aditya Birla Activ Assure Diamond Plan

₹3,294

Buy Now

Care Health Insurance Plan

₹4,472

Buy Now

 

How to Choose Health Insurance for Parents?

Choosing the right health insurance plan for your parents is essential. Here are a few things to keep in mind when buying health insurance for parents.

  • Plan Coverage

The health insurance plan for your parents should be extensive. The policy should cover a wide range of pre-existing diseases and daycare treatments. So, ensure that you go through the policy coverage and limitations thoroughly before buying health insurance for your parents.

  • Entry Age of the Policy

Usually, health insurance for parents has an entry age from 55 years to 80 years. Some plans have an entry age of 60 years. It is advisable to consider an insurer that has no cap on age limit and provides a lifelong renewability option.

  • Waiting Period

Pre-existing diseases are covered under health insurance after the completion of the waiting period. When you are buying health insurance for your parents, look for a policy with a limited to no waiting period on pre-existing illnesses.

  • Network Hospitals

The insurer with whom you decide to buy health insurance for your parents must have a wide range of network hospitals under them. That way, your parents can conveniently seek a cashless claim settlement at the nearest network hospital during medical emergencies.

  • Claim Process

The insurer should have a hassle-free claim settlements process. This will ensure that you raise a successful claim request against your policy. After all, nobody wants to go through a lengthy and daunting process to receive a reimbursement.

How to Buy Medical Insurance for Parents

Here’s how you can buy health insurance plans for parents:

Step 1: Head on to the health insurance page of the insurance company that you wish to purchase your plan from.

Step 2: Provide the necessary details about whom you wish to insure, along with your personal information.

Step 3: Pick from the list of available health insurance plans. You can also enhance your coverage by selecting the add-on covers.

Step 4: Upload the necessary documents and make your health insurance premium payment online.

Step 5: And that’s it! Your policy will be emailed to you shortly.

Eligibility of Health Insurance Policies for Parents

The eligibility criteria for parental health insurance plans and claims under various policies may be as follows:

  • The primary policyholder must ideally be between the ages of 18-65 when first soliciting coverage in order to avoid dealing with copayment clauses.

  • They must be a resident of India.

  • Usually, the maximum entry age for medical insurance for parents is generally 60-80 years for most plans.

These criteria are to be considered before buying health insurance for parents. Besides, the health insurance waiting period for certain pre-existing conditions play a vital role in determining the policy cost. You can use the health insurance calculator to calculate the cost of your health insurance plan based on your coverage.

Documents Required to Purchase a Medical Insurance Plan for Your Parents

You need to submit the following documents when buying parents’ health insurance policy:

1. Proof of Age

Documents providing proof of age for all those falling under the policy’s coverage would have to be submitted. You can submit any of the following documents as proof of age:

  • Birth certificate

  • 10th or 12th mark sheet

  • Passport

  • Aadhaar card

  • Voting ID

  • Driving licence

  • PAN card, etc.

2. Identity Proof

You will be required to produce any of the following documents for proof of identity:

  • Aadhaar card

  • Passport

  • Voting ID

  • Driving licence

  • PAN card

3. Address Proof

Documents providing proof of permanent address would have to be submitted and any of these documents would be satisfactory:

  • Electricity bill

  • Telephone bill

  • Ration card

  • Passport

  • Aadhaar card

  • Driving licence

  • Voting ID

4. Additional Documents

Here are a few additional documents you might need to buy medical insurance for parents:

  • Passport size photos

  • Certain health insurance policies might require you to undergo a few medical tests following which you would be required to submit the test reports.

What is Covered Under a Health Insurance Policy for Your Parents?

Hospitalisation and treatment expenses can burn a hole in your savings. Having a health insurance plan for your parents can help you take care of the rising medical costs. Here’s what the policy usually covers.

  • Hospitalisation Expenses

As your parents get old, they are prone to fall sick or acquire life-threatening diseases. The cost of availing top-notch healthcare services in India can cut through your and your parent’s savings. A health insurance plan for parents will ensure that the hospitalisation expenses are covered.

  • Pre and Post-Hospitalisation Cost

A health insurance plan for parents also covers the medical expenses before and after hospitalisation. Usually, the policy provides 30 days of pre-hospitalisation and 60 days of post-hospitalisation coverage. However, this may vary from insurer to insurer.

  • Daycare Cover

The policy also covers daycare treatments that do not require hospitalisation. Depending on your insurer, the number of daycare procedures may vary.

  • Pre-Existing Illnesses

Senior citizen health insurance plans come with extensive coverage for pre-existing illnesses. However, the pre-existing ailments covered under the policy can differ. So, get in touch with the insurer for the information on the same.

  • Major Surgeries

Most health insurance plans for parents cover a wide range of surgeries. Because of this extensive coverage, you can avail top-class treatments at any of the network hospitals across India without worrying about finances.

  • Reinstatement Benefit

The policy allows you to reinstate the sum insured if it is exhausted. That way, you can ensure that your parents always have sufficient coverage.

What is Not Covered in a Health Insurance for Your Parents?

Along with the health insurance coverage, it is imperative to know the exclusions of the policy as well. Here are some standard things that are not covered in health insurance plans for parents.

  • Any pre-existing health conditions without the completion of the waiting period

  • Health issues diagnosed within 30 days of buying the health insurance plan for parents

  • Most insurers exclude non-allopathic treatments

  • Any health concerns arising due to substance abuse

  • Dental treatment

  • Injuries due to war-like situations

  • Treatment of sexually transmitted diseases such as HIV/AIDS

  • Cosmetic surgeries

How to Make a Claim for Health Insurance

There are two ways in which you can file a claim for your parents’ health insurance policy:

  • Cashless Claim Settlement

When seeking treatment at a network hospital, the expenses incurred will be paid by your insurer directly to the hospital. The process to avail cashless claim settlement is as follows:

  1. Contact the insurance desk at the network hospital.

  2. Show your insured parent’s health card for identification purposes.

  3. Once the identity is verified, the hospital will submit the pre-authorisation form to the insurance company.

  4. The insurance company will assess the documents and process the medical insurance claim according to the policy terms and conditions.

  5. After a successful assessment, the insurance company will settle the expenses with the hospital directly.

  • Reimbursement Claim

Reimbursement claim is raised when you seek treatment for the insured at a non-affiliated hospital. If your claim request is approved, your insurance company will compensate you for the medical expenses incurred. The claim process for reimbursement of medical expenses is as follows:

  1. Pay for all the medical costs incurred while getting the treatment.

  2. After the treatment is done, you can submit the original bills to your insurance company and seek compensation for the incurred expenses.

  3. The insurance company will first assess the bills submitted, and upon verification, they will reimburse the amount based on the health insurance sum insured limit.

  4. You can check the health insurance claim status by visiting your insurance company’s official website.

Why Buy Health Insurance for Your Parents Online

Here are some of the reasons why you should consider buying a health insurance policy for your parents online:

  • Convenient

You can buy health insurance online from the convenience of your home, office, or even on the go, without having to visit the insurance company’s office or an insurance agent. The process of purchasing health insurance for your parents online is simple and time-saving.

  • Security of payments

Purchasing health insurance for your parents online is completely safe if you buy it from a leading and trustworthy insurance company. These insurance companies rely on secured modes of payments to ensure that you are shielded from any form of cyber fraud.

  • Advance Health Insurance Quote

While purchasing health insurance for your parents online, you get the benefit of advance health insurance quotes. You can get an instant health insurance quote that lists out the coverage and premium payable just by filling in a few details like age, health etc. on the insurance company’s website. And if you are satisfied with the quote, you can proceed to buy a health insurance policy for your parents. The advance quote feature is also helpful for the comparison of various health insurance policies.

Conclusion

It is imperative to compare several health insurance plans before settling on the best health insurance for your parents, as some plans may be better suited for their medical needs than others. The health insurance policies available on the Bajaj MARKETS platform could be a good choice for you and your family. With their 94% claim settlement ratio, rapid disbursal of funds and easy online application process, you can be assured of ample and timely coverage for you and your family.

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FAQs on Health Insurance for Parents

✔️Can I buy separate health insurance for parents?

Yes. You can buy a separate health insurance plan for parents.

✔️Can I avail tax benefits against parental health insurance premiums?

Yes. You can avail tax exemptions against the health insurance premiums you pay for your parents.

✔️What is meant by a pre existing disease?

This term refers to diseases under the policy’s coverage that have already been diagnosed with and the insured has received treatment for. These may include diabetes, some cancers or blood pressure and have to be declared before purchasing the policy.

✔️What is meant by a waiting period?

This refers to a time period after which a policyholder can register a claim for pre-existing diseases under their plan.

✔️What are some things to keep in mind when purchasing health insurance for parents?

Some of the things to keep in mind are:

1. Coverage

2. Waiting Period

3. Cashless Claims Facility

4. Premiums

5. Claims Settlement Ratio