Health Insurance for Parents

A 2019 report published by the India Brand Equity Fund estimated that only  1.5-2% of the healthcare expenditure in the country is covered by health insurance providers. Moreover, only 18% of the urban population and 14.1% of the country’s rural population are covered by any kind of health insurance scheme at all. These are worrying numbers in such a large country.

There is one particular group which is particularly ill-placed, given these statistics. Close to 6% of our population is aged (above 65). That’s over 78 million people. Many of these citizens are now in the stage of life where minor illnesses can become threatening, and routine medical expenses start to pile up. For their families, this can quickly become a major source of financial worry, and only further compromises their ability to act in times of emergency. 

In order to offset this, purchasing  Health insurance for parents is a viable and recommended option as it need not only be used in cases involving hospitalization, but can also be availed in order to perform certain checkups or evaluations. The elderly have  medical needs that may differ from other age groups and it is vital for individuals to assess their requirements and terms before settling on the best health insurance for parents. 

Percentage of Insurance Penetration in India

Sources: Firstpost, IRDAI

Benefits of Health Insurance Plans for Parents

Here are some of the features and benefits of purchasing  medical insurance for

  • Family health insurance plans generally require lower premium payments as opposed to taking out individual plans for each member. This can save a policyholder from unnecessary expenditure. 

  • It is also better to purchase a plan when you and your parents are younger as premium amounts may be lower and the primary policyholder must be between the ages of 18 and 80 when first purchasing the policy. 

  • It is also better to purchase a plan when you and your parents are younger as premium amounts may be lower and the primary policyholder must be between the ages of 18 and 80 when first purchasing the policy. 

  • 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 plans on starting a family in the near future, they would only have to top up 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 of 1961 as well as the Finance Act of 2018. The deductible amount can range between Rs.50,000 and Rs. 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 Rs. 1.5 lakhs to Rs. 50 lakhs. The policy term may also be flexible depending upon the service provider with tenures of 1,2 or 3 years.

  • Free health checkups could be availed periodically years even if no mediclaims for parents  have been registered.

  • Expenses incurred during organ donation may also be covered subject to terms and conditions.

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

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

The Bajaj Allianz Health Insurance policies available on the Finserv MARKETS are a great option. Cashless mediclaims for parents can also be availed under the individual health insuance  plan at over 6500 hospitals across the country, and ambulance charges of upto Rs.20,000 are covered. Ayurvedic and homeopathic treatments in  hospitals are also covered under certain plans  across the country up to Rs. 20,000.

Eligibility of Health Insurance Policies for Parents

The eligibility criteria for the 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 of age for most plans. 

  • Mediclaims for parents usually do not apply to cases involving STDs such as HIV.

  • Injuries due to war like situations are generally not covered.

  • Hospitalizations caused by drug or alcohol addiction as well as self inflicted injuries are often not covered.

  • Cosmetic surgeries are also usually not covered.

All these criteria have to be considered before picking the best health insurance for parents,

in addition to waiting periods for certain pre existing conditions as they play a big role in determining premium amounts. 

Documents Required for Purchasing a Medical Insurance Plan for your Parents

When purchasing a health insurance policy for your parents, the below documents need to be submitted for verification:

1. Proof of Age - Documents providing proof of age for all those falling under the policy’s coverage would have to be submitted with the any of the following documents meeting this requirement:

  • Birth certificate

  • 10th or 12th mark sheet

  • Passport

  • Aadhaar card

  • Voting ID

  • Driving license

  • 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 license

  • 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 license

  • Voting ID

4. Additional Documents:

  • 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. While this classification has not been determined yet, some policies may not approve claims in pandemic and epidemic situations as well as during waiting periods. The only situations in which claims may be applicable are those of permanent lung damage or related conditions caused by the virus which are also subject to conditions.

It is imperative to compare a number of policies before settling on the best health insurance for parents, as some plans may be better suited for your needs than others.  The Bajaj Allianz health insurance policies available on the Finserv 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. 

FAQs

  • ✔️Do insurers consider COVID 19 a critical illness?

    While this classification has not been determined yet, some policies may not approve claims in pandemic and epidemic situations as well as during waiting periods. The only situations in which claims may be applicable are those of permanent lung damage or related conditions caused by the virus which are also subject to conditions.

  • ✔️What is meant by a pre existing disease?

    This term refers to diseases that fall under the policy’s coverage have already been diagnosed with and 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 the additional benefits of renewing a Bajaj Allianz Health Insurance Policy through the Finserv MARKETS portal?

    If the policy is renewed with no break and no claims have been registered, the sum insured amount will increase by 10% for every renewal for a period of up to 10 years or 100% of the original amount.

  • ✔️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

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