What is Health Insurance for Parents?

Health Insurance for Parents is a customised plan tailor-made to provide medical coverage for parents. It offers comprehensive coverage against medical ailments that may arise due to old age and may result in large medical expenses. It comes with a higher sum insured and also provides lucrative benefits, such as annual health check-ups, cashless treatment, etc. to manage their medical expenses effectively. Get to know more about the types, benefits, and steps to buy health insurance for parents in this article.

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Health Insurance for Parents

Health Insurance for Parents is customised to provide medical coverage to the parents of the policyholder. It offers comprehensive coverage against medical ailments that may arise due to old age and may result in large medical expenses. It comes with a higher sum insured and also provides lucrative benefits, such as annual health check-ups, cashless treatment, etc. Read on to know more about the types, benefits, and steps to buy Health Insurance for Parents.

This insurance policy provides customised medical coverage to the policyholders’ parents based on their requirements. This policy can also be used to claim indemnification against routine check-ups, diagnoses, health evaluations, etc. The elderly population are more prone to the need for constant medical assistance, and the extent of it can differ from person to person. Therefore, your parents must have a Health Insurance Plan that covers their unique medical needs without putting you under financial burdens. 

Top Health Insurance Plans for Parents

Several insurance providers offer different kinds of Health Insurance Policies. Hence, you must compare and select the best plan that offers comprehensive coverage for your parents’ health related expenses. Here are a two of the top Health Insurance Policies from various providers:

Health Insurance Policies

Age limit

Check Plans

Aditya Birla Health Active Assured Diamond Plan

61 years -  65 years


Bajaj Allianz Health Guard Silver Plan

61 years - 65 years


Types of Health Insurance for Parents

There are three types of Health Insurance Plans available for parents:

Individual Health Insurance Plan

This type of Health Insurance Plan provides financial coverage for the medical treatments of only the insured individuals.

Family Health Insurance Plan

This type of Health Insurance Plan provides medical coverage to the entire family. You can buy a single plan that covers all your family members against financial medical emergencies.

Health Insurance For Senior Citizens

This type of Health Insurance Plan is specifically for the individuals above the age of 60 years.

Benefits of Health Insurance Plans for Parents

Here are some features and benefits of buying Health Insurance Plan for parents:

  • If an individual or a couple possess a Health Insurance Plan for parents give birth to a child, they can get their child covered under this plan. 

  • 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 Rs. 50,000 and Rs. 1 Lakh depending upon the number of members of the family aged 60 and above. Only a few specific illnesses/diseases which they may suffer from can be considered.

  • 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 insurance provider, with tenures 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 purchasing the plan.

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

What is Covered and Not Covered Under a Health Insurance Policy For Your Parents

Here are a few inclusions and exclusions under Health Insurance for Parents:,

Inclusions

Exclusions

  • Hospitalisation Expenses
    A Health Insurance Plan for parents will ensure that the hospitalisation expenses are covered.

  • Pre-existing diseases and waiting period

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

  • Pre and Post-Hospitalisation Cost
    A Health Insurance Plan for parents also covers the medical expenses before and after hospitalisation.

  • Initial wait period

Health related issues diagnosed within 30 days of buying the Health Insurance Plan for parents.

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

  • Non-allopathic treatment

Most insurers exclude the non-allopathic treatments.

  • 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.

  • Injuries or diseases from substance abuse

Any health concerns arising due to substance abuse.

  • 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.

  • Dental treatment

  • 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.

  • Injuries caused in war situations

Injuries due to war-like situations.

 
  • Sexually transmitted disease

Treatment of sexually transmitted diseases such as HIV/AIDS

 

  • Cosmetic surgeries

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, the reasons why it is imperative to buy the best medical insurance policy for parents are as follows:

Elderly people are more prone to getting diagnosed with diseases because of a weaker immune system. Hence, buying a Health Insurance Policy for your parents is a necessity. Here are a few reasons why you must buy a Health Insurance Policy for your parents:

  • 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 Health Insurance Policy for parents protects them 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 everyone’s medical expenses? Your parents are getting old, and they might need medical assistance frequently. Having a standalone Health Insurance Policy like Health Insurance Plan for your parents will provide adequate coverage to them in times of need.

  • Increasing Medical Costs

Medical inflation is increasing exponentially. This implies that the cost of medicines, doctor’s consultation fees, diagnostic procedures, and so on are on the rise. Old age brings lots of illnesses and diseases because of a weak immune system. That's why an appropriate Health Insurance Policy for your parents can help you meet medical emergencies with the utmost care and no financial strain.

  • Pre-existing diseases

If your father or mother has some prolonged or pre existing ailment, you should immediately buy a Health Insurance Plan for them without any second thought. Most of the plans have a certain period of waiting time to get coverage against such pre-existing conditions. However, you can still get financial coverage after a while. You should avoid delays and get one for them.

  • Sufficient Sum Insured value

Considering the age of your parents and their high risk of diseases, you must opt for Health Insurance for your parents with a higher sum insured to give them the best medical assistance during emergencies.

  • Tax Benefits

As per the Income Tax Act under section 80D, the premium paid against the elderly Health Insurance Policy is tax-exempt. You can save up to Rs. 25,000 on the premium paid for parental Health Insurance Policy below 60 years of age and Rs. 50,000 above 60 years of age.

  • Financial stability

If you buy a Health Insurance Plan for your parents, you can gain financial stability because you will be protected from the requirement of having to pay a hefty sum for their medical treatment.

Why Buy Health Insurance for Your Parents Online

Here are a few reasons why you must purchase the 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 the Health Insurance for your parents online is simple and time-saving.

  • Secured Payment

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 the 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.

How to Choose Health Insurance for Parents

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

1. 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.

2. Entry age of the policyholder

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 the age limit and provides a lifelong renewability option.

3. 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. 

4. 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.

5. Claim process

The insurer should have a hassle-free claim settlement 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.

6. Co-payments

The majority of health insurance policies require a co-payment.Co-payment means the policyholder will have to pay a certain percentage of the expense out of his or  her own pocket. As a result, select health insurance for parents with an appropriate deal.

7. Age limit to renew the plan

You must consider the age limit to renew the health insurance plan. This age limit varies from one insurer to another. You should always choose a policy with lifetime renewability.

8. Easy claim process

Considering the age of your parents, running after the claim is difficult. Hence, you must choose an insurance provider with an easy and quick claim process.

9. Maximum coverage

You must carefully read the terms, and conditions of the health insurance bought for your parents, as they need wider coverage against various diseases. As a result, it is critical that the plan you select provides the most comprehensive coverage and that the diseases are covered.

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:

Condition 

Tax Benefits

If your parents are below 60 years

Rs. 25,000

If your parents are 60 years old or above

Rs. 50,000

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 co-payment 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 diseases plays a vital role in determining the policy cost. You can use the Health Insurance Premium Calculator to compute the premium 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 a proof of age:

  • Birth certificate

  • 10th or 12th mark sheet

  • Passport

  • Aadhaar card

  • Voting ID

  • Driving licence

  • PAN card

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.

Points to Consider While Buying Health Insurance for Parents

Choosing the right Health Insurance Plan for your parents is essential. Here are a few factors to consider when buying Health Insurance Plan for parents:

1. 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.

2. Entry age of the policyholder

Usually, Health Insurance Plans for parents have 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 the age limit and provides a lifelong renewability option.

3. Waiting period

Pre-existing diseases are covered under the Health Insurance Plan 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. 

4. 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.

5. Claim process

The insurer should have a hassle-free claim settlement 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.

6. Co-payments

The majority of Health Insurance Policies require a co-payment. It is a payment method in which the policyholder will have to pay a certain percentage of the expense out of his or her own pocket. As a result, select a Health Insurance for parents with an appropriate deal.

7. Age limit to renew the plan

You must consider the age limit to renew the Health Insurance Plan. This age limit varies from one insurer to another. You should always choose a policy with lifetime renewability.

8. Maximum coverage

You must carefully read the terms and conditions of the Health Insurance you buy for your parents, as they need wider coverage against various diseases. As a result, it is critical that the plan you select provides the most comprehensive coverage and that the diseases are covered.

Steps to Buy Medical Insurance for Parents

Here’s how you can buy Health Insurance Plans for parents:

  • Step 1: Navigate to the website of the insurance provider.

  • Step 2: Enter the necessary details.

  • Step 3: Choose the Health Insurance plan which best suits your requirements from the list that appears. 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.

And that’s it! Your policy will be mailed to you shortly.

How to Make a Claim

These are the two ways in which you can file a claim for your parents’ Health Insurance Policy:

1. 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.

2. Reimbursement Claim

A reimbursement claim is raised when you seek treatment for the insured at a non-network 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.

Health Insurance Plans Available at Bajaj Markets

FAQs on Health Insurance for Parents

  • ✔️Can I buy a separate health insurance for my 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 under section 80D of the Income Tax Act, 1961.

  • ✔️What is meant by a pre-existing disease?

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

  • ✔️What is meant by the term ‘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 factors we must consider 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

     

  • ✔️Can I buy a health insurance policy for my parents if they have a pre-existing disease?

    Yes, you can purchase a health insurance policy for your parents even if they have pre-existing diseases. However, they must serve the waiting period as per the policy. You can also opt for a plan with a lower waiting period.

  • ✔️What is the age limit for buying health insurance for parents?

    The age limit for buying health insurance for parents varies from insurer to insurer. However, many insurance providers allow you to purchase health insurance up to the age of 65.

  • ✔️How Can I increase my parents’ health insurance?

    To increase the health insurance cover for your parents, you can choose a higher sum insured value while renewing the policy. You can also add the critical illness rider for wider coverage.

  • ✔️ Is there any age limit while buying medical insurance for parents?

    The primary policyholder must ideally be between the ages of 18-65 when first soliciting coverage in order to avoid dealing with co-payment clauses. Usually, the maximum entry age for medical insurance for parents is generally 60-80 years for most plans.

  • ✔️Can I get my parents’ medical expenses covered under my current health insurance plan?

    An individual health insurance plan cannot cover your parents’ medical expenses but a family floater health insurance plan can. It is, however, advisable to buy a separate health insurance plan for your parents.

  • ✔️Is there a medical test for parents' health insurance?

    Yes, most health insurance plans require you to undergo a pre-medical test before buying a policy.

  • ✔️Can I increase my parents’ health insurance plan’s limit?

    Almost every insurance provider provides you with an option to increase the limit of the sum insured in your existing insurance plan at the time of its renewal. However, this will require you to pay a slightly higher premium. This way, you can ensure an adequate amount of coverage for your parents’ medical needs.

  • ✔️Which is the best health insurance plan for parents?

    Activ Assure Classic Senior Citizen Health Policy is the best insurance plan for parents.

  • ✔️Can an NRI buy health insurance for their parents in India?

    Yes, an NRI can buy health insurance for their parents residing in India.