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. Only 18% of the urban population and 14.1% of the country’s rural population has adequate health insurance coverage. These are worrying numbers in such a large country like India.
An age group that is particularly ill-placed, given the statistics, is the senior citizen group. Close to 6% of our population falls in the senior citizen category, which comprises over 78 million people. At this age, minor illnesses can become life-threatening if timely medical assistance is avoided. Besides, treatment and routine medical expenses can start to pile up. If senior citizens are financially dependent on their children or other family members, their medical expenses can become a significant source of financial worry.
This reiterates the significance of buying health insurance for parents. The policy not only covers the treatment and hospitalisation expenses but can be used to avail benefits like routine checkups, diagnosis, and health evaluations. The elderly population will most definitely need constant medical assistance, whose severity can differ from person to person. Therefore, senior citizens must have a health insurance plan that covers their unique medical needs.
Sources: Firstpost, IRDAI
As stated earlier, having health insurance coverage 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 health insurance for parents are as follows.
When you are above 60 years old, the chances of you 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 from such situations will ensure much-needed peace of mind. Thus, having a senior citizen health insurance plan will take care of the medical expenses due to sudden medical contingencies.
Most times, people cover their parents in their basic family health insurance policy. However, do you think a family health coverage will be enough to cover their and everyone else’s medical expenses? Well, think about it this way. Your parents are getting old and they will need medical assistance often. Having a standalone health insurance policy like senior citizen health insurance for your parents will ensure adequate coverage to them in times of need.
Although senior citizen health insurance plans can be expensive due to the age of your parents, the policy has several tax benefits. The table below gives an overview of the tax benefits under health insurance for parents.
If your parents are below the age of 60 years.
If your parents are above 60 years old.
Here are some features and benefits of buying medical insurance for parents:
The health insurance plans available on the Finserv MARKETS are a great option. You can benefit from features such as cashless claim settlements at over 6500+ network hospitals, bespoke health insurance plans, reinstatement benefits, maternity and newborn benefits, and so much more.
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.
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.
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.
The policy also covers daycare treatments that do not require hospitalisation. Depending on your insurer, the number of daycare procedures may vary.
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.
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.
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.
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.
The eligibility criteria for the plans and claims under various policies may be as follows:
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, a tool that helps calculate the cost of your health insurance plan based on your coverage.
You need to submit the following documents when buying health insurance for your parents.
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:
You will be required to produce any of the following documents for proof of identity:
Documents providing proof of permanent address would have to be submitted and any of these documents would be satisfactory:
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.
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.
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 allows advanced age individuals, has no cap on age limit, and provides lifelong renewability.
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.
The insurer with whom you decide to buy health insurance for your parents should have a wide range of network hospitals under them. That way, in times of emergencies, your parents can conveniently seek a cashless claim settlement at the nearest network hospital.
The insurer you choose should offer hassle-free claim settlements. Make sure that you and your parents understand the process. That way, in times of medical emergencies, someone will be able to raise a successful claim request against the policy.
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 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.