Health Insurance for Parents

Check the benefits of buying health insurance plans for parents. Choose and buy parents’ health insurance plans online.
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Health insurance for parents
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3 min
01-March-2024

Health insurance for parents plays a crucial role in parental care. From a very young age, we see that our parents take care of their parents. However, over the past decade or so, there have been some changes to this system. Children nowadays travel abroad for education, and young adults move to different parts of the world for their careers. Also, many senior citizens seek to live independent lives and make the most of their golden years.

As we adapt to the changes in our lifestyle, our ability to take care of our elderly parents may become compromised. However, it is possible to ensure their financial security by purchasing a parents health insurance plan. The best health insurance plans for parents can provide them with financial coverage during unforeseen medical emergencies. As seniors are more susceptible to illnesses and require increased medical attention with age, it is advisable to prioritise their wellbeing and buy a health insurance plan for them in advance. By exhibiting foresight and securing a suitable health insurance policy, we can safeguard the financial future of our aging parents.

What is parents health insurance?

Health insurance plans for parents offer comprehensive coverage towards all kinds of medical expenses that may incur. These specially designed health plans offer coverages against illnesses or health issues that may arise due to ageing. Parents’ health insurance policies may come at a higher premium because these health policies give a higher sum insured for aged individuals. You also get benefits like free annual health check-ups, cashless treatment facility, and more. Most health insurance plans for parents cover pre-existing diseases, which usually do not get covered in regular health plans.

For choosing the best health insurance for parents, you must know the various features and benefits offered in the policies. Every mediclaim policy for parents has different terms and conditions. Therefore, you must carefully read through the policy document to benefit most from the plan.

Key features for health insurance for parents

Here’s a quick look at some of the key features of the best health insurance for parents.

Features

Specifications

Sum insured

Rs. 5 lakh to Rs. 50 lakh

Pre-and post-hospitalisation expenses

Covered

OPD cover

Covered

ICU charges

Covered

Tax benefits

Covered

Pre-existing diseases

Covered (according to the plan terms and conditions)

Daycare procedures

Covered

Ambulance Cover

Covered (depending on plan)


Also check: Best health insurance plans in India

Why do you need a health insurance policy for your parents?

Importance of health insurance policy for parents cannot be overstated, especially if they are above 50 years of age. Health insurance for parents provides financial security against rising healthcare costs and ensures that your loved ones receive the best medical care when they need it the most. Parents medical insurance covers a variety of medical expenses like hospitalisation fees, doctor consultation fees, pre-existing conditions, and more. Moreover, health insurance for parents comes with additional benefits like hospital cash allowances, ambulance charges, and tax benefits. Overall, investing in a health insurance policy for your parents is a smart decision that shows that you care about their health and wellbeing.

Types of health insurance plans for parents in India

There are different types of insurance plans for parents in India. Discussed below are a few major types of plans in brief:

  • Individual health insurance for parents: Tailored coverage for each parent individually, ensuring personalised protection for their specific healthcare needs.
  • Family floater health insurance:Mediclaim policy for parents offers comprehensive coverage for the entire family, including parents, under a single policy, with a shared sum insured for all family members.
  • Senior citizen health insurance: Specifically designed for elderly parents, providing coverage for age-related medical expenses and specialised care tailored to their needs.
  • Critical illness insurance: Provides a lump-sum benefit upon diagnosis of specified critical illnesses, offering financial support for parents during challenging health situations.
  • Top-up health insurance: Supplements existing health insurance coverage for parents by offering additional sum insured beyond a certain threshold, providing additional protection against high medical expenses.
  • Super top-up health insurance: Enhances coverage for parents by aggregating medical expenses across multiple hospitalisations within a policy year, offering comprehensive protection at a higher threshold.

Key benefits of parents’ health insurance

Below are the key benefits of health insurance for parents:

  • With insurance, your parents can get the option of lifelong renewal.
  • Get both pre-and post-hospitalisation expenses cover for a stipulated time in the policies. This way you can stay covered both at the time of diagnosis and recovery.
  • Most leading insurers have good claim settlement ratios and will close your claims in time without any hassles.

Parents’ health insurance: What to expect

  • You have two options to get a health insurance plan for parents or senior citizens. You can either add them to your family floater plan or buy specifically designed health plans for senior citizens. The insurer may ask for pre-entrance check-ups before issuing health insurance for parents above 60.
  • The premium for the plans could be higher, as you get extensive coverage and the policyholder belongs to a high-risk age group.
  • Make sure to check for the waiting periods of specific health conditions, especially those that are historically present in your family tree. Waiting periods could range from 30 days of initial waiting period to almost 4 years for some specific diseases.
  • Do check to see if the plan covers an annual health check-up, which will become a huge advantage with age.
  • Many parents medical insurance policies cover daycare treatments that do not require hospitalisation for 24 hours. This is crucial to have to cover costs for specific treatments/ procedures like chemotherapy or dialysis.
  • A health policy may have a co-payment option, which means the policyholder will have to pay a portion of the claim. This also means that you will have to pay a lower premium.

How to choose the best health insurance for parents?

Here’s how you can choose the best medical insurance for parents.

  • Look for insurance plans that offer comprehensive health insurance and cater to your parents’ medical needs.
  • Consider a mediclaim policy for parents that cover critical illnesses, pre-existing diseases, traditional and modern methods of treatment.
  • Also, covers treatments that require less than 24 hours hospitalisation (daycare procedures) and the ones taken at home (domiciliary treatments).
  • Consider an insurer that has a large network of hospitals. Check for network hospitals that may be near you. You can then benefit from cashless hospitalisation.
  • Check the insurer’s claim settlement ratio and if they have a quick claim settlement process.
  • Many health insurance plans for parents cover organ donor transplantation, ambulance charges, pre- and post-hospitalisation expenses.

You also get a 100% medical reinstatement benefit if the sum insured gets exhausted in one claim in the policy term. This will help you to stay covered all time.

Essential factors to consider when purchasing health insurance for parents

Before buying medical insurance plans for parents, individuals should consider the following factors:

• Coverage

Make sure that the health insurance for parents provides sufficient coverage for all healthcare needs, including pre-existing illnesses and hospitalisation expenses. Look for policies that cover consultation fees, diagnostic tests, ambulance charges, and more. Also, check if they cover critical illnesses, AYUSH treatment, domiciliary hospitalisation, and others.

• Pre-existing waiting period

Check the waiting period for pre-existing illnesses, as it can vary from one policy to another. Policies with shorter waiting periods prove more beneficial, as they can provide coverage for pre-existing illnesses from day one.

• Substantial sum insured

Choose policies with extensive sum insured, as it can provide higher coverage and lower financial burden in case of medical emergencies. This will help in getting adequate financial coverage when required.

• Sub-limit

Check if there are any sub-limits mentioned in the policy, as it can put a cap on certain expenses such as room rent, surgical fees, and more.

• Co-payment

Co-payment in health insurance is a certain amount that a policyholder pays along with the insurer. Opt for policies with a lower co-payment percentage, as it can reduce your overall financial burden. Some medical insurance for parents might have a co-payment clause.

How to apply for parents’ health insurance?

You can buy comprehensive health insurance for parents on Bajaj Finance Insurance Mall. Here’s a step-by-step guide to buying a health insurance plan.

Step 1: Click here to open our online application form.

Step 2: Fill in the application form with your basic details or the person that you want to insure. Provide your name, gender, and mobile number. Also, date of birth, and residential PIN code.

Step 3: Now click on ‘Get Quote’ to proceed.

Step 4: From the list of policies shown, choose your preferred family health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan type to get a list of policies tailored to your preference.

Step 5: Based on the plan you choose, you may get the option to select the policy term and premium amount.

Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.

Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).

Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.

Step 9: Verify if the previously filled details are correct. Click on the ‘Proceed’ button to visit the payment page.

Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.

After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within from 5 to 7 working days.

You will also receive an SMS confirmation immediately after the payment processed successfully.

You can also access your policy details through the My Account section within 5-7 days after purchase.

How to file a claim for parents’ health insurance?

Here are two ways that you can make a claim for parents’ health insurance plan.

The reimbursement claim process for parents’ health insurance plans

To file a claim for health insurance for parents, you can follow these steps:

Step 1: Pay all required bills and keep the original invoices intact.
Step 2: Send the treatment documents and the invoices to the insurance company after getting discharged from the hospital.
Step 3: The insurer will verify all claims and shared documents.
Step 4: The insurance provider will reimburse the claim amount to the policyholder’s bank account.

The cashless claim process for parents’ health insurance plans

Step 1: Carefully fill up the pre-authorisation form at any of the network hospitals.
Step 2: The network hospital will communicate to the insurer, which will then provide a status update.
Step 3: After pre-authorisation approval, proceed with the hospitalisation.
Step 4: The insurance company will directly settle the amount with the network hospital before the patient gets discharged.

Why choose parents’ health insurance policy from Bajaj Finance?

If you are looking for the best health insurance plans for parents, you can consider Bajaj Finance. Here’s why.

  • Extensive coverage
    Coverage is available for emergency or planned hospitalisation depending on the chosen sum insured.
  • Vast chain of network hospitals
    One can get hassle-free service from any of the network hospitals spread across the country.
  • Sum insured options
    There are multiple options for the sum insured available. One can choose plans as per their needs and budget.
  • Claim process
    You can opt for both cashless claim settlement and reimbursement facilities as per your convenience.
  • Peace of mind
    The health insurance for parents will provide financial protection in the event of any medical emergency of parents. This will help in providing peace of mind and let you focus on treatment and recovery.

What is covered under a parents health insurance policy?

Here’s what is covered by a health insurance plan for parents.

  • Medical expenses incurred during hospitalisation, and before and after hospitalisation
  • Room rent, ICU charges, and surgery costs. You also get coverage for doctor’s fees, nursing fees, and more.
  • Daycare procedures that need less than 24-hour hospitalisation
  • Modern treatment methods like robotic surgeries, oral chemotherapy, stem cell therapy, and more
  • Traditional treatment therapy like AYUSH
  • Treatments taken at home due to unavailability of beds at the hospital or health conditions

Besides these, you can also avail of add-on covers like critical illness, hospital cash cover, and more.

Also check: Senior citizen health insurance - Compare top health plans
 

What parents’ health insurance does not cover?

Here’s what is not covered by a health insurance plan for parents.

  • Treatments for self-inflicted injuries or attempted suicide
  • Injuries suffered in acts of war or terrorism
  • Treatment of illness due to substance abuse, alcohol consumption, drugs or any other addictions

How to apply for Parents health insurance plans

Step 1: Click here to open our online application form.
Step 2: Fill in the application form with your basic details or the person whom you want to insure. Provide name, gender, mobile number, date of birth, and residential PIN code.
Step 3: Now click on ‘Get Quote’ to proceed.
Step 4: From the list of policies shown, choose your preferred parents health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan-type to get a list of policies tailored to your preference.
Step 5: Based on the plan you choose, you may get the option to select the policy term and premium amount.
Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
Step 9: Verify if the previously filled details are correct and click on the ‘Proceed’ button to visit the payment page.
Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.

After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within 5 to 7 working days.
You will also receive an SMS confirmation immediately after the payment processed successfully.
You can also access your policy details through the My Account section within 5 to 7 days after purchase.

Frequently asked questions

Why should I buy health insurance for my parents?

With the best health insurance policies for parents, the policyholder’s parents will receive the best medical treatment possible. They provide financial security in the event of unanticipated medical bills. Having the best health insurance plans for parents will assist policyholders in paying all medical bills that may arise.

My parents have pre-existing diseases. Can I buy parents health insurance?

Yes, you can choose a plan that covers their pre-existing illnesses. However, there may be a waiting period depending on the plan you choose. Choose health insurance plans for parents with the shortest waiting periods. If you have a family floater policy, you can even cover your parents under your current medical policy. Before including your parents in the same plan, you should consider checking the age restrictions in your plan.

Is there any age limit while buying parents medical insurance?

Each medical insurance policy for parents includes an age requirement. Before purchasing an insurance policy for parents, the buyer should make an informed decision. The policyholder can check the age criterion on the company's website before buying a medical policy for parents. This way they can choose the best medical insurance for parents.

Which is the best health insurance for parents?

The policy buyer can choose from a variety of health insurance plans offered by various health insurance firms. Critical illness coverage, pre-existing sickness coverage, cashless hospitalisation, organ donor transplantation (if possible), and a bigger sum insured are all essential features of the best health insurance for parents. The buyer should check the health insurance benefits offered by the insurer and choose the best medical insurance for parents.

How can I enhance my parents’ insurance coverage?

You might choose a different insurer at the renewal time to improve your parent’s health insurance coverage. You can also add a critical illness rider to your policy to boost the benefits even more. Various companies offer the policy of increasing the claim amount in the insurance policy by paying a nominal extra cost. Several top-up health plans offer coverages over and above the existing health insurance plans.

Does health insurance give tax benefits to parents?

Yes, tax savings of up to Rs. 50,000 are available for health insurance premiums paid by parents over the age of 60. Therefore, get the best medical insurance for parents as it will cover their future and save money through tax exemptions.

What types of parents' health insurance plans are available?

There are various health insurance plans available for parents, including individual plans, family floater plans, senior citizen plans, and critical illness plans. These plans differ in their coverage, premium, and other features.

Can I include multiple family members under the same policy?

Yes, you can include multiple family members such as parents, spouse, and children under the same policy with a family floater plan. It offers coverage for the entire family under a single premium.

Are there any tax benefits associated with parents' health insurance?

Yes, premiums paid towards parents' health insurance qualify for tax deductions under Section 80D of the Income Tax Act. An individual can claim a tax deduction of up to Rs. 25,000 for the health insurance premium paid for parents, and an additional Rs. 25,000 can be claimed if the parents are senior citizens.

What is a waiting period in parents' health insurance?

A waiting period is the period during which the policyholder cannot claim any benefits for certain medical conditions. The waiting period in parents' health insurance varies from 1 to 4 years, depending on the type of illness. It is advisable to choose a plan with a shorter waiting period to receive early benefits.

How to choose health insurance for senior citizen parents?

While choosing health insurance for parents, the factors you should consider are age, existing medical conditions, coverage requirements, budget, and policies offering comprehensive coverage. You need to disclose all pre-existing medical conditions and compare policies for features, coverage, and premiums before choosing the most suitable policy for senior citizen parents.

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