Parents Health Insurance

Parents health insurance policy is a unique plan designed specifically to cover the medical needs of parents. It provides full coverage against medical conditions that may occur due to advanced age and result in high medical costs. In addition, it comes with a higher sum insured. It offers enticing features such as annual health check-ups, cashless treatment, and more, allowing them to manage their medical expenses properly.

• 1. Pre-existing diseases are covered in the second year of the policy. In a few cases, it can be from the third or fourth year.
  2. Non-allopathic medicines, cosmetic, aesthetic or related treatments are not covered.
  3. Any disease contracted during the first 30 days of policy is not covered.
  4. AIDS and related disorders are excluded.
  5. Expenses related to self-inflicted injuries are excluded.
  6. Any expenses due to the addiction to drugs, alcohol or any mental or psychiatric illness are not covered.
  7. Few diseases such as hernia, piles, cataract, benign prostatic hypertrophy, etc. usually have a waiting period.
  8. Joint replacement surgery (other than due to accidents) also have a waiting period.
  9. Cosmetic surgery is not covered.
  10. Injuries arising due to war are not covered.

Individuals must purchase enough health insurance for their parents to ensure that they receive the best medical treatment without worrying about medical expenses.

Tax benefits

The premiums that the policyholder pays for their parents’ health insurance are likewise tax-deductible under section 80D.

What is covered in parents health insurance policy

Here’s what’s covered under parents health insurance policy.

Hospitalisation expenses

Get coverage for all hospitalisation-related expenses such as room rent, ICU charges, medicines etc.

Pre-and post-hospitalisation expenses

Medical expenses paid before and after hospitalisation are also covered under parents medical insurance policies. It usually ranges between 30 and 60 days, but this varies per insurer.

Day-care procedures

Get coverage for day-care treatments such as varicose vein surgery and cataract surgery that do not require a 24-hour stay in the hospital. The amount of day-care treatments required is determined by the plan selected.

AYUSH benefits

Ayurveda, Yoga, Homoeopathy, Unani, Siddha treatments are also covered under such medical insurance policies.

Major surgeries

Major surgeries involving substantial medical costs, such as bariatric operations and open-heart surgeries, are usually covered by most parents’ medical insurance plans. Therefore, the policyholder can avail of treatment facilities for their parents from India's best hospitals or overseas (if the plan allows) and consult renowned surgeons for the same.

Here’s some of the simple process to raise a claim under parent’s health insurance policy.

For cashless claim

• Fill up the pre-authorisation form at the network hospital for cashless approval
• Once the hospital intimates the company, the insurance company sends the status update
• Hospitalisation can be done based on the pre-authorised approval
• At the time of discharge, the company settles the claim directly with the hospital

For reimbursement claim

• The policyholder needs to pay the bills initially and preserve the original invoices
• Post-hospital discharge, the policyholder will send the company all their invoices and treatment documents
• After this, the company verifies the claim related invoices and treatment documents
• The company sends the approved claim amount to the bank account of the policyholder

Here are the things one must consider when buying parents health insurance policy:

Health insurance coverage

Individuals must review the policy's coverage options. Know about the policy duration, pre-and post-hospitalisation coverage, critical illness coverage, day-care procedures, in-patient hospitalisation, AYUSH treatment, and domiciliary hospitalisation, among other things.

Adequate sum insured amount

The policyholder must choose a plan of higher coverage so that they can cover their parents and ensure their medical needs are taken care of. It will ensure that individuals receive the required treatment possible, regardless of their financial situation.

Pre-existing disease cover

If the policyholder's parents have pre-existing medical conditions, they will only be covered after the waiting period, generally two and four years. It may differ from insurer to insurer and the plan chosen. So, check the waiting period to know after what duration they will be able to avail of the coverage benefits of the parents’ health insurance plan.

Co-payment clause

It is the proportion of the total cost that the policyholder will be responsible for. The health insurer covers the remaining medical costs. The policyholder can also include a ‘no co-pay’ clause in their contract.

No sub-limits help

Medical costs are usually determined by the type of room and the ailment. Therefore, it is recommended that the buyer chooses the best health insurance for parents with no sub-limits on hospital room rent. It will help the policyholder to choose the hospital room that best suits their needs. Most policies also do not have an illness limit; this is an essential consideration to bear in mind.