We all know that growing up is a task and the same line goes well with the concept of growing old. Reaching your 60’s is always a turning point and a major milestone in everyone's life. Have you ever thought that how much your parents suffered to bring you up? If you are reading this article then you must be in the category of financially independent adults, with parents who are retired or about to get retire. With the growing age, it becomes necessary for them to get enroll under an effective form of health insurance. We are also aware of the growing inflation rate that raises the health insurance rate by 15-18% each year and soon, a heart operation that costs Rs. 4.5 lakhs today will cost about Rs. 11 lakhs in the next five years.
Usually, people think that medical emergencies are a thing that would happen with other people, probably because it is too depressing a thing to think about. However, everyone is aware of the truth and it is always good to be prepared in advance so that you can easily beat unwanted situations which can easily happen unfortunately happen to anyone and especially if our loved ones are at stake. There are a few health insurance plans which are completely designed by keeping parents in mind and providing an opportunity of living more peacefully and safer.
Most of us do not think about this situation and their parents but the fact is that we should always keep in mind about the health and care of parents. We should insure our parent health in every possible manner and invest in a health insurance plan for parents is the best option to do the same. It is our duty to take care of them and we have to plan very well for the same.
Don't delay – look for an effective health insurance plan and buy the same for your parents today. It is the only tool that will help you in living a happy and peaceful life and with the same, you will offer a financially stress-free retirement to your parents.
So, what do you look for in your parent's health insurance plan? Below is the checklist that you may look for.
AGE LIMIT: Go for a plan which is ready to offer the needful cover over the age of 60 and permits entry right up to the age of 80 and guaranteed renewal as well. There is no doubt in saying that you want to insure your parents for a long tenure. The older one has to pay more expenses as compared to others. So whenever you are planning to buy a health insurance plan for your parents, you must check its renewal policy like for how long you can you will be able to renew. There are a few options only, but it is always good to choose the adequate health insurance plan rather than the wrong one.
PRE EXISTING ILLNESS: It is vital to go for a plan that can offer coverage against pre-existing diseases. To check the same you must go through its terms and conditions as well. There is no such plan that can offer the complete coverage in a word go. It is quite tricky to get the adequate health insurance plan for the senior citizen. There is the possibility that you may face several clauses that exclude pre-existing conditions or ailments. You have to check that for pre-existing disease’s clauses and when they will be liable to get the cover. You have to make sure that about each and every exclusion of the policy. Each and every health insurance policy will offer cover for the pre-existing disease after a fixed tenure. Do your research before choosing the best one for yourself.
CRITICAL ILLNESS COVERAGE: A few critical illness diseases such as Coronary Artery Surgery, Cancer, Renal Failure and Stroke are very hard to handle both financially and emotionally as well. Such big diseases are dangerous as basic health plan would not be able to cover the same. Especially, if you are in search of quality treatment. Look for a critical illness plan that you can add as a top up with your basic health insurance policy for parents. You will get such effective top-up plan at an affordable policy.
There are things that get covered by all the plans.
Hospitalization Cover: Expenses that take place after the admission of parents for more than 24 hours. Under the same, you will get the coverage against room charges, doctor fees, nursing fees, cost of medicine and drugs, etc.
Daycare expenses that take place from the use of special equipment or procedures like chemotherapy, dialysis, etc.
Medical expenses that take place prior and post of hospitalization will also be liable to get the required cover.
This plan will also offer cover against ambulance charges for transporting the insured subject to a maximum limit.
Treatment at network hospitals only
All pre-existing diseases will be liable to get cover from the first year, except those for which treatment or advice was suggested by or received during the immediately preceding 12 months from the date of proposal.
Disease for which treatment or advice was suggested by or received during the immediately preceding 12 months from the date of the proposal will be covered from second year onwards.
Investing in a health insurance plan for your parents is one of the most important things that you make in your life. It is obvious that in old age, they must require proper medical attention. Below are a few advantages that your parents will receive under a health insurance plan
The Effective Cover: Health insurance plan for parents will be there to cover the expenses related to your parents’ hospitalization, pre- and post-hospitalization expenses, daycare expenses, ambulance charges, domiciliary hospitalization etc.
Financial Assistance: If ever a situation takes place where you have to hospitalize your parents, then you must make sure that you or they don't have to depend on anyone else for the expenses of treatment. By having a health insurance plan for your parents, you are allowing them to live a dignified life, for a fairly small yearly expense.
Cover Against Pre-Existing Conditions: It is obvious that you will never think about their parent’s sickness. You must be aware of the importance of insuring your parents under an effective health insurance plan. Such helpful health plans will help them in dealing with the severe conditions such as diabetes, hypertension, heart problems etc.
Safeguard Against Rising Healthcare Costs: As discussed above healthcare cost are increasing day by day that is taking place because of inflation and several other reasons. Health insurance for your parents will make sure that your parents will get the required medical treatment at the right time.
Tax Benefits: If your parents are senior citizens, you get a tax benefit of Rs. 30,000, apart from your tax benefit of Rs. 25,000. If you insure them, you can avail a tax benefit of total Rs. 55,000 in a year. So the policy practically pays for itself.
With the above useful information, it is clear that why it is important to insure your parents under an effective health insurance plan. Now this is the time to think about the next step in the row. It is true that you can get a health insurance plan easily, but don't forget to buy the same after a proper comparison. Nevenvest in something on the basis of cheap premium as with the same you have to compromise with the claim in future which is definitely not a good idea.
So all in all, here’s a list of steps for buying the perfect plan:
Step 1: First you must search an online insurance web aggregator which can offer the needful and free unbiased quotes from several top insurance companies of India.
Step 2: Fill the form with basic details about your parents before you proceed. Don't forget to disclose pre-existing disease if any. If you hide the same then t will create a big problem for you in future at the time of claim settlement.
Step 3: Compare quotes for the on the basis of 7 points that are mentioned below:
Cover: It is important for you to look at the cover like what it is offering and what would be excluded in the same. Such thing matters a lot whenever you are choosing the best health insurance plan for your parents. Check which company gives the most cover against the premium they charge.
Co-Payment: Co-pay is an option and a mandatory feature in a few policies. Under the same, the insured will pay a pre-decided amount of the claim and the rest would be handled by the insurer itself. With the same, your premium will become affordable. However, it is very important to choose a co-pay option which is basically a good balance between the amount you pay and the discount you get on your premium, as you don’t want to pay most of your claim amount and neither do you want a very high premium. For senior citizens and people above a certain age, this co-pay is a high amount or a higher percentage and it is mandatory.
Maximum age at renew-ability: As mentioned earlier, many agencies do no longer allow renewal after a certain age (most generally ninety years). At the same time as deciding on a coverage, you could go for one that gives a lifelong renewal.
Coverage of particular illnesses: Post 60 years of age, the odds of suffering from conditions such as high blood pressure, diabetes, coronary heart problems and so on are higher, lamentably. health complications can rise up out of those. While you buy a coverage, ensure that most (ideally all) of the sicknesses in your precedence listing is included.
Waiting period: Go for the medical insurance policy that has the minimal waiting period. This way your situations are protected quicker.
Medical checkup: Many businesses insist on medical checkups even as many simply don’t. Medical checkup is there to figure out the pre-existing conditions. If there are many pre-existing disease conditions that the brink, your insurer can deny you a policy.
NCB: Check for no claim bonus, which is a “bonus” or discount for every claim-free year. Many businesses do not offer NCB. You may need to go for one, as which could help you chop down your premium.
Step 4: Purchase the exceptional medical health insurance policy that suits you perfectly. Thoughts you, there will not often be that one ideal policy. You need to prioritize your desires and permit go of factors that preserve the least significance. There might be a free medical checkup in this timeline.
Step 5: Once you buy the coverage, spend some time studying the policy wording. You have a look-up period, wherein you could cancel the policy without any loss. Make the maximum of this. Be alert, be aware.
There are many things that a person should keep in mind while opting for a health insurance plan. A few of such things are stated below
There are many health insurance companies that offer health insurance plan for the senior citizen. You can buy the same from public or private health insurance company to get the best out of all. So there are scenarios in which you can opt for a health insurance plan for senior citizens between the age group of 60-80 years. So if you are in search of health insurance plan for your parents who have already crossed 60 years of their life. However, it is true that not all health insurance companies have entry age guidelines, so it is best to keep such things in mind whenever you are comparing health insurance plan. A medical insurance plan will surely work for your parents to beat the unwanted medical emergencies. There are a few insurance companies which offer health insurance policies with no maximum entry age, such policies can actually work for you greatly.
Again an important element that people should keep in mind is the age till which time you can renew the existing health insurance plan for your parents. The age limit varies from insurer to insurer. So it is always good to go for a plan that can offer lifelong renewal option. This features can vary from insurer to insurer so it is always advisable to check for the same before taking any final decision.
While opting for the right health insurance plan, it is advisable to go for a plan that can offer coverage against a wide range of illnesses, especially look for the clauses related to pre-existing diseases. Such illnesses are typically covered after 1 / 2 years from the policy date, although it’s best to vet the terms and conditions. Also, make sure about critical illnesses and medical conditions common in the family, like diabetes or cancer, for instance, are covered.
One more important thing that you should keep in mind while opting for the adequate health insurance plan is the sum assured. You will get the reimbursement on your existing health insurance plan up to the sum assured. It is always advisable to go for a higher sum assured or the at least the adequate one which can easily assist you in the long run. Needless to say, while buying a mediclaim policy for parents, go for the highest possible coverage offered by the health insurer.
Your parent’s health insurance policy must carry a broad network of hospitals and should surely have the best one of your locality in the list. At the time of hospitalization in an emergency, it helps to have access to the best hospitals in the vicinity. It is therefore important to go for a medical insurance plan with a wider network of hospitals specializing in a range of treatments.
Medical insurance for elders does not come cheap as risk levels are higher for this category and companies charge premiums accordingly. For all the criteria listed here – entry age, renewal age, disease coverage, go for the health insurance plan with the lower premiums, all else being the same.
|Insurance Company||Plan Name||Features||Premium|
|Religare||Care with Smart Select||Rs. 18784/Year|
|Star Health Insurance Company||Senior Citizen Plan||Rs. 21240/Year|
|Aditya Birla Group||Diamond||Policy Term: 1 Year(s)||Rs. 22265/Year|
|ManipalCigna Health Insurance||CignaTTK ProHealth Protect Policy||Rs. 22270/Year|
|Max Bupa Health Insurance||Health Companion||Rs. 28528/Year|
|HDFC Ergo Health Insurance (formerly known as Apollo Munich)||Optima Restore||Rs. 31632/Year|
(*Premium calculated on basis of Age: 61Yrs, Sum Assured 5 Lacs, City: Delhi-NCR. All Premiums, Benefits & Tax Saving varies from Company to Company, Age, and Cities).
Following are the benefits of availing a senior citizen health insurance scheme for your parents –
Below are a few clauses that are not covered under the health insurance plans for parents–
It is always advisable to go for a plan that can easily provide the adequate coverage on time. It is always advisable to compare plans before choosing the best one for yourself. It is always safe to compare and decide upon the best plan before investment. There are many companies which are providing a wide range fo effective healthcare products for your parents. Compare plans on the basis of features, benefits, exclusions and then choose the best one which can easily go well with your needs.
If the Insurer denies health plan, the reason for it has to be provided in writing to the applicant.
Do not invest in policies that do not cover pre-existing as well as critical illnesses.
Choose the policy that provides the maximum entry age limit.
Choose between policies that offer maximum cover irrespective of age limit.
Claim Settlement ratios of health insurance companies in India
|S.no||Insurance Company||Claim Ratio|
|1||HDFC Ergo Health Insurance Company (formerly known as Apollo Munich)||54.99%|
|2||Bajaj Allianz General Insurance Co Ltd||78.50%|
|3||Bharti AXA General Insurance Company||76.88%|
|4||Cholmandalam Health Inusrance Company||40.07%|
|5||ManipalCigna Health Insurance Company||48.14%|
|6||Future Ggenerali Insurance Company||77.31%|
|7||HDFC ERGO Health Insurance Company||76.90%|
|8||Iffco Tokio General Insurance Company||81.96%|
|9||Liberty Videocon General Insurance Company||79.14%|
|10||Magma HDI General Insurance Company||79.10%|
|11||Max Bupa Health Insurance Company||51.96%|
|12||National Insurance Company||97.25%|
|13||New India Assuarnce Company||91.26%|
|14||Oriental General Insurance Company||112.11%|
|15||Raheja QBE General Insurance Company||68.97%|
|16||Reliance General Insurance Company||92.23%|
|17||Religare Health Insurance Company||50.52%|
|18||Royal Sundaram General Insurance Company||78.13%|
|19||SBI General Inusrance Company||75.01%|
|20||Star Health Insurance Company||60.51%|
|21||TATA AIG Gneral Insurance Company||72.32%|
|22||United India Insurance Company||107.06%|
|23||Universal Sompo General Inusrance Company||70.91%|
If you are looking for a health insurance plans for your parents, then there are few documents that you need to provide such as:
Age proof - Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc
Identity proof - Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one's citizenship
Address proof - Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
A few plans may ask for a medical check-up usually for elder people above the age of 45 years in order to make sure that the insured does not suffer from any chronic illness.
Passport Size Photo to have a record of the insured person`s identity for future references.
Here are some considerable factors to note earlier than availing health insurance for senior residents
With increasing age, health tends to deteriorate and the expenses of getting quality treatment are growing rapidly. To get the required financial assistance to beat medical emergencies, we require to have an effective health insurance plan.
Yes. for the reason that age of the insured is more than 60 years, buying medical health insurance coverage for the elderly comes at a higher premium.
With the constant upward push in healthcare charges and diseases, it is tough to pay medical payments out of your pocket. That is why, a medical insurance coverage will available handy so that you and your family can get well timed and great healthcare for deliberate and emergency hospitalisation and numerous medical treatments.
Family floater plan: This type of plan covers the hospitalization costs of the complete family which includes self, spouse, children, and parents throughout the coverage term.
Critical infection plan: This form of plan pays a lump sum amount to the policyholder upon the analysis of a certain critical illness of the insured member no matter whether or not treatment is taken for the critical illness.
Hospital cash plan: This kind of plan offers daily cash around rs 4000 in line with day to the insured member for non-clinical prices during hospitalization.
It's far critical to revealing the clinical situation consisting of a pre-present ailment or condition of the insured member on the time of policy inception for you to avoid any trouble while making a claim at a later date. Insurance corporations have the power to terminate a policy or reject a claim on the premise of the policyholder’s misrepresented or falsified information.
Depending on your age and clinical condition, you can opt for both an individual insurance or a floater plan. if you are younger and the eldest member in your family is below 60 years of age, then choose a family floater plan to cover the whole family under a single coverage. In case you or your mother and father are above 60 years of age, choose a policy if you want to get a higher sum insured/insurance in opposition to medical emergencies.
A whole family is covered below a single plan inside the case of a family floater plan. Insured individuals can be self, partner, kids, and parents who percentage the sum insured even as paying a single premium. The premium and most renewal age are depending on the age of the eldest member.
Getting medical health insurance as one will become old is a daunting task, subsequently, organizations have come up with separate health insurance classes for human beings above 60 years of age. Those insurance schemes are better than the normal health insurance policies.
Last updated on 21-05-2020