What Is A Health Insurance Plan For Parents?
A health insurance plan for parents is an insurance plan that is designed to provide financial coverage to the individuals who are parents or about to become parents. There are plans available in the market that provide coverage to both types of parents- old and young. However, they might not be labelled as 'health plans for parents'. In this page, we have attempted to clarify what exactly is available for various segments and needs.
Top Health Insurance Plans for Parents
At present, there are several types of health insurance plans available in the insurance market and it is natural to feel a bit confused while deciding which one to opt. To make things easy for you, we at PolicyX.com, have created a list of top 5 plans from both categories- family floaters and senior citizens plans that might help you to choose your ideal plan.
Family Floater Health Insurance Plans
Given below is a list of top 5 family floater plans that offer the lowest premiums for a coverage of Rs. 5 Lakhs in India. You can go through all these plans and select the best one for yourself.
| Plan Name|| Premium Amount (in Rs.)|| Entry Age|
|Reliance Health Infinity|| 15,347|| Min: Child: 91 days Adult: 18 years Max: Child: 25 years Adult: 65 years|
|Aditya Birla Activ Health Platinum-Enhanced|| 15,610|| Min: Adult: 5 years,Child: 91 days|
Max: No Age Limit
| Care Health Insurance|| 16,613|| Min: Adult:5 years, Child: 91 days|
Max: No Age Limit
|ICICI Lombard Complete Health Insurance Plan|| 16,973|| Min: Adult: 18 years, Child: 91 days|
Max: No Age Limit
| Star Health Family Optima Plan|| 17,063|| Min: 18 years|
Max: 65 years
Reliance Health Infinity:
This is a comprehensive health insurance plan launched by Reliance General Insurance company that offers a wide range of benefits and covers up to 8 family members including 2 Adults and up to 6 children. It has additional cover that boosts the sum insured up to Rs.30 Lakhs for enhanced protection. Under the plan feature 'More Time', the policyholder will get extended coverage based on the policy period in force.
Aditya Birla Activ Health Platinum-Enhanced:
This plan is designed to support you and your family in the time of medical crisis and offers comprehensive coverage against medical bills.
Under this plan, in case of chronic illnesses such as diabetes, high cholesterol, and asthma, the policyholders are eligible to get day 1 cover for the cost of medicines, tests, and doctor consultation. In addition to this, the policyholders also get the benefit of choosing the hospital room of their liking and preferences.
Care Health Insurance:
Care Health Insurance is a comprehensive health plan that offers a wide coverage upto Rs. 6 Crores and a variety of benefits to make sure that you stay protected in case of any medical emergency. It also offers an optional cover of Unlimited Automatic Recharge, under which the plan will automatically recharge the sum insured if the health cover is exhausted. With this add-on cover, one can avail this benefit unlimited times. The plan provides coverage for the second opinion from a medical expert in case the policyholder is diagnosed with a critical illness.
ICICI Lombard Complete Health Insurance Plan:
This is a health insurance plan by ICICI Lombard which comes with an option to include members of a family under one policy called the family floater option. This plan offers a variety of features such as no limit on hospital room rent, no co-pay, no pre-medical check-up up to 45 years of age and 2 complimentary health check-up coupons every year. The plan offers the Wellness program, under which you can earn points by living a healthy life, which can further be redeemed on OPD bills for doctor's consultation, medicine and drugs, diagnostic expenses, dental expenses, etc. It also offers the benefit of additional sum insured, where one can earn upto 10% sum insured for every claim-free year.
Star Health Family Optima Plan:
Star Health Family Health Optima is an affordable health plan that covers the entire family under a single sum insured. Along with the in-patient coverage, the plan also offers a free health checkup for every claim-free year. It also offers coverage for a new born baby, that starts from the 16th day after his birth till the expiry date of the policy, provided the mother is insured under the policy for a continuous period of 12 months. The plan reimburses (up to Rs.5,000) the cost of repatriation of mortal remains of the insured person to his residence.
Senior Citizens Health Insurance Plans
Below mentioned is the list of top 5 Senior Citizen Health Insurance Plans based on lower premiums for the coverage of Rs. 5 Lakhs. Let's have a look at them:
Star Health Senior Citizens Red Carpet Plan
This plan by Star Health Insurance Company is designed to look after the medical needs of individuals above the age of 60 years. The plan covers the cost of health check-up for every claim-free year (up to the limits specified) and also provides coverage for modern treatments such as Uterine artery embolisation and HIFU, Deep Brain Stimulation, Intra vitreal injections, Robotic surgeries, etc.
Care Senior Health Insurance Plan
Care Senior is a comprehensive health insurance plan that provides coverage to the aged individuals against the rising medical expenses. There are various types of add-ons available within the plan such as co-payment waiver, no claim bonus super, etc. It also covers the expenses of alternate treatments upto Rs 20,000.
Bajaj Allianz Silver Health Plan
Keeping the healthcare needs of senior citizens in mind, Bajaj Allianz General Insurance Company designed the Silver Health to meet the healthcare needs of the elderly people in every manner. The plan offers a cumulative bonus of 10% of the sum insured for every claim-free year (up to a maximum of 50% of the sum insured). One can avail a discount of 5% if two or more members are covered.
Tata AIG MediSenior
The MediSenior launched by Tata AIG General Insurance Company caters to the medical needs of those citizens who are above the age of 60 years and offers several benefits to them. The policyholder can avail a discount of 7.5% on the policy premium if they pre-pay their premium for two years. The plan also provides coverage for up to 140 days for care procedures that do not need hospitalisation.
Aditya Birla Activ Care
This plan by Aditya Birla Health Insurance Company is designed to cater the healthcare needs of people above the age of 60. The plan comes in three variants- Standard, Classic & Premier, that allows the policyholder to choose as per their needs. It also offers a HealthyReturns program, where the policyholder can earn up to 21% of the premium.
Types Of Health Insurance Plan For Parents
Given below is a brief description about the types of plans available for different categories of parents.
Plan For Parents Above 60 Years Of Age
If you are looking for a health plan to cover your parents who are above 60 years in age, you can consider going for a senior citizen health insurance plan. Given that most of the standard health insurance plans do not offer coverage to people above 60 or usually require pre-screening medical tests, that is why this plan is considered ideal for senior citizens. The benefits derived from this plan are suitable to cover the medical expenses of old aged people such as high insurance coverage, coverage for pre-existing diseases, pre and post hospitalization expenses, lifelong renewable facility and cashless hospitalization.
However, since the pre-medical tests are waived off, these plans usually come with a co-payment condition of 20-30% depending on plan and company. Co-payment is the percentage of claim amount which needs to be borne by the insured. Ideally people prefer a plan without any co-payment, but in case such plans are not available, you can go for a plan that has lower co-payment. To get more detailed information on such plans, check out our Senior citizen plan page.
Plan For Parents Below 60 Years Of Age
In such a case, you can go for a normal family floater plan. Such plans allow covering members of a family under one single policy. You can cover both your parents in a single plan. In case you are considering to purchase a plan to cover yourself, your spouse, children and your parents in a single plan, that too is possible but we usually don't recommend that for the following reasons:
- Availability of plan: Very few companies offer plans that provide coverage to more than 2 adults in a single policy. In such a case, your choices become very limited.
- Needs can be different: Given that there's a huge age gap between you and your parents, it is natural that your needs will also be significantly different. That is why, it is advisable to go for a higher sum assured for parents, while for yourself and your family, you can go for a slightly lower sum assured.
It is a smart decision to opt for a seperate plan for your parents and to go for a separate family floater plan for yourself, your spouse and children. You can check out more information about family floater plans here.
Plan for yourself (i.e if you yourself are a parent or are about to become a parent)
If you are a parent or about to become one, you should also opt for a normal family floater plan that can cover you, your spouse and upto 4 children. A family floater plan comes with the concept of shared sum assured, meaning the sum assured is shared amongst your family members. Due to the fact that the sum assured is shared, the premium amount paid for this plan is very low in comparison to the premium paid if you go for an individual plan for each member. Generally, most of the family floater plans allow including children upto the age of 18 while some also allow including children upto the age of 21.
Adding A New Born Child To Your Plan
If your children are not already included, and you want to include them in your existing plan, that is also possible. Getting a health insurance policy for your new born child is one of the best things you can do for your kid. Considering how expensive the Indian healthcare systems are, it is not easy to afford all the health care expenses of a new born child on your own. Therefore, it is vital that you must have a back up plan to save you from financial distress in future. Given below is the process of adding a new born child to your health insurance policy-
Before Renewal Date
To add your new born child to your existing health insurance plan, the process is quite simple. First, inform your insurance company and it will then ask you to fill a prescribed form. After filling the form, attach it with all the required documents such as the birth certificate of newborn baby, maternity discharge card and submit it to the insurance provider. Adding a new member to the policy will naturally increase the premium amount, so the insurance provider will also ask you to submit a cheque or DD of the increased premium amount.
At The Time Of Renewal
For adding your newborn at renewal time of the plan, there are two options- offline and online. Offline process is the same as the before renewal date process discussed above. But if you wish to go for the online process, it's a bit different. For the online process, you need to first visit the website of the insurer. There you will find the renewal page and an option to add a newborn somewhere on the page. Fill up that page along with the necessary information and pay the increased premium amount. Some insurance providers also ask to attach a soft copy of the newborn's birth certificate.
*Note- The process described above is a general description about how to add a newborn to the health insurance plan. This process might vary depending upon the terms and conditions of the insurance companies.
Things To Consider While Choosing Health Insurance Plan For Parents
While selecting a mediclaim insurance policy for parents, you will come across several insurance providers who offer a variety of plans related to parental insurance. To find the best plan among them, it is important that you should focus on the below mentioned factors:
Age of the insured(s) is the very first thing which you should consider while selecting any health insurance plan. Any plan you select, You must select a plan depending upon the age of the parents. Let's understand this with the help of an example- If you want to take insurance for your parents who are above 60 years in age, then you must go for the senior citizen insurance plan. But if your parent's age is between 30 to 50 years, then it is advisable to opt for the family floater plan.
The cost of medical treatments is increasing every year in India and is expected to get more expensive in future. That is why, it is wise to select a plan which offers higher coverage. You should go for a plan whose coverage amount is good enough to keep you protected in future during times of a medical emergency.
For the people who are about to start a family, it is wise to go for a plan that provides coverage against maternity-related expenses. Usually, some insurance companies in India provide the benefits of maternity and newborn child cover in their family health insurance plans. However, such plans come at a significantly higher price compared to a normal health insurance plan.
It refers to a clause where the insurer is supposed to pay a certain percentage of their hospital bill while the rest is provided by the insurance provider. Consider this example- Suppose, you take a policy worth Rs. 10 lakh at a co-payment clause of 10%. Now at the time of claiming the policy, your insurance provider will pay 90% of the claim amount which is Rs 9 lakh while the remaining amount of Rs 1 Lakh will be paid by you- out of your own pockets. So, it is advisable to opt for a plan that has a minimal co-payment amount as it will keep you safe from financial burden during the times of trouble.
There are some common exclusions in health insurance plans for parents, in case of which the insurance companies are not liable to pay the claim. It is important that you must go through all these exclusions while deciding which plan you should buy as it will help you to make the right selection. Some of the common exclusions are listed below:
- Any disease contracted within 30 days of availing the policy
- Any type of non allopathic treatment
- Any expense arising due to self-inflicted injuries
- Expenses for treatment taken outside the country
- Expenses related to cosmetic, aesthetic and obesity treatment
- Medical expenses incurred for treatment of AIDS
- Injuries resulting due to war, act of foreign army, etc.
In general, there are two ways of filling a claim in insurance companies- cashless and reimbursement claim method. Both these method are described below:
Cashless Claim Process
This process should be opted only if you're taking treatment in a network hospital of the insurance provider. Stick to these following steps while filling the claim-
- Notify your insurance company about the hospitalisation.
- Submit your health card and photo id proof to the hospital.
- Fill up the pre-authorization form and submit it to the hospital for verification.
- If approved, the insurance company will provide you with the cashless claim facility.
Reimbursement Claim Process
If you want to take treatment in any other hospital apart from the network ones, you should go for the reimbursement process. Under this process, you'll be paying the treatment expenses on your own and then reimburse those expenses from the insurance company. Steps for filing reimbursement claim are-
- Intimate the insurance provider.
- Fill up the claim form and submit it along with the discharge certificate and other necessary documents to the insurance provider.
- The insurer will verify the details of the claim and the claim amount will be transferred to the registered account as soon as everything is checked and sorted.
Note- The above-listed steps are described in general. The steps can also vary depending on the chosen insurer.
Why Consider PolicyX.com?
Given the plethora of health insurance plans available in the market nowadays, it is natural to feel confused about which one should you select. We, at PolicyX.com will help you clear this confusion. Our services are devoted towards helping customers find the best and most suitable insurance plan. We will help you to easily compare all different types of insurance plans and find the one that suits your needs. Our insurance experts are responsive to all the needs of the customers and will be there to assist you in finding the best plan for yourself.