Are you planning to buy health insurance for your parents? Well, the Indian Insurance market is currently flooded with healthcare plans specifically designed for elderly parents above 50 years. And many insurance providers also offer family floater healthcare plans specifically designed for families consisting of senior citizens.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Who would you like to insure?
A health insurance policy for parents is a customized plan tailor-made to provide medical coverage to parents. It offers comprehensive coverage against medical ailments that may arise due to old age and may result in large medical expenses. It comes with a higher sum insured and also provides lucrative benefits, such as annual health check-up, cashless treatment, etc. to manage their medical expenses effectively.
There are several health insurance plans that you can consider for your parents that offer coverage for COVID-19 infection as well other serious illnesses that can cost a fortune for the treatment. Over the last one year, specific COVID-19 plans have been introduced for individuals up to the age of 65-years, and you can buy the same for your parents. And during the time of the COVID-19 pandemic, specific coronavirus health plans along with senior citizen health plans make sense. The best part is that the coronavirus medical policies do not require pre-medical screening.
However, the options tend to limit down for other health plans, if the age of your parents is more than 50 years. Also, purchasing a family floater mediclaim policy that covers your parents would mean a higher premium depending on the age of the eldest parent. The primary reason is the age vs. health risk metrics. As the age of the parent increases, the risk factor and the probability of filing a claim also rises, thus the higher premium costs.
As there are a number of health insurance plans that are available in the market, it is important to compare and then zero down on the best mediclaim policy for parents. Below are some of the best medical insurance plans that you can consider for your elderly parent:
Below are some of the best medical insurance plans that you can consider for your elderly parents:
Health Insurance Plan for Parents |
Insurer |
Entry Age Criteria |
Sum Insured (in Rs.) |
Co-pay Clause |
Pre-medical tests |
|
Activ Care Senior Citizen Health Plan |
Min: 55 years Max: 80 years |
Standard: Max 10 lakhs Classic: Max 10 lakhs Premier: Max 25 lakhs |
N/A |
Required |
View Plan | |
Care Health Plan |
Care Health Insurance (Formerly known as Religare Health Insurance) |
Min: 46 yrs. Max: Lifelong |
Min: 3 lakhs Max: 10 lakhs |
20% for 61 years and above |
Not required |
View Plan |
Chola Individual Insurance Plan |
Min: 3 months Max: 70 yrs. |
Min: 2 lakhs Max: 25 lakhs |
10% for 55 years and above |
Not required up to 55 years of age |
View Plan | |
Digit Health Insurance |
N/A |
N/A |
N/A |
N/A |
View Plan | |
Edelweiss Health Insurance Platinum Plan |
Any age |
Min: 15 lakhs Max: 1 Crore |
20% |
Required |
View Plan | |
Future Health Suraksha Individual Plan |
Upto 70 years with lifetime renewal |
Min: 5 lakhs Max: 10 lakhs |
Zone-wise capping |
46 years of age and above |
View Plan | |
IFFCO Tokio Individual Medishield Plan |
3 months- 80 years |
Min: 50,000 Max: 5 lakhs |
N/A |
After 60 years |
View Plan | |
Kotak Mahindra Family Health Plan |
Up to 65 years |
Min: 2 lakhs Max:100 lakhs |
N/A |
N/A |
View Plan | |
Liberty Health Insurance |
Up to 65 years with lifetime renewal |
Min: 2 lakhs Max: 15 lakhs |
N/A |
Required after 55 years of age |
View Plan | |
Manipal Cigna Lifestyle Protection Accident Care |
up to 80 years |
Min: 50,000 Max: 10 Crores |
N/A |
N/A |
View Plan | |
Niva Bupa (Formerly known as Max Bupa) Health Companion Family Floater Plan |
Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance) |
No Age Limit |
Min: 2 lakhs Max: 1 Crore |
20% co-payment for people above 65 years of age |
above 45 years of age |
View Plan |
National Insurance - VARISHTHA Mediclaim Policy for Senior Citizens |
60 - 80 years (renewable up to 90 years of age |
Mediclaim - 1 lakh Critical illness - 2 lakhs |
10% |
Required |
View Plan | |
New India Assurance Senior Citizen Mediclaim Policy |
60 - 80 years (renewable up to 90 years of age |
Min: 1 lakh Max: 1.5 lakhs |
10% loading for 81-; 85 years 20% loading for 86-90 years |
Required |
View Plan | |
Oriental Insurance Hope Plan |
Min: 60 yrs. Max: No limit |
Min: 1 lakh Max: 5 lakhs |
20% |
Not Required |
View Plan | |
Raheja QuBE Health Insurance |
Up to 65 years |
Min: 1 lakh Max: 50 lakhs |
N/A |
N/A |
View Plan | |
Reliance Health Gain Insurance Plan |
Entry up to 65 years |
Min: 3 lakhs Max: 18 lakhs |
20% |
Required as per the age |
View Plan | |
Royal Sundaram Lifeline Elite Plan |
Min: 18 yrs. Max: No Age Limit |
Min: 25 lakhs Max: 150 lakhs |
N/A |
Required in case of pre-existing illnesses |
View Plan | |
SBI - Arogya Top Up Policy |
Entry up to 65 years |
1-5 lakhs 1- 10 lakhs (with deductibles) |
N/A |
After 55 years of age |
View Plan | |
Senior Citizens |
18-65 years |
Min: 5 lakhs Max: 1 Crore |
N/A |
N/A |
View Plan | |
Silver Plan |
Min: 46 yrs. Max: 70 yrs. |
Min: 50,000 Max: 5 lakhs |
10% to 20% |
Above 46 years |
View Plan | |
Star Health Red Carpet Plan |
Min: 60 years. Max: 75 years |
Min: 1 lakhs Max: 25 lakhs |
50% for pre-existing diseases |
Not required |
View Plan | |
TATA AIG Medi Senior Health Plan |
Min: 61 yrs. Max: No limit |
Min: 2 lakhs Max: 5 lakhs |
15% to 30% |
Required |
View Plan | |
United India - Senior Citizen Mediclaim Policy |
61 - 80 years |
Min: 1 lakh Max: 3 lakhs |
N/A |
Required and reimbursed only 50% |
View Plan | |
Universal Senior Citizen Health Insurance Plan |
60 years and above |
Min: 1 lakh Max: 5 lakhs |
10, 15 & 20% |
Required |
View Plan |
Buying an adequate health insurance cover for your parents is imperative to ensure that they get the best medical treatment without financial worries. Therefore, to buy the best health insurance plan for your parents, you can take into consideration the following parameters-
It is important that you go through the policy coverage benefits. Look for some important factors like policy duration, pre and post-hospitalization cover, critical illness cover, daycare procedures, in-patient hospitalization, Ayush treatment, domiciliary hospitalization etc.
Since your parents are more vulnerable to health risks considering their age factor, you must opt for a higher sum insured amount. It will ensure that they can get the best treatment available without any financial constraints.
If your parents have pre-existing medical conditions then it will only be covered after the completion of the waiting period, which is usually 2-4 years. It may vary from one insure to another and as per the plan opted. Make sure that you check the time duration after which the pre-existing diseases will be covered in your family health insurance plan health plan.
It is the percentage of the amount that you will have to pay on your own. The remaining medical expense is paid by the health insurer. For instance, if you have a policy with 20% Co-pay clause, this implies that for a claim of Rs. 10 lakh, you will need to pay Rs 2 Lakh from your own funds while the insurance company pays Rs 8 Lakh as part of the claim. You can also go for a "no co-pay" clause.
Health insurance premium that you pay for your parents is also eligible for tax exemption under section 80 D. If you are paying a premium for yourself and your parents below the age of 60 years, then your total tax benefit limit on health insurance premium is Rs 50,000. And if your parents are above 60 years of age then the limit extends to Rs 75,000. However, this may change as per the applicable tax limits.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Undoubtedly, hospitalization expenses can make a hole in anybody’s pocket. With a health insurance policy you can get insurance cover for the following expenses:
It is imperative to have some knowledge of the health insurance cover that policy offers. Below are some of the circumstances under which the insurer shall not cover the medical expenses –
As there are number of health plans that are available for your elderly parents, it is easier to find the right one based on your needs and requirements. You can either select any of the above-mentioned plans or check-out more senior citizen health plans to ensure that your parents get the best medical treatment in their golden years. Before that here’s a quick rundown of the things that you should consider while purchasing health insurance for your aging parents-