Health Insurance for Parents

Adequate Sum Insured Amount

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.

Pre-existing Disease Cover

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.

Co-payment Clause

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.

Tax Benefits

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.

• Daycare procedures- Day care treatments like varicose veins surgery, cataract operation that do not require 24-hours of hospitalization are also paid by the insurer. The number of day-care procedures depends on the plan opted
• Ayush Benefits- Nowadays, most of the medical insurance policies cover expenses incurred on Ayush treatment including Ayurveda, homeopathy, Unani, Siddha, etc.
• Pre-existing Illnesses- Pre-existing illnesses are also covered after a waiting period. However, you can choose a plan that has a lower waiting period and provides coverage to maximum illnesses like heart ailments, diabetes etc.
• Major Surgeries– Most of the health insurance plans cover major surgeries involving high medical costs such as bariatric operations, open heart surgeries, etc. you can get your parents admitted in some the best hospitals in India and even abroad ( if the plan permits) and have renowned surgeons do their treatment.
• Renewability- Health insurance plans usually provide a lifetime renewal option and when it’s for your parent’s lifelong renewal is a preferable option.

• Self-inflicted injuries or any type of mental disorders
• Overconsumption of alcohol, intoxication and drug overdose
• Any expenses incurred on the purchase of spectacles, lenses and other external aids
• Any cost of dental treatment (unless it is an accidental case)
• Medical expenses incurred on treatment of HIV/AIDS infection
• Treatment for joint replacement surgeries, after a waiting period of 2 years
• Any type of plastic or cosmetic surgeries
• Treatment for injuries arising due to war conditions, terrorist attacks, act of foreign enemy or army etc.

• Entry Age - Most of the health insurance policies provide coverage from 55 to 80 years. But there are certain plans whose entry age is above 60 years. Choose a plan that in which entry is allowed at an advanced age and there is no cap to the maximum age limit with lifelong renewability.
• Waiting Period - Pre-existing illnesses are covered after a long waiting period. Choose a plan that has a lower waiting period and provides coverage to maximum illnesses like heart ailments, diabetes etc.
• Compare Different Health Insurance Plans - Undoubtedly, everyone wants to buy best health insurance plan for their parents. But to ensure this, make sure that you explore different health insurance plans available in the market before zeroing down on the final one.
• Network Hospitals - It is important that you go through the list of network hospitals that are in collaboration with the insurer you are picking. Ensure that the reputed hospitals in your vicinity are listed in the plan so that at the time of emergency it is convenient to take them to the hospital.
• Insurance premium: The premium varies with the age of the individual and as the age of the individual grows the premium also increases. This is the reason why premium for a senior citizen health insurance plan is usually higher than a basic health plan. That is why an individual health insurance plan for senior citizens is a better option than a family floater plan.
• Policy Wordings - A health insurance policy document may seem all ‘Greek and Latin’ to you at the first time, but it is important to go through the policy terms and conditions and comprehend the policy thoroughly.