09/10/2019 Health Insurance for Parents: Buy Medical Insurance for Parents

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Health Insurance for Parents: A Must Buy!

Growing up is a task so is growing old. Turning sixty is a major milestone. Do you realize how much your parents have
toiled to bring you up?

Most people reading this article are financially independent adults, with parents who retired or about to retire from
their jobs. With age catching up inevitably, it becomes more and more necessary for them to be medically insured.
Practically speaking, the health care costs are rising 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.

Human psychology is such that medical emergencies always happen to other people, probably because it is too
depressing a thing to think about. However, we all know the truth it is best to be prepared for such unforeseen things
that can unfortunately happen to anyone, especially if our loved ones are at stake. There are special health insurance
plans dedicated to parents, giving you an opportunity to make their lives more peaceful and safer.

Most of us don't do this but now it is probably our turn to take care of them and in turn you ensure you don't break the
bank, if they fall ill. Works well, if you plan well.

So do for yourself and for them a favour. Don't delay - research well and buy them good health insurance. It is the only
tool that paves way for a happy and financially stress free retirement.

So, what do you look for in your parent's health insurance plan? That's o.k., do not stress yourself. Here goes your check
list:

What You Should Look For

AGE LIMIT: If it provides cover for anyone over the age of 60 and permits entry right up to the age of 80 and
guaranteed renewal thereafter. The points of senior citizen health insurance comparison can be max age at
renewability.

Why: You want to cover your parents for as long as it's possible. The older one gets, more the expenses mount. Hence,
when picking a plan for your folks, check till what age the plan can be renewed. Options are few, going wrong once
could mean not being able to get health insurance later.

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PRE EXISTING ILLNESS: It should be covered subject to terms and conditions. No senior citizen health insurance in
India will cover everything from the word go. It's tricky to cover health for older people. So a lot of clauses exist, which
exclude certain pre-exisitng conditions or ailments. You need to check that after running the policy for a few years, do
such illnesses start getting covered?

Why: You need to ensure that the exclusion list is the smallest possible. Smallest possible when you buy and has
potential to become smaller after a few continuous years of coverage. Older you get, multiple conditions or ailments
spring up. A smaller exclusion list could be a life saver then.

CRITICAL ILLNESS COVERAGE: The Critical Illnesses or treatments like Coronary Artery Surgery, Cancer, Renal
Failure and Stroke are not only emotionally hard to handle but financially too, they can take a huge toll. These big ones
are dangerous as normal plans are never enough to handle them. Especially, if you are looking for quality health care.
Look for a critical illness top-up with your basic senior citizen health insurance. These top-ups come at small price
compared to the basic plan, but that small price is truly small in the scheme of things.

⚡ by Snippect

Hey there, 

Would you like me to suggest you the right Health

Insurance Plan?

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Now, Quick Look at All That is Generally Covered

There Are Things That Get Covered By All The Plans. Ready Reckoner:

Hospitalization Cover: Expenses incurred as a patient after admission of more than 24 hrs. The expenses
include room charges, doctor fees, nursing fees, cost of medicine and drugs, etc.
Day care expenses which arise from use of special equipments or procedures like chemotherapy, dialysis, etc.
Medical expenses prior and post of hospitalization, the number of days will vary across insurers.
Ambulance charges for transporting the insured subject to maximum limit.
Treatment at network hospitals only
All pre-existing diseases are covered from first year, except those for which treatment or advice was
recommended by or received during the immediately preceding 12 months from the date of proposal.
Disease for which treatment or advice was recommended by or received during the immediately preceding 12
months from the date of proposal will be covered from second year onwards.

Features of Health Insurance for Parents

Below are the key features of health insurance for parents:

Health insurance for parents offer health cover to even senior citizens, that is, individuals of more than 60 years
of age are also eligible.

Claims for certain illnesses and pre-existing diseases is covered post completion of the due waiting period.

Several health insurance policies for parents include features like lifetime renewals. However, this is applicable
only when the insured has not taken a break between policy years.

Medical facilities like ambulance services are generally covered by health insurance plans for parents.

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Health insurance for parents usually allow policyholders the flexibility to choose the sum insured, as per their
preference, which they feel would be a sufficient coverage for their medical requirements.

Modern features like cashless treatment and claim settlement through reimbursement are being offered by
almost all health insurance companies for health plans for parents.

Health insurance for parents offer the policyholder the addition of his/her spouse to the same policy.

The co-pay facility is applicable on certain health insurance for parents. This makes policyholders eligible for
lower premium payments and, in certain instances, also offers attractive discounts.

How Does Buying Health Insurance For Parents Benefit

You

Insuring your parents medically is probably one of the most perfect things to give your parents. In their old age, they
may require medical attention and the expenses can topple your (or their) pretty little apple cart. The following are the
benefits of buying health insurance plans for parents:

The Cover, Obviously: Parents health insurance will cover the expenses of your parents’ hospitalization, pre-
and post-hospitalization expenses, day care expenses, ambulance charges, domiciliary hospitalization etc.
Financial Independence: If there is ever an unfortunate need to hospitalize your parents, they don’t have to
depend on you or anyone for expenses. By insuring them medically, you will be helping them lead a dignified life,
for a fairly small yearly expense.
Cover Against Pre-Existing Conditions: No one likes to think about their parents’ sickness. You can be one of
those people. You can also be one of those people who recognize the need of the hour and insure your parents
against gradual decline in their health from conditions such as diabetes, hypertension, heart problems etc.
Safeguard Against Rising Healthcare Costs: As mentioned earlier, the healthcare costs are increasing due to
inflation and other reasons. The money your parents have at their disposal now is not going to be enough for
them in the next 5 years. Health insurance for your parents will ensure that they never have to be without
medical attention when they need it, just because of financial distress.
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.

How to Buy Health Insurance for Parents

Now that it is clear as to why one should buy health insurance for one's parents, it is time to discuss the next step. You
can avail health insurance very easily. But do not, we repeat, do not buy health insurance without comparing. Never buy
health insurance based on whether the plan is cheap. Remember that a cheap health insurance policy is worse than no
policy.

So all in all, here’s a list of steps for buying the perfect plan:

Step 1: Find a homely, sincere web aggregator who can provide you unbiased quotes from various companies
and honest expert advice when you need it.

Step 2: Fill in your parent’s and other particulars before you start your search. #Protip: Always declare any pre-
existing conditions. If found out later, your insurer may not only reject your claim, you also stand the risk of your
policy getting cancelled.

Step 3: Compare the top three quotes for the 7 points mentioned below:

Cover: Cover must be evaluated with respect to the points covered against the premium you pay. Is the
policy economically optimized? Check which company gives the most cover against the premium they
charge.

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Co-Payment: Co-pay is an option (and sometimes mandatory) to pay a certain percentage or a certain
fixed amount of the claim by the insured. This makes the premium way cheaper and affordable. However,
choose a co-pay option which is 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. Check for a company that gives you the lowest possible co-pay. If you’re
confused, you can always opt for an expert opinion.
Maximum age at renew-ability: As discussed earlier, many companies do not allow renewal after a certain
age (most commonly 90 years). While choosing a policy you can go for one that offers a lifelong renewal.
Coverage of specific diseases: Post 60 years of age, the odds of suffering from conditions such as
hypertension, diabetes, heart problems etc are higher, unfortunately. Health complications can arise out
of those. When you buy a policy, make sure that most (ideally all) of the diseases on your priority list are
covered.
Waiting period: Go for the health insurance policy that has the minimum waiting period. This way your
conditions are covered sooner.
Medical check-ups: Many companies insist on medical checkups while many just don’t. Medical check-ups
are carried out to figure out the pre-existing conditions. If there are more pre-existing conditions that the
threshold, your insurer can deny you a policy. Go for a company that does not insist on medical check-ups.
NCB: Check for the no claim bonus discount, which is a “bonus” or discount for every claim-free year.
Many companies do not offer NCB. You might want to go for one, as that may help you cut down your
premium.
Step 4: Buy the best health insurance policy that suits you perfectly. Mind you, there will rarely be that one
perfect policy. You may have to prioritize your needs and let go of things that hold the least importance. There
will be a medical check-up in this timeline, if your company insists on one.

Step 5: Once you buy the policy, dedicate a good amount of time reading the policy wording. You have a look-up
period, wherein you can cancel the policy without any loss. Make the most of this. Be alert, be aware.

Why Should You Go For A Health Insurance for Parents?

Here are some reasons why should purchase a health insurance policy for parents:

Hospitalization cover: With rapidly rising medical charges, it is necessary for every individual to purchase a
comprehensive health insurance to be able to meet planned and unforeseen hospitalization in the future.
Besides, your medical needs will also increase with age, while your source of income will reduce drastically.
Hence, it is best to be financially prepared well in advance. A health cover saves you from the physical and
medical hassle of arranging for finances when the need arises.

Pre and post hospitalization cover: Health insurance for parents include pre and post hospitalization
expenditures, depending on certain terms and conditions.

Cashless hospitalization: Most new age insurance companies offer the benefit of cashless hospitalization at
network hospitals. This benefit makes the policyholder eligible for cashless hospitalization when he/she
undergoes medical treatment at a network hospital. This feature often proves to be especially beneficial for
planned hospitalization and medical treatments, enabling the policyholder to incur minimum charges on such
medical needs.

Tax benefits: Premium payments towards health insurance for parents are eligible for tax benefits under Section
80D of the Income Tax Act, 1961.

Discounts and bonuses: Insurance companies usually offer attractive discounts for choosing a higher sum
insured or when the insured have not made a claim in one year. Bonus may be offered by making the
policyholder eligible for a higher sum insured in the next year as a bonus.

Coverage on pre-existing diseases: Health insurance plans for parents may or may not include coverage on pre-
existing diseases as well, a benefit that group health insurance plans generally include.

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What is Covered in Parents Health Insurance?

Avail hospitalization and medical facilities across a range of network hospitals

Eligibility for tax benefits on parents medical insurance premium payments

Cashless treatment and daily allowance on some health insurance policies for parents

Domiciliary Hospitalization cover health insurance for parents

Free-look period that enables the policyholder to take a final decision on whether he/she wants to purchase the
policy

Eligibility for annual health check-ups

Seamless policy renewal option

Reload of sum insured

What is Not Covered in Parents Health Insurance?

Here are the facilities that have not been included in health insurance plans for parents

Medical history of pre-existing illnesses/injuries until completion of waiting period

Illnesses diagnosed or contracted within 30 days of purchasing the health insurance for parents

Any non-allopathic treatment

Expenditures incurred for self-inflicted injuries

Expenditures incurred for treatment of drug abuse

Expenses for dental treatment and lenses or spectacles, except caused due to an accident

Injuries caused as a result of war, etc.

Medical expenditures for treatment of AIDS

Cosmetic surgery

Mediclaim Policy for Parents

Your parents are the most important treasures of your life. They brought you into this world and gave you everything
within their capacity. It would be a terrible state if you were not able to provide for them during a medical emergency.
This is where a mediclaim plan for your parents will come in handy. In case your parents are retired and categorized as
senior citizens, there are many insurers which provide mediclaim policy specifically designed for senior citizens. As you
grow up, your parents begin to age and require additional medical assistance. Thus, it is important to buy a good
mediclaim policy for your parents.

Why do you need mediclaim policy for parents?

Lifestyle Diseases - As modern life becomes more stressful, lifestyle diseases become more common. When a
lifestyle disease becomes a medical condition, a mediclaim plan is your ultimate saviour.

Inadequate Life Cover - If your existing mediclaim plan does not cover the parents, you should get a new policy
specifically for your parents.

Beat Inflation - Due to inflation, medical costs and expenses will continue to rise. Buying a mediclaim for your
parents will ensure that your parents are safe from all medical emergencies.

Savings - Buying a mediclaim for your parents at an early age will provide you with benefits like lower and
cheaper premiums.

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Tax Benefit - If your parents are senior citizens, you can avail a tax benefit of Rs. 50,000 as per Section 80D of
the Income Tax Act, 1961.

Value added benefits of Mediclaim Policy for parents

The benefits of a mediclaim policy are as follows:

Provides cover for hospitalization expenses, be it planned or emergency resulting from natural causes or from an
accident.
Provides cover against injury/illness in case of an accident.
Most of the mediclaim policies offer cashless settlements in network hospitals.
Can be renewed annually.
Covers pre/post hospitalization expenses.
Covers pre-existing diseases and specific ailments post the waiting period.
You can also purchase a new senior citizen plan or renew your existing plan through the online mode.

Inclusions under a Mediclaim Policy for Family

The inclusions of a mediclaim policy for family are:

Hospital expenses - Expenses incurred due to hospitalization like medicines, oxygen, blood, OT charges, medical
tests and diagnosis, chemotherapy, radiotherapy, organ transplantation, etc.
Ambulance charges - Covers expenses for emergency ambulance transport.
Hospital accommodation expenses - Expenditures towards hospital room, ICUs are either addressed through
cashless hospitalisation feature or are reimbursed by the company.
Day-care hospitalization - Expenditures towards tech-driven medical treatments that do not involve 24-hour
hospitalization.
Pre and post-hospitalization expenses - Expenses incurred for up to 30-60 days before and till 60-120 days
after hospitalization. It may also include medical assistance for emergency services like ambulance, etc.
Charges for medical experts - The fees for medical professionals involved during hospitalization like doctor,
surgeon, nurse, etc. are also provided by mediclaim policies.

Note: These are common inclusions of a mediclaim policy for family. The inclusions also vary from one policy to
another.

Exclusions under a Mediclaim Policy for Family

The exclusions of a mediclaim policy are:

Non-medical expenses like administrative charges, service charges, toiletries, diapers, syringes, etc.
Diseases/ailments contracted within a specific time from the policy purchase.
Any dental treatment except in case of an accident.
Sexually Transmitted Diseases and HIV.
Cosmetic surgery, circumcision or plastic surgery.
Vaccinations
Medical condition resulting from the addiction of alcohol, smoking, drug abuse, etc.
Health conditions arising out of war, nuclear weapons, etc.

Eligibility Criteria - Application for Mediclaim Policy for Parents

The eligibility criteria is as follows:

Entry age for a policyholder (adults) is 18 years to 65 years.

In case your parents are senior citizens, the entry age for the policyholder is 60 years while the maximum age is
65 years.

Documents required to buy mediclaim policy for Parents

The documents required to purchase a mediclaim plan are:

KYC - Proof of ID and Address

Proof of Income
Age Proof
Medical Check-up/Report if required

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2 Passport-size photographs
Application Form

Note: The same is applicable in case your parents are senior citizens.

The following documents are required to raise a claim under a mediclaim policy for senior citizens-

Claim Form/Pre-authorization Request Form.

Attending physician's statement.
Attested copies of all medical records.
NEFT mandate form

For a Death Claim:

Original policy documents
Original/attested copy of death certificate issued by the local municipal authority.
Death claim application form (Form A).
NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook.
Nominee's photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhaar (UID) card, etc.

Medical Natural Death:

Attending physician's statement (Form 'C').

Medical records (admission notes, discharge/death summary, test reports, etc.).

Accidental Unnatural Death:

Copy of the First Information Report (FIR) or Panchanama/Police complaint.

Copy of Post Mortem report (PMR)/Autopsy and Viscera report.

Copy of the Final Police Investigation report (FPIR)/Charge sheet.

Conclusion

Health insurance for parents is a smart health plan that is especially customized to suit the unique medical needs of
senior citizens. It financially protects them against illnesses and medical treatments that often occur to individuals due
to old age. It often offers better medical coverage than health insurance plans that are designed for all. What’s more,
these plans are also available on a lower premium than other health insurance plans, emphasizing on why it is a smart
option for every senior citizen.

⚡ by Snippect

Hey there, 

Would you like me to suggest you the right Health

Insurance Plan?

Yes please

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09/10/2019 Health Insurance for Parents: Buy Medical Insurance for Parents

FAQs on Parents Health Insurance

+ Why can't I simply include my parents in a family floater plan?

+ Why should I buy a separate health insurance plan for each of my parents?

+ What is not covered in Parents Health Insurance?

+ Health Insurance For Parents Gives Tax Benefit?

+ Can I get a single health insurance floater policy which can cover my parents or in laws too?

+ Which is the best health insurance for parents?

+ How to choose the best health insurance for parent?

+ Which health insurance is best for parents?

+ Do health insurance plans for parents cover critical illnesses?

+ What should I keep in mind while purchasing health insurance for parents above 50 years?

+ Is it possible to get medical insurance for parents above 60 years?

+ Can I add my parents to my health insurance plan?

+ What is parental insurance? Which illnesses are covered under such health insurance for parents?

+ What is the maximum age limit for health insurance for parents?

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