Parent's Health Insurance Plan

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The parent's health insurance plans are taken for covering the healthcare expenses of dependent parents. Nowadays, there are plenty of options available in this regard and they are created in such a way that they can provide maximum coverage for their healthcare requirements.

Dependent parents can also be covered in various family plans - people who are unable to take health insurance separately for their parents can now pay a certain amount of premium and avail insurance for their father and mother.

People can also avail personal accidental plans that protect their parents from the health risks that might happen due to an accident or some other form of emergency.

Care should also be taken to see that parents are covered when they are on the road. There are several travel insurance policies that can be availed to make sure that they are insured when they are visiting a place inside India or out of it.

Parent's health insurance plan - some points to be kept in mind

Term limits: It is common knowledge that with increasing age insurance policies become harder to come by. While buying a health insurance policy for parents it is essential to know the maximum entry age of the same. The ones availing the insurance policies should also check out the maximum age for renewal and make sure that it offers comprehensive coverage for their parents.

Coverage of pre-existing diseases: It is only a recent development that insurers are covering ailments such as hypertension and diabetes. The situation has changed owing to a new rule which states that such patients cannot be refused. Companies, however, are allowed to charge additional premium for such patients and set off coverage for existing ailments for a certain period of continued insurance with the company. Under normal circumstances this period varies between 6 months and 2 years but it can go further up as well. So these factors have to be checked before getting a health plan for parents.

Cashless facilities: With this facility the insured will not need to pay anything while they are discharged from or admitted to a hospital. The insurer handles all the payments. However, the policyholders need to keep in mind that the concerned hospital should be included in the service provider's network. These details are normally provided when the policy is bought. The policyholders should also inform the hospitals when they are admitting their parents that the policy has cashless facility.

Obligatory pre-acceptance health checkups: In almost all the insurance policies for senior citizens it is regulatory to have health checkups before they are accepted for the same. The cut-off age in these policies is normally 45. It is essential to check if the company calls for such tests and also verify what tests will have to be taken so that a clear idea of the expenses can be formed. The proposers should also find out if the company will pay for the tests once their parents are accepted into the plan. The obvious thing to do would be to choose a plan that reimburses either the total or a certain part of the expenses.

Why take parent's health insurance plan?

One of the basic and most important reasons for taking the health insurance plan for parents is to meet the healthcare costs that are going up regularly nowadays. With a good and comprehensive health insurance policy people can be sure that there will not be any major financial crisis in case the parents fall ill.

In India there are not too many employment opportunities for senior citizens. So one more reason for taking these policies is that without such a plan their savings, or the savings of their wards who are availing the plan, may be severely depleted in case of a medical situation.

Nowadays in the age of nuclear families children often do not stay with their parents and this means that there is nobody to take care of them when they face a health situation. However, if the parents are insured then at least they can receive good treatment at the leading hospitals. If the plan has cashless facility then they would also be able to get admitted without further delay.

There are several policies that cover pre existing health ailments. So people whose parents suffer from such issues can be relaxed with these plans and be assured of good treatment and coverage in case of emergencies.

In addition, these plans also provide tax benefits which help the policyholders to receive some substantial exemptions on their income taxes and take care of the parents at the same time.

Top health policies for parents

The Family Floater Health Insurance policy of the ICICI Bank is a good option for people looking to insure their parents. This policy helps people save INR 35,000 on their income tax payments as per the exemptions granted as per the Income Tax Act 1961 Section 80D.

This policy provides coverage for financial problems in the following situations:
  • Sudden illness
  • Accidents
  • Surgery
  • Terrorist activities

In case the policy is availed for parents who are 65 years or younger the required premium is INR 20,000. The policyholders can also save INR 6180 on their taxes.

With the Jeevan Arogya, a non linked health insurance plan of LIC the policyholders can get the following benefits:

  • Coverage for parents and parents-in-law
  • Can be taken even with another Mediclaim policy
  • Coverage for surgery and hospitalization
  • Quick cash benefits
  • Benefit payout
  • Payout against bills' photocopy
  • Tax benefits

In case a policyholder wants to receive INR 1000 everyday as his or her hospitalization benefit the following premium structure is followed:

Entry age Approximate premium
30 years INR 2243
40 years INR 2780
50 years INR 3768

Following are some other insurance products for parents from the leading insurers in India:

Insurer Product name
ICICI Lombard Complete Health Insurance
IFFCO TOKIO Swasthya Kavach (Family Health) Policy
National Insurance VARISTHA Mediclaim for Senior Citizens
New India Assurance Family Floater Mediclaim Policy Senior Citizen Mediclaim Policy
Royal Sundaram General Insurance Family Good Health
TATA AIG Insurance Wellsurance Family
United India Insurance Family Medicare Senior Citizen
Cholamandalam General Insurance Family Healthline Family Health
HDFC ERGO General Insurance Health Suraksha
Star Health Insurance Star Comprehensive Family Health Optima Senior Citizen Red Carpet Star Delite Medi Classic Super Surplus
Apollo Munich Insurance Easy Health Family
Future Generali Future Criti-care - For Individuals and Family Future Health Suraksha Family
Religare Care
Bajaj Allianz Family Floater Health Guard Hospital Cash Silver Health Tax Gain Insta Insure

Last Updated on 28/08/2012

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