Health Insurance for Parents

With the rising cost of healthcare and the changing lifestyle, opting for a health insurance plan for parents is one way to protect them. As you grow older, the risks of age-related illness increase. 

 

By getting a policy customised to your parents’ needs, you can ensure quality care without straining your finances. You can choose from a plethora of options from leading insurance companies and get the right plan. 

It is a type of insurance plan that helps you cover the medical bills and treatment costs of your parents. It acts as a safety net that helps you cover the cost of treatment and hospitalisation without depleting your savings. 

 

This type of insurance covers majority of age-related issues and gives comprehensive coverage. This includes pre- and post-hospitalisation expenses, annual check-up benefits, and pre-existing medical diseases.  

Here are a few tips that can help you choose the best health insurance plan for your parents:

• Compare all benefits and coverage 

• Make sure the premium amount is affordable 

• Opt for the highest number of network hospitals

• Check for the highest claim settlement ratio 

• Read about the co-payment clause and other terms

• Choose a plan with a lifetime renewability option

• Asses if there is a clause for a waiting period 

• Verify if it covers pre-existing conditions 

Health insurance is important in more ways than one. Here are some reasons you should get one for your parents: 

More Prone to Age-related Health Complications

Older people are more vulnerable and prone to health issues, which makes insurance crucial for their protection.

Rising Healthcare Costs

Inflation and advanced technology have increased medical costs, but insurance can help you manage them. 

No Compromise on Quality of Treatment

Give your family the best medical care and treatment without paying out of pocket.

Safeguard Your Parents' Retirement Funds

In any medical emergency, you do not have to dig into your savings to cover the cost. 

Insurance providers offer several different types of plans, which you can consider apart from the one for parents. Here are the details for some of these plans to protect your family and yourself. 

Individual Health Insurance

This health insurance plan covers all the medical expenses for only one individual.

Family Floater Health Insurance

Opting for this allows you to cover yourself and your family members in one plan. You can include your spouse, dependent children, and parents.

Critical Illness Health Insurance

This insurance offers you a lump sum amount to cover treatment expenses for a life-threatening disease. 

Personal Accident Health Insurance

It provides financial benefits in case of untimely demise and permanent or temporary disability due to an accident.

Maternity Health Insurance

Getting this insurance enables you to get maternity care and covers pre and postnatal expenses.

Group Health Insurance

Companies get this insurance plan to protect their employees against any medical emergency or death. 

Top-up Health Insurance

You can get additional coverage for a higher amount over your existing insurance plan with this plan. 

Here is the coverage provided under a health insurance plan for parents by most insurance companies. 

• Pre- and post-hospitalisation expenses

• Cost of daycare expenses

• AYUSH treatment

• Treatment for pre-existing conditions 

• Expenses for daycare treatments such as dialysis 

• Cost of in-house treatment

• Ambulance cover

• Expenses incurred for the treatment of critical illnesses

The following are common medical costs not covered by a health insurance plan for parents:

• Cost of any cosmetic procedure 

• Treatment for diseases due to alcohol or drug use

• Any expenses due to self-inflicted injury

• Any injuries due to war or riots

• Medical conditions due to pregnancy, childbirth, miscarriage, abortion or related 

• Cost of infertility treatment 

• Cost of spectacles or lenses 

• Medical expenses of dental treatment 

• Treatment of any venereal diseases

• Cost of treatment in a foreign country

• Expenses of buying dental hearing or any other implant

The following factors play a crucial role in getting the best health insurance plan for parents. 

Opt for Maximum Coverage

Insurance plans that cover the majority of illnesses help you avoid any last-minute stress during a medical emergency. 

Go for a Lower PED Waiting Period

The waiting period for pre-existing conditions ranges from 12 to 48 months, so choosing the shortest period is smart.

Choose an Adequate Sum Insured

As a higher insured sum attracts a higher premium, choose an insurance amount depending on your age and existing conditions.

Go for a Lower Co-Payment

Choose the insurance plan that has the lowest co-payment to lower your financial burden in case of a financial emergency.

Choose an Individual Policy

A separate plan for parents helps them get the required specific care for their age.  

Check the List of Network Hospitals

Ensure that your insurance company has a network hospital close to your location, or look for the highest network hospitals. 

Compare Different Health Insurance Plans

Before making the payment, make sure to compare diverse options to get the best one and secure the best care.