As parents grow older, their health becomes more delicate. With age, medical needs rise, and so do healthcare costs. Many families struggle to manage these expenses, especially during sudden illnesses or emergencies. One of the most thoughtful and helpful things you can do for your parents is to gift them a good health insurance policy. It is more than a financial decision; it is a practical way to support their health, offer them medical protection and make sure they get proper treatment without delay.
Why choose parents' health insurance as a gift?
Here are some reasons why health insurance is one of the most valuable gifts you can give to your ageing parents:
- Rising medical costs in India: A sudden illness or hospital stay can cost lakhs of rupees, especially in private hospitals. Health insurance protects your parents from these high expenses and ensures they get proper care without delay.
- Health problems in older adults: With age, the risk of diseases like diabetes, heart conditions or joint pain increases. A good insurance plan covers these illnesses after a short waiting period.
- Quick and quality healthcare: When there is insurance in place, your parents can be admitted to a good hospital immediately, without worrying about money. This means quality treatment can begin quickly, which is very important in medical emergencies.
- Reduces the burden on your family savings: Without insurance, you might have to use your savings or take a loan for your parents’ treatment. Gifting health insurance helps avoid this financial pressure.
Benefits of parents' health insurance
A separate health insurance policy for your parents offers several specific benefits suited to their age and medical needs. Here are the major ones:
- Covers pre-existing diseases after a waiting period: Many policies cover long-term illnesses like blood pressure, diabetes or heart disease after one to four years, depending on the insurer. This gives your parents long-term protection.
- Cashless hospitalisation: Your parents can go to a network hospital and receive treatment without paying cash at the time. The insurer pays directly to the hospital, saving time and effort during stressful situations.
- Daycare treatments: These are treatments that don’t require a 24-hour hospital stay, like cataract surgery or dialysis. These are common among senior citizens and are covered in most plans.
- Annual health check-ups: Many insurers provide free health check-ups every year. These help your parents track their health regularly and find problems early.
Features of parents' health insurance
If your parents are above 60, the senior citizen health insurance comes with the following features tailored to meet the needs of older people:
- Higher entry age is allowed: Some policies allow people above 60 or even 70 years of age to buy health insurance, which is useful if your parents do not have an existing policy.
- Lifetime renewability: Your parents can keep renewing the policy every year, no matter their age, as long as premiums are paid regularly.
- Shorter waiting periods: A few insurers offer health insurance with just 1 or 2 years of waiting period for pre-existing conditions. This is helpful if your parents need coverage soon.
- Room rent limits vary between policies: Some plans have a cap on how much you can claim for hospital rooms. If your parents prefer private rooms, choose a policy with a higher or no room rent limit.
Steps to gift health insurance for parents
To gift health insurance to your parents, you must first understand their health condition and choose a policy that suits their needs.
- Consider your parents’ age, medical history and any current health problems. This helps you choose a policy that offers the right coverage.
- Use online tools to compare different insurance plans or talk to insurance advisors. Look at premiums, benefits, exclusions, waiting periods and the list of network hospitals.
- Read the policy details carefully to understand what is covered and what is not. Check for co-payments, sub-limits, exclusions and whether pre-policy medical tests are needed.
- Fill out the proposal form with your parents as the insured persons and yourself as the proposer or premium payer.
- Submit documents and make the payment. Once the insurer receives all required documents and payment, the policy will be issued. Some insurers may also arrange medical tests for your parents if required.
- Share the policy details with your parents. Make sure they understand what the policy covers, how to contact customer service and which hospitals they can go to in case of emergencies.
Conclusion
Buying a health insurance policy for your parents is one of the smartest and kindest choices you can make. It not only protects them from unexpected medical costs but also ensures timely and quality healthcare without any financial stress.
If you’d like personal guidance in choosing the best policy for your parents, we are here to help. Simply fill out the form on this page, and our experts will connect with you to recommend the best options based on your parents’ needs and budget.
FAQs
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Can you buy health insurance policy for your parents even if they are above 60?
Yes, many insurers offer special senior citizen health insurance plans that are made for people aged 60 and above. These plans often cover pre-existing diseases and offer cashless treatment at network hospitals.
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Will my parents need to take medical tests before getting insurance?
This depends on their age and the insurance company’s rules. Some insurers ask for medical tests after 55 or 60 years of age. Others allow policies without tests but with certain conditions.
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What should be the ideal sum insured for parents’ health insurance?
It depends on their health condition, city of residence and your budget. In metro cities, due to higher hospital costs, higher coverage is usually recommended.
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What is not covered in a health insurance for parents?
Usually, policies don’t cover cosmetic treatments, dental care, eye tests and some diseases during the waiting period. Always check the policy document for the full list of exclusions.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.