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Health insurance Plan for Parents

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Health Insurance for Parents

Your parents work hard throughout their lives to provide you with a comfortable lifestyle and quality education. Growing up, to us children, they seem invincible. The truth as they grow old, their bodies become fragile and prone to illnesses and infections.

The constantly rising medical inflation and limited or no scope of regular income could leave your parents in financial distress during the golden years of their lives. That’s why it’s vital to buy an appropriate health insurance policy for them. Thankfully, many insurance companies in India also provide the option to include dependent parents in a floater policy.

Health insurance for parents is important keeping in mind the unique medical needs of elderly people. Along with providing a high sum insured, they cover a range of expenses, including pre and post hospitalisation expenses, daycare procedures, psychiatric care, and AYUSH treatments.

Why should you buy a health insurance policy for your parents?

Here are some more benefits of buying a health insurance policy for your parents:

Lifetime Medical coverage

Health insurance policies for parents usually come with lifetime renewability option. It means that by buying such policies, you can ensure that your parents stay protected with medical coverage until their death.

High sum insured

Keeping in mind the additional healthcare needs of elderly people, health insurance policies for parents usually have a high sum insured. Hence, it allows you to get sufficient coverage for your parents and ensure that funds are never a roadblock in availing the best possible treatment.

Coverage for pre-existing diseases

As your parents grow old, their bodies become frail and less immune to diseases. Hence, they might suffer from certain diseases or illnesses at the time of buying the policy. A parental insurance policy covers pre-existing diseases, albeit with a waiting period of 24 to 48 months.

Coverage for critical illnesses

The prevalence of critical illnesses such as cancer, heart attack, stroke, etc., is much higher in elderly people. A health policy for parents provides financial coverage against the treatment of such life-threatening illnesses.

Types of Health Insurance for Parents

When it comes to health insurance for parents, there are three types of coverage you can avail for them:

Individual health plans

As the name suggests, individual health plans provide medical coverage only to the insured individuals. Hence, you’re required to buy separate policies for your mother and father to get them medically insured.

Family floater plans

These plans are designed to provide health insurance coverage to the entire family. You can buy a single family floater plan and include all your family members in it, including your parents.

Senior citizen health insurance plans

These plans are specifically designed to provide health insurance coverage to senior citizensYou can buy a senior citizen health insurance policy for your parents if they fall under this category.

Important things to look at while buying health insurance for parents in india

Several factors go behind determining the appropriate health insurance policy for your parents. Here are a few things you should look at while availing health insurance for parents:

Maximum entry age

While many insurers offer health insurance for parents in India, they usually put a cap on the maximum entry age for the insured person. Usually, it’s 70 or 80 years maximum for most of the policies. Before buying a policy, ensure that your parents are eligible for it.

Waiting period

Usually, there is a These plans are designed to provide health insurance coverage to the entire family. You can buy a single family floater plan and include all your family members in it, including your parents. period of two to four years after which a health insurance policy starts covering the acceptable pre-existing diseases. You should go for the policy with a minimum waiting period.

Coverage for critical illnesses

It’s best to ensure your parents are covered for critical illnesses such as heart attack, cancer, stroke, kidney failure etc. Most insurance plans cover hospitalisation expenses for such illnesses. To get additional lumpsum benefit, you can also opt for a critical illnesses add-on.

Lifetime renewability option

Few insurance providers restrict the renewability of health insurance policies up to a certain age only. It’s better to opt for the policy which comes with an option of lifetime renewability.

Claim settlement ratio of the insurer

The claim settlement ratio of the insurer determines its ability to settle the claims of its policyholders successfully. Go for the insurer with the highest claim settlement ratio to ensure that you do not have to face any hassles at the time of claim.

What’s included and what’s not?

Below is a list of expenditures which are not covered by health insurance policies for parents:

Inclusions
Exclusions

Hospitalisation expenses occurring due to an illness or accidental injuries to your parents. These expenses include hospital’s room rent, doctor’s fees, ICU charges, nursing charges, and costs for medicines and drugs.
Expenses incurred for daycare treatments of your parents such as radiotherapy, chemotherapy, dialysis etc.
Expenses incurred for the treatment of accepted pre-existing disease (after the completion of the waiting period).
Pre and post hospitalisation expenses incurred up to 30 and 60 days, respectively.
Expenses incurred for domiciliary care or in-house treatment of your parents.

Expenses incurred for the treatment of critical illnesses such as cancer, heart attack, kidney failure and paralysis, among others.
Expenses incurred for the treatment of coronavirus contracted by your parents during the policy period.
Hospitalisation expenses incurred for AYUSH (Ayurvedic, Yoga and Naturopathy, Unani, Siddha, and Homeopathic) treatment of your parents at a recognised hospital or institute.
Ambulance charges for taking your parents to the nearest hospital in case of a medical emergency.
In-patient hospitalisation expenses for an organ donor (if required).

Expenses incurred for the Treatment of accepted pre-existing diseases until the waiting period is over.
Expenses incurred for the Treatment of diseases that are diagnosed within 30 days of policy inception.
Expenses incurred for the treatment of self-inflicted injuries.
Expenses incurred for the Treatment of injuries caused due to a civil war or terrorist attack.

Expenses incurred for the Treatment of illnesses caused due to overconsumption of alcohol, tobacco, or drug abuse.
Expenses incurred for cosmetic surgeries.
Cost of dental treatment unless arising due to an accidental injury.
Expenses incurred for hospitalisation without the doctor’s recommendation.

How to buy a health insurance plan for parents from ICICI Lombard?

If you want to avail health insurance for your parents, you can go for ICICI Lombard's Health Advantedge Plan. To buy this plan, all you need to do is visit our ICICI Lombard website and take a quote. Our medical team will then get in touch with you to conduct a telephonic assessment of your parents’ health history. If all goes well, the policy will be issued.

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Frequently asked questions about health insurance for parents

Should I buy health insurance for my parents?

Keeping in mind the skyrocketing costs of availing healthcare facilities and constantly rising medical inflation in India, it makes sense to invest in a good health insurance plan for your parents. In the absence of the same, you may have to pay for the expenses out of your pocket in case of a medical emergency. This could result in the depletion of your entire savings.

Why is it better to opt for an early healthcare plan for my parents?

It is a known fact that health insurance premiums rise with the increase in the insured person’s age. Hence, it is better to opt for a healthcare plan for your parents at an early stage. It will keep the premiums in check. Also, many insurance providers put a cap on the maximum entry of the insured. Therefore, buy a health plan for your parents early on so that they are not denied for it later.

My parents have a pre-existing disease; Can I buy health insurance?

Yes. Many health insurance policies cover certain pre-existing diseases, albeit with a waiting period of two to four years. It means that these policies will cover the treatment of certain pre-existing diseases after the completion of the waiting period. Go for the policy with a minimum waiting period.

Is there any age limit while buying health insurance for parents?

It varies from one insurance company to another. Usually, every health insurance policy has certain age criterion. There can be a minimum and maximum entry age for the insured to avail the policy. Do check for these conditions with the insurer before buying a health policy for your parents.

Is there any medical test in health insurance for parents?

It depends upon the insurer. While some insurance companies may not require medical tests to issue a health insurance policy, some make it mandatory. Usually, if the prospect is above the age of 45, his/her pre-medical screening is necessary.

Can I cover my parents in my existing health insurance policy?

Yes. You can include your parents in your existing family floater plans. However, do check the maximum age criteria with the insurance provider before doing so. A wise option is to purchase a separate health insurance policy for your parents since including them in your family floater plan may shoot up its premium.

How Can I enhance my parents’ insurance coverage?

You can customise your parental insurance policy in multiple ways to enhance its coverage. For instance, you can opt for a higher sum insured at the time of policy renewal. Additionally, you can attach some add-on covers (available at additional premium) such as critical illness rider, personal accident cover etc. to your base policy to enhance its coverage.

Can I include my senior citizen parents in a family floater insurance plan?

Insurers generally do not allow the inclusion of senior citizens in a family floater plan. They tend to cover the members below the age of 60 only. What you can do is purchase individual health plans for your mother and father or buy a separate family floater plan for both of them.

Health Insurance for Parents

Your parents work hard throughout their lives to provide you with a comfortable lifestyle and quality education. Growing up, to us children, they seem invincible. The truth as they grow old, their bodies become fragile and prone to illnesses and infections.

The constantly rising medical inflation and limited or no scope of regular income could leave your parents in financial distress during the golden years of their lives. That’s why it’s vital to buy an appropriate health insurance policy for them. Thankfully, many insurance companies in India also provide the option to include dependent parents in a floater policy.

Health insurance for parents is important keeping in mind the unique medical needs of elderly people. Along with providing a high sum insured, they cover a range of expenses, including pre and post hospitalisation expenses, daycare procedures, psychiatric care, and AYUSH treatments.