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Health insurance Plan for Parents

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

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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?

Your parents have worked tirelessly to make your life comfortable. It’s your time now to ensure they receive the care and security they deserve, especially regarding their health. You can do it by buying health insurance for them. Health insurance for parents offers:

Lifetime Medical coverage

Parents' health insurance offers your parents lifetime coverage upon renewal. It ensures they remain protected against rising medical costs and receive quality care without stressing their finances.

High sum insured

This policy can offer a high sum insured, thereby ensuring funds don’t run out during treatment. Medical expenses can run into several lakhs of rupees, and treatment costs are pretty high in metros and tier-I cities. You can also add an inflation protector add-on to this policy that protects the sum insured against rising inflation.

Coverage for pre-existing diseases

Health insurance for parents, also called mediclaim policy for parents, offers coverage for pre-existing diseases after a certain waiting period. That said, through suitable add-ons, you can reduce the waiting period of certain diseases from years to a month.

Coverage for critical illnesses

Health insurance for parents offers coverage against critical illnesses by providing a lump sum payment if your parents are diagnosed with any critical ailments listed in the policy. Treatment costs for critical diseases are quite high and this policy can help prevent a dip in savings during such times.

Types of Health Insurance for Parents

There are primarily three types of parents’ health insurance:

Individual health plans

This type of health insurance gives your parents an individual health plan. You can opt for this if you want to cover your parents' specific needs.

Family floater plans

A family floater plan is a good way to cover all family members, including your parents. In such a plan, the sum insured is shared among all family members.

Senior citizen health insurance plans

You can opt for the senior citizen insurance plans if your parents are senior citizens, i.e., above 60 years. They cover various age-related ailments.

Features of Health Insurance for Parents

Some notable features of parents' health insurance include:

Cashless treatment

Your parents can receive cashless treatment in network or non-network hospitals without paying anything upfront. The insurer pays directly to the hospital.

Pre and post-hospitalisation expenses

The insurance policy covers pre- and post-hospitalisation expenses up to the sum insured for a certain number of days. In most cases, this is 90 days before admission to hospital and 180 days after discharge from hospital.

Cumulative bonus

If your parents don't make a claim during the policy year, they get no claim bonus up to a certain percentage of the sum insured. This increases the amount of sum insured.

Reset benefit

Reset benefits ensure your parents never run out of cover even if they exhaust the sum insured on treatment.

Benefits of Choosing Parents Medical Insurance Policy Online

Buying health insurance for parents online offers a world of convenience. Some potential benefits include:

1

Hassle-free buying

Online buying allows you to buy insurance anytime at your convenience. You don't need to visit the insurer's office physically, and you can do everything with a few clicks.

2

Compare, compare and compare

Buying a mediclaim policy for parents online allows you to compare multiple plans and choose the one that best fits your parents' needs. You can compare features side by side along with prices.

3

No cumbersome paperwork

Online buying frees you from carrying physical documents. You can upload soft copies of key documents, including address and identity, and make an online payment to complete the buying process.

4

Read reviews

You can read online reviews from customers and get valuable insights about the service quality of the insurer including the all-important claims process.

5

Talk to experts

Today, several insurers have provisions allowing you to talk to experts online before buying a plan. Experts can help you solve your queries and buy a policy that meets your parents' requirements.

Eligibility criteria for Mediclaim Policy for Parents

The general eligibility criteria for buying a mediclaim policy for your parents are:

1

Age

Your parents must be in a certain age bracket for them to have a policy. The specifics may differ across insurers.

2

Relationship status

You need to have a legal relationship with your parents to buy a policy on their behalf.

Apart from these, your parents may need to undergo certain medical check-ups if they fall within a certain age bracket to have the policy.

Important Things to Look at While Buying Health Insurance for Parents in India

While buying health insurance for parents, look out for the following things:

Maximum entry age

Opt for plans offering a higher entry age. This ensures that your parents can get cover even if they are in the higher age bracket.

Waiting period

Check the waiting period before coverage starts. Generally, there’s a waiting period of 30 days from the first policy commencement date, except for claims arising due to accidents. Also, certain diseases have waiting periods which can be up to 24 months. It’s wise to opt for plans with low waiting periods.

Coverage for critical illnesses

See if the policy covers critical illnesses or not. If yes, check the list of critical ailments covered by the policy and the applicable waiting period for the same.

Lifetime renewability option

This feature ensures that the policy can be renewed without any age barriers, ensuring continuous coverage for your parents. This option helps avoid the hassle of purchasing a new policy at a higher cost later.

Claim settlement ratio of the insurer

Look at the insurer’s claim settlement ratio. This ratio shows the number of claims settled by the insurer compared to claims received in a year. The higher the ratio, the better.

What’s included and what’s not?

While specifics may differ across policies, generally a mediclaim policy for parents covers the following:

Inclusions
Exclusions

In-patient treatment
Day care procedures
Listed modern treatments
Pre and post-hospitalisation expenses
In patient AYUSH hospitalisation

Domestic road ambulance cover
Donor expenses
Domiciliary hospitalisation
Bariatric surgery cover

Pre-existing diseases
Specified diseases or procedures
Change of gender treatment
Cosmetic or plastic surgery

Expenses for unproven treatment, correction of refractive error

Look at the insurer’s claim settlement ratio. This ratio shows the number of claims settled by the insurer compared to claims received in a year. The higher the ratio, the better.

To buy a health insurance plan for your parents from ICICI Lombard:

Visit our website and choose Elevateunder health insurance

Fill out the details, including mobile number, email, pin code and name.

Click on ‘Get quote’

Our medical team will contact 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?

Yes, you should. Buying health insurance for your parents ensures they are financially prepared in case of a medical contingency and get access to quality healthcare without worrying about funds.

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

Early buying enhances the chances of your parents staying in good health, which can bring down premiums.

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

Yes, you can buy health insurance for your parents. But ensure you declare them when buying a policy. Pre-existing diseases declared and accepted will be covered after a certain waiting period.

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

Insurers generally set an age limit while buying health insurance. This varies across insurers. Check with your insurer before buying the policy.

Is there any medical test in health insurance for parents?

Your insurer may ask your parents to undergo medical tests before issuing the policy, particularly if they are in the higher age bracket. This is important to assess risks and policy underwriting.

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

You can do so depending on the policy’s terms and conditions. Generally, a family floater plan allows you to cover all family members, including your parents, in a single plan.

How Can I enhance my parents’ insurance coverage?

You can buy a top-up health insurance or a super top-up plan to increase your parents’ insurance coverage. Both these plans offer an extra layer of protection when the coverage for the base policy gets exhausted.

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

You can do so at the time of policy renewal. Also, remember that premiums in floater plans depend on the age of the eldest member.

Is it possible to include my parents in the family floater health insurance policy?

Yes, you can include your parents in the family floater health insurance policy. That said, it can increase premiums.

Why is it said that health insurance for mothers is important?

Health insurance for mothers offers a financial cushion in case of a medical contingency. It covers several treatments and provides pre- and post-hospitalisation expenses up to a certain number of days.

What is the difference between parents and senior citizen health insurance?

While you can purchase parents’ health insurance for your parents below 60, senior citizen health insurance is specifically designed for those above 60.

Got questions? Let's talk! Share your contact details and we'll give you a call.

Thank You for your interest in our product.

Health insurance Plan for Parents

Health Insurance for Parents

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

Lifetime Medical coverage

High sum insured

Coverage for pre-existing diseases

Coverage for critical illnesses

Types of Health Insurance for Parents

Individual health plans

Family floater plans

Senior citizen health insurance plans

Features of Health Insurance for Parents

Cashless treatment

Pre and post-hospitalisation expenses

Cumulative bonus

Reset benefit

Benefits of Choosing Parents Medical Insurance Policy Online

Eligibility criteria for Mediclaim Policy for Parents

Age

Relationship status

Important Things to Look at While Buying Health Insurance for Parents in India

Maximum entry age

Waiting period

Coverage for critical illnesses

Lifetime renewability option

Claim settlement ratio of the insurer

What’s included and what’s not?

In-patient treatment

Day care procedures

Listed modern treatments

Pre and post-hospitalisation expenses

In patient AYUSH hospitalisation

Domestic road ambulance cover

Donor expenses

Domiciliary hospitalisation

Bariatric surgery cover

Pre-existing diseases

Specified diseases or procedures

Change of gender treatment

Cosmetic or plastic surgery

Expenses for unproven treatment, correction of refractive error

To buy a health insurance plan for your parents from ICICI Lombard:

Health insurance blog articles

Health Benefits of Sparkling Water

Health Benefits of Cumin Water

Health Benefits of Chia Seeds Water

Frequently asked questions about health insurance for parents

Should I buy health insurance for my parents?

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

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

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

Is there any medical test in health insurance for parents?

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

How Can I enhance my parents’ insurance coverage?

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

Is it possible to include my parents in the family floater health insurance policy?

Why is it said that health insurance for mothers is important?

What is the difference between parents and senior citizen health insurance?

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