Health Insurance for Parents – Definition, Coverage, Exclusions, Types, Companies, Benefits, Claim Process, Quotes | Buy and Renew Online

What is Health Insurance for Parents?

Health Insurance for Parents is a Health Insurance Policy which covers the cost of Hospitalisation Expenses for treatment availed by parents. The Policy also covers Pre- and Post-Hospitalisation Expense, Daycare Procedures, Ambulance Expenses and much more. Parents with increasing age suffer increasing age-related health issues like Diabetes, Blood Pressure, Heart Related Ailments which necessitates increased Medical Expenses. That is why a Health Insurance Policy is a must for Parents. One of the key factors to address after retirement is health insurance for your medical expenses.

What are the Coverages under a Health Insurance Policy for Parents?

A Health Insurance Policy for Parents provides the following coverages:

1. Hospitalisation Expenses: Health Insurance Policies for Parents cover Medical Expenses incurred for treatment of illness or injuries, including Room Rent Charhes, ICU Charges, Nursing Fees, Doctor’s Fees, Cost of Medicines etc.
2. Pre and Post-Hospitalisation Expenses: A Health Insurance Policy for Parents also provides coverage for Pre and Post-Hospitalization expenses like Diagnostic Tests, Consultations, Pharmacy bills etc.
3. Daycare Procedures: Daycare Procedures are medical procedures or surgeries that do not require a 24-hour hospital stay due to technological advancement. Health Insurance Policies cover Daycare Procedures such as Cataract Surgery, Chemotherapy, Dialysis, and Minor Surgical Interventions which do not require a 24-Hour stay in the hospital.
4. OPD Coverage: Some Health Insurance Policies provide Outpatient Department (OPD) Coverage, covering medical expenses incurred without hospitalization. OPD Cover can provide compensation for Consultations, Diagnostic Tests, Pharmacy Bills, and Minor Procedures that do not require an overnight hospital stay. OPD coverage is particularly beneficial for parents as they frequently require medical treatments for minor illnesses without necessarily getting admitted to a Hospital.
5. Domiciliary Treatment: Sometimes Parents require treatment at home as they are not in a condition to be moved to a hospital. In such a case, Health Insurance Policies for Parents provide a Domiciliary Hospitalisation Cover which covers medical expenses for treatment taken at home if recommended by the doctor.
6. Critical Illnesses: Critical Illnesses like Cancer, Heart Issues incur significant medical expenses which exhausts the Policy Sum Insured leaving the Parents without coverage for other illnesses. Health Insurance Policies with a Critical Illness Cover provide lumpsum payout on diagnosis of major illnesses which can be used for treatment. In such a case, the Policy Sum Insured can be utilised for other ailments.

Thus, taking a Health Insurance Policy for parents provides comprehensive coverage that gives peace of mind to cover all medical expenses.

What is not covered in a Health Insurance Policy for Parents?

Health Insurance Policies for Parents do not cover the following:

1. Pre-Existing Conditions: Health Insurance Policies for Parents for do not cover Pre-Existing Conditions before the end of Waiting Period. There is usually a Waiting Period of 1 to 4 years, before these Pre-Existing Diseases are covered.
2. Specified Diseases: Health Insurance Policies for Parents do not cover Specified Diseases like Cataract, Knee Replacement Surgeries, Arthritis, Rheumatism etc before the end of the Waiting Period of 1-2 Years.
3. Sexually Transmitted Diseases (STDs) and HIV/AIDS: Many Health Insurance Policies exclude coverage for treatment related to STDs and HIV/AIDS.
4. Cosmetic and Aesthetic Treatments: Procedures such as Plastic Surgery, Botox, and other Cosmetic Treatments are generally not covered unless they are necessary due to an accident or reconstructive surgery.
5. Dental and Vision Care: Health Insurance Policies for Parents do not provide Coverage for Dental and Vision Care.
6. Non-Medical Expenses: Health Insurance Policies for Parents do not provide Coverage for Non-Medical Expenses like Hospital Admission Fees, Processing Fees, Consumable Expenses etc
7. Substance Abuse: Medical expenses arising from the use of alcohol, drugs, or other intoxicants are excluded.

Best Health Insurance For Parents in India

HDFC Ergo My:Optima Secure Health Insurance Policy

HDFC Ergo My:Optima Secure Health Insurance Plan provides a 4X increase in Health Insurance Coverage for no additional cost. The Plan has a Minimum Entry age of 18 years with no maximum limit on Entry Age.

Key Features of HDFC Ergo My:Optima Secure Health Insurance Policy

1. Various Sum Insured Options available up to from Rs5 lakhs to Rs2 Crores
2. HDFC Ergo Optima Secure Plan cover Pre and Post-Hospitalisation Expenses for 60 days and 180 Days
3. Secure Benefit under the HDFC Ergo My:Optima Secure Plan doubles the base sum insured from Day 1
4. Plus Benefit provides a 50% increase in Sum Insured every year for 2 years upto a maximum of 100% irrespective of whether there is a claim under the Policy or not. Thus, the Plan offers 100% increase in coverage at the end of the 2nd year
5. Restoration Benefit provided for Related and Unrelated Illnesses provided during the Policy Year, for both, Partial and Total Claims.
6. Protect Benefit under the Policy provides coverage for Consumable Expenses as well which are normally excluded under other Health Insurance Policies
7. The Plan has no Room Rent Limit and No Co-Payment Clause
8. HDFC Ergo Optima Secure Plan offers Lifetime Renewal which means that the Health Insurance Coverage for Parents is secured for lifetime without any worry of Policy being discontinued by the Insured
9. Waiting Period of 36 months for Pre-Existing Diseases
10. Waiting Period of 24 months for Specific Diseases

ICICI Lombard Golden Shield

ICICI Lombard Golden Shield Health Insurance Policy is a Senior Citizen Health Insurance Plan suitable for senior citizens aged 56 years and above. The Policy provides coverage for Hospitalization Expenses, Day Care Procedures, Pre and Post-Hospitalization Expenses, Ambulance Charges etc.

Key Features of ICICI Lombard Golden Shield Senior Citizen Health Insurance Policy

1. Various Sum insured Options ranging from Rs5 Lakhs - Rs 50 lakhs are available under the ICICI Lombard Golden Shield Health Insurance Plan
2. The Policy has a Room Rent Restriction of Twin sharing room for Policy Sum Insured below Rs10 Lakhs and Single PAC room for Sum Insured of Rs10 Lakhs and above
3. Minimum Entry Age of 56 Years under the Policy
4. 10% Guaranteed Cumulative Bonus on Base Sum Insured upto a maximum of 100% for every Claim-Free Year. In case of a Claim during the Policy Period, the accrued bonus is not reduced.
5. The Plan provides Pre and Post-Hospitalisation Expenses Coverage for 60 days and 180 Days
6. ICICI Lombard Golden Shield Plan provides coverage for Modern Treatment Plans upto the Policy Sum Insured
7. The Policy provides a Unlimited Reset Benefit for Unrelated Illnesses and for same illnesses, the Reset Benefit is restricted to One time.
8. Policy has a 50% Co-Payment Clause on admissible Claim Amount on each and every Claim. The Policy has an option to reduce Co-Payment from 50% to 40%/30%/20% on payment of additional Premium
9. Policy has various Sub-Limits for Cataracts, Cerebrovascular and cardiovascular disorders, Cancer Treatments, Renal complications and disorders, Joint replacements and Robotic Surgery depending on the Sum Insured Chosen
10. Waiting Period of 24 months for Pre-Existing Diseases
11. Waiting Period of 24 months for Specific Diseases
12. Lifelong Renewal

Niva Bupa Senior First - Platinum Plan

Niva Bupa Senior First - Platinum Plan is a Senior Citizen Health Insurance Policy with an entry age of 61 years – 75 Years. The Policy provides coverage for Hospitalization Expenses, Day Care Procedures, Pre and Post-Hospitalization Expenses, Ambulance Charges etc.

Key Features of Niva Bupa Senior First - Platinum Plan

1. Various Sum insured Options ranging from Rs5 Lakhs - Rs 25 lakhs are available under the Niva Bupa Senior First - Platinum Plan
2. The Platinum Plan has a Room Rent Restriction of Single Private AC room
3. Minimum Entry Age of 61 Years under the Policy
4. The Plan provides Pre and Post-Hospitalisation Expenses Coverage for 60 days and 180 Days
5. The Plan provides a No Claim Bonus of 10% of Base Sum Insured for every Claim-Free Year upto a maximum of 100% of Policy Sum Insured. In case of a Claim during the Policy Period, the accrued bonus is not reduced.
6. Niva Bupa Senior First - Platinum Plan provides coverage for Modern Treatment Plans upto the Policy Sum Insured with a Sub-Limit of Rs1 Lakh per claim on few robotic surgeries
7. The Policy provides Unlimited Reassure Benefit upto the Policy Sum Insured for Related and Unrelated Illnesses
8. The Policy has a 50% Co-Payment Clause on admissible Claim Amount on each and every Claim. The Policy has an option to reduce Co-Payment from 50% to 40%/30%/20%/0% on payment of additional Premium
9. Policy has various Sub-Limits for Cataracts, Cerebrovascular and cardiovascular disorders, Cancer Treatments, Renal complications and disorders, Joint replacements and Robotic Surgery depending on the Sum Insured Chosen
10. Waiting Period of 24 months for Pre-Existing Diseases
11. Waiting Period of 24 months for Specific Diseases
12. Lifelong Renewal

TATA AIG Eldercare Plan

TATA AIG Eldercare Plan is a Senior Citizen Health Insurance Policy with an entry age of 61 years and above. The Policy provides coverage for Hospitalization Expenses, Day Care Procedures, Pre and Post-Hospitalization Expenses, Ambulance Charges etc.

Key Features of TATA AIG Eldercare Plan

1. Various Sum insured Options ranging from Rs5 Lakhs - Rs 25 lakhs are available under the TATA AIG Eldercare Plan
2. The TATA AIG Eldercare Plan has a Room Rent Restriction of Single Private AC room
3. Minimum Entry Age of 61 Years under the Policy
4. The Plan provides Pre and Post-Hospitalisation Expenses Coverage for 30 days and 60 Days
5. The Plan provides a No Claim Bonus of 10% of Base Sum Insured for every Claim-Free Year upto a maximum of 100% of Policy Sum Insured. In case of a Claim during the Policy Period, the accrued bonus is reduced in the following year.
6. High End Diagnostics covered under the Policy on an OPD Basis upto a maximum of Rs20000 each Policy Year
7. The Policy has a 20% Co-Payment Clause on admissible Claim Amount on each and every Claim.
8. Policy has various Sub-Limits for Cataract Surgery and Joint Replacements Surgery depending on the Sum Insured Chosen
9. Waiting Period of 24 months for Pre-Existing Diseases
10. Waiting Period of 24/36 months for Specific Diseases
11. Lifelong Renewal

What are the different types of Health Insurance Plans for Parents in India?

Depending on the specific health conditions of your parents and the coverage needed, you can opt for following types of Health Insurance Plans for Parents in India:

1. Individual Health Insurance Cover: An Individual Health Insurance Policy provides a separate Sum Insured for every person. The Sum Insured is applicable exclusively to the Insured Person ie the father or the mother. An Individual Health Insurance Policy is an ideal Health Insurance Policy for parents because they do not have to share the Sum Insured with other Members.
2. Family Floater Health Insurance Cover: A Family Floater Health Insurance Policy provides Health Insurance Coverage to all the family members under a single Policy. A Family Floater Policy is ideal if you have multiple senior dependents to cover, such as your Parents and Parents-in-Law. Family Floater Plans are affordable as compared to Individual Health Insurance Policies.
3. Senior Citizens Health Insurance Plan: A Senior Citizen Health Insurance Policy is a Health Insurance Plan specifically designed for Senior Citizens aged 60 years and above. The Plan provides coverage for Hospitalisation Expenses, Pre-and Post Hospitalisation Expenses and Daycare Procedures. A Senior Citizen Health Insurance Plan is suitable if your parents are above 60 years and are not approved for an Individual or Family Floater Plans. Senior Citizen Plans are restrictive in coverage as they have Sub-Limits and Co-Payment Clauses.
4. Super Top-Up Health Insurance For Parents: A Super Top-Up Health Insurance Policy provides coverage to the Insured for hospitalisation expenses above the Deductible Amount. A Super Top-Up Health Insurance Policy provides additional coverage for parents once their base Policy Sum Insured is exhausted. The Policy is useful in cases where parents require prolonged hospitalisation or treatment and incur large hospitalisation expenses.
5. Critical Illness Insurance Policy: A Critical Illness Insurance Policy pays a lumpsum amount to the Insured on the diagnosis of one of the Covered Critical Illness like cancer, heart attacks, kidney failure, paralysis etc. This Policy is suitable in order to ensure that the Policy Sum Insured is not exhausted by these critical illnesses leaving your Parents without coverage for other ailments.

Why do you need a Health Insurance Policy for Parents?

A Health Insurance Policy for Parents offers the following benefits:

1. Tax Benefits under Section 80D

Purchasing a separate Health Insurance Policy for parents provides Tax Benefits under Section 80D of Income Tax Act, 1961. Section 80D allows deductions upto Rs25,000 per annum for Insurance Premiums paid for Dependent Parents aged below 60 years and upto Rs50,000 per annum for Insurance Premiums paid for Dependent Parents who are Senior Citizens (60 years and above)

2. Coverage Against Age-Related Ailments

A Health Insurance Policy will provide coverage for Medical Expenses due to Age Related Ailments which are bound to crop up sooner or later. A comprehensive Health Insurance Policy will provide coverage against such medical expenses so that you do not have to bear the financial strain of these expenses.

3. Coverage against Unforeseen Critical Illnesses

A Health Insurance Policy provides coverage against Critical Illnesses like Kidney Transplant, Cancer, Heart Diseases etc which entail huge medical expenses. In some cases, people face financial distress due to such medical expenses. A Comprehensive Medical Insurance Policy ensures that you do not have to worry about such expenses.

What are the Key Features of Health Insurance Policy for Parents?

The Key Features of a Health Insurance Policy for Parents are as follows:

1. No Claim Bonus: No Claim Bonus provides an increase in the Policy Sum Insured without an associated increase in Premium. No Claim Bonus is an important feature of a Health Insurance Policy as if your Parents do not make any claim under the Policy, the Sum Insured is automatically increased by a pre-specified percentage and your parents can benefit from increased Coverage.
2. Waiting Period for Pre-Existing Diseases: Pre-Existing Diseases are medical conditions which already exist before the Policyholder purchases the Policy. Health Insurance Policies for Parents have a Waiting Period of 2-4 Years for Pre-Existing Diseases. During this period, claims related to Pre-Existing Conditions are not covered by the Policy. It is important to compare Waiting Periods for Pre-Existing Diseases as parents usually suffer from Pre-Existing Diseases like Diabetes, Hypertension, Cholestrol etc.
3. Cashless Claim Settlement: A good Cashless Hospital Network allows your Parents to receive treatment at the network hospitals without paying any money upfront. The Insurance Company settles the bill directly with the Hospital. You should choose an Insurance Company with a large network of hospitals, especially those near your residence. This ensures you have access to quality healthcare facilities in emergencies without financial strain.
4. Room Rent Limit: Room Rent Limit is a limit on the rent of the hospital room that will be borne by the Insurance Company. Health Insurance Policies specify limits on Room Rent. Choosing a Policy with adequate Room Rent Coverage is important because exceeding the limit will lead to Claim Deductions.
5. Lifetime Renewal: Health Insurance Policies allow Lifetime Renewals as long as the premiums are paid on time. Lifetime Renewability is a critical feature as Health Insurance Companies cannot cancel the Policy at their own discretion and leave your parents without Coverage at an old age when a Health Insurance Coverage is most required.

How to Choose the Right Health Insurance for Parents?

You should compare and choose the following factors before purchasing a Health Insurance Policy for Parents:

1. Sum Insured: When choosing a Health Insurance Policy for Parents, assess their health needs to understand their requirements and opt for adequate coverage that covers potential medical costs, taking medical inflation into account.
2. Waiting Period for Pre-Existing Diseases: Most Health Insurance Policies have a Waiting Period for Pre-Existing Diseases of 2 to 4 years where claims related to Pre-Existing Conditions are not covered by the Policy. You should compare the Waiting Period for Pre-Existing Diseases amongst multiple Health Insurance Plans and choose a Policy with Low Waiting Periods for Pre-Existing Diseases so that your Parents become eligible to avail Insurance Coverage as soon as possible.
3. Cashless Hospital Network: A robust Cashless Hospital Network allows you to receive treatment at network hospitals without paying money upfront. The Insurance Company settles the bill directly with the Hospital. You should choose an Insurance Company with a large network of hospitals, especially those near your Parents’ residence. This ensures that your parents will have access to quality healthcare facilities in emergencies without financial strain
4. Sub-Limit: Health Insurance Policies have Sub-Limits for various diseases which is a pre-determined capping on an Insurance Claim for certain medical expenses and surgeries. So, it is basically a limit up to which the insured will be covered for the specific ailment or room rent. For example, a Health Insurance Policy might have a sub-limit of Rs40,000 for Cataract Surgery. This means that the Policy will pay a maximum of Rs40,000 for a Cataract Claim. You should compare Sub-Limits amongst the multiple plans before finalisaing one Policy.
5. Co-Payment: Co-Payment is a cost sharing requirement under a Health Insurance Policy which states that that the Insured will bear a fixed percentage of the admissible claims amount. For example, if a Policy has a 10% Co-Payment Clause, it means that the Insured pays 10% of the bill, and the Insurance Company pays 90% for all claims. You should choose a Policy with No Co-Payments if the budget permits.

Get Best Quotes for your Health Insurance Policy for Parents with Qian!

Qian is a licensed Insurance Broker for Health Insurance Policies with tie-ups with multiple Health Insurance Companies in India. Our team will provide you with quotes for multiple Insurance Plans as well as assist you with the complete Health Insurance Claims Process. If you wish to learn more, you can you can email us at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you