Dependent parents, who are in their older ages, need a health insurance plan. They, being old, face a lot of health related issues and need frequent medical attention. If there are no existing health ailments, your parents are exposed to high health risks due to their advanced age. Since medical costs are rising steadily, meeting your parents’ healthcare expenses might put strain on your finances. That is why it is better to insure your parents under a health insurance plan.
In a normal health insurance plan, there is, usually, a maximum entry age up to which the policyholder can buy the plan. In most plans, the entry age is restricted to 60 or 65 years of age. What about individuals who are older? Can they get health insurance coverage?
Senior citizen health plans are specially designed health insurance plans for parents which are available for older individuals only. The coverage features are designed keeping in mind the needs of individuals in their older ages.
A parents health insurance plan would have the following common coverage features:
If the insured is admitted to a hospital for at least 24 hours, the plan pays the costs incurred on room rent, nurse’s fee, doctor’s consultation fees, surgeon’s fee, expenses incurred on blood and medicines, etc.
Expenses incurred before being actually hospitalised are called pre-hospitalisation expenses. Parents’ health plans cover pre-hospitalisation expenses for up to a specified number of days.
If ambulance charges are incurred in transporting the insured to the hospital, such costs are covered up to a specified limit
If you have a family floater health plan, check whether any family member is to be added or deleted from the coverage. In case you have a baby and want to cover your newborn or you want to include your dependent parents in the cover, you can do so at the time of renewals. Moreover, deletion of family members, like dependent parents or adult children can also be done at renewals.
Treatments which do not require a 24-hour stay in the hospital due to advancement of medical technologies are called day care treatments. These treatments are also covered in health insurance plans for parents.
Some parents health insurance plans offer coverage for treatments taken at home. Such treatments are called domiciliary treatments. However coverage is available only if such treatments are taken due to non-availability of hospital beds or if the insured was in no condition of being transferred to a hospital for treatments.
Under some plans you can also find coverage for expenses incurred in harvesting an organ from a donor for organ transplant treatments.
If no claim is made under the health insurance plan in any policy year, there is a no claim bonus which is allowed to the policyholder. Under this bonus, either the sum insured increases at the same rate of premium or the policyholder is allowed a discount in the renewal premium.
Parents health plans, providing medical insurance for parents above 60 years of age, have some distinguishing features. These features are as follows:
Health insurance plans for parents come with a limited amount of sum insured. Since insurance companies know about the high health risks which are associated with older age individuals, the coverage amount is restricted. You can avail coverage for up to a maximum of Rs.10 lakhs under most parents’ health insurance plans.
Every health insurance plan, which covers individuals over 60 years of age, comes with a co-pay ratio.
Since plans for parents cover parents over 60 years of age, there is a co-pay ratio in all plans. Co-pay means sharing of the claim. In case of any claim made under the plan, a part of the claim would be payable by the policyholder. The co-pay ration denotes the portion of claim payable by the policyholder. If the ratio is 10% the policyholder would have to pay 10% of the claim amount from his own pockets.
Pre-existing illnesses are covered after a short waiting period in parents health insurance plans. Since the plan is meant for parents above 60 years, the waiting period is kept low so that coverage can be made available from the earliest possible date.
You can get multiple discounts in parents plans for:
The insurance company might require the insured to undergo pre-entrance medical check-ups before the policy is issued. These medical check-ups are done on the cost of the policyholder. When the policy is issued, 50% or 100% of the costs incurred on the check-ups is reimbursed back by the insurance company.
Health insurance for parents should be bought only after comparing. Comparing lets you select the most suitable plan from a list of available plans. To compare, look at the following parameters:
Since the sum insured under parents plans is limited, look at the maximum sum insured allowed.
Co-pay is that percentage of claim which is payable by you. When comparing, opt for the lowest co-pay ratio to reduce your claim burden.
Choose a plan which offers the maximum possible discounts
If your parents have pre-existing illnesses, the same would be covered after a waiting period. Compare the applicable waiting periods of different plans and choose the lowest period.
The sub-limits of the coverage features should also be compared. You should try and opt for a plan which has the highest limits.
Opt for a plan which offers the most inclusive coverage features. Besides comparing the different plans, you can also enhance your health insurance plan with super top-up plans. this would increase the coverage of your existing health insurance plan and you would be able to meet the health insurance needs of your parents.
Turtlemint is an online platform which allows you easy purchase of a health insurance plan for parents. It is tied up with all the leading health insurance providers in India which provide a health insurance plan for parents above 60 years of age. By simply visiting Turtlemint’s website and entering in the relevant details, you can find the different plans available for parents. You can then compare the available plans and shortlist one which fulfils your requirement.
Turtlemint also helps in settlement of health insurance claims. They have a dedicated claim settlement team which gets your health insurance claims settled quickly.
|Name of the insurance company||Name of the plan||Salient features|
|Apollo Munich Health Insurance||Optima Senior|
|Bajaj Allianz General Insurance Company||Silver Health Plan|
|HDFC Ergo||Health Insurance Plan for senior citizens|
|New India Assurance Company Ltd.||Senior citizen mediclaim|
|Universal Sompo||Senior citizen health insurance|
|Star Health||Senior citizens red carpet insurance plan|
|TATA AIG General Insurance||Medi Senior|
Co-pay is the portion of claim which is payable by the policyholder. The insurance company covers the remaining claim only
You can avail a discount for choosing long policy tenure, for including the spouse, for buying online and also for not making a claim in the policy year
No, usually, parents’ health plans are offered on an individual sum insured basis only
Pre-existing illnesses are covered after a waiting period of 1 year to 4 years depending upon plans
Yes, a free-look period of 15 days is allowed for cancelling the plan after it is bought