Health Insurance for Parents above 50 Years
Health Insurance for parents are exclusively designed to meet the exorbitant hospitalization expenses paying a specific amount of premium every year to the insurance company, which in turn, reimburses the cost of medical treatment based on the sum insured.
If your parents are below 55 years, you can buy a normal health insurance plan that offers coverage to people of their age. On the other hand, there are senior citizens health insurance plans, which provide necessary financial aid in medical emergency to people who are 60 years of age or above. A lot of insurance companies offer the best mediclaim policies for parents or senior citizens in India.
Simply put, a good health insurance policy for your parents must include critical illness cover, coverage for pre-existing diseases, cashless hospitalization, organ donor transplantation (if possible) and a higher sum assured.
Best Health Insurance Plans for Parents Above 50 Years Of Age
Compare these top medical insurance plans and choose the best one for your senior citizens parents –
|Health Insurance Plan||Entry Age||Sum Assured||Lifelong Renewability||Pre-existing Diseases||Pre-medical tests|
|Star Health Senior Citizen Red Carpet Plan||Between 60 to 75 years||Min: Rs 1 Lakh
Max: Rs. 10 lakhs
|Yes||A waiting period of 12 months||
No pre-medical screening required
|Bajaj Allianz Silver Health Plan||Between 46 to 75 years||Min: Rs. 50,000
Max: Rs. 5 lakhs
|71 years and above||
Some diseases are covered after 1 year
|United India Assurance Senior Citizen Policy||Between 61 and 80 years||Min: Rs. 3 Lakh
Max: Rs. 1 crore
|yes||A waiting period of 2 to 4 years||Required|
|Oriental – (Hope) Health of Privileged Elder -Senior Citizen Specified Diseases Insurance||For 60 years and above||Min: Rs. 1 Lakh
Max: Rs. 5 Lakhs
|yes||A waiting period of 2 years||Requires certain medical check-ups|
|New India Assurance Senior Citizen Medi-claim Policy||Between 60 and 80 years||Min: Rs. 1 Lakh
Max: Rs. Rs. 1.5 Lakhs
|Renewal for 81 to 90 years of age||Pre-existing diseases to be covered after paying 10% extra premium||Required|
|Religare Care Freedom Senior Citizen Health Insurance||Floater policy Age of eldest members can be 46 years and above
Age of proposer should be 18 years or above
|3 lakhs to 10 lakhs||10% co-payment for renewal after 71 years of age||A waiting period of 2 years||Not mandatory (depends on the age)|
|Apollo Munich – Optima Senior Health Plan||61 years and above||Min: Rs. 2 Lakhs
Max: Rs. 5 Lakhs
|yes||A waiting period of 3 years||Required|
|HDFC Ergo Senior Citizen Plan||Lifetime entry no upper age limit||Rs. 2 to 5 Lakhs||yes||A waiting period of 3 years||No medical check-up
required up to the age of 45 years
|Max Bupa Heartbeat Plan||Entry age if from birth to 65 years||Individual silver plan –Rs 2 to 3 lakhs
Individual Gold Plan – Rs. 5 to 50 lakhs
Family First Silver -1 to 5 lakhs
Family First Gold -1 to 15 lakhs
|yes||A waiting period of 48 months||Based on the age of the insurer|
|Royal Sundaram Lifeline Elite Plan||Anyone above 18 years of age is eligible to purchase it||Rs. 25 lakhs to Rs. 1.5 crore||yes||A waiting period of 2 years|
Why buying health insurance for your Senior Citizen parents?
What is it that we can gift to our parents in the later years of life? They did everything possible to give you a good life. Now it’s time to return the favor in the form of health insurance. Gift them a stress-free and secured future where they don’t need to worry about their medical treatment. Make them feel secure and provide them with the best medical facilities available in India. All this is achievable with a Health Insurance plans that offers coverage to people above 50 and 60 Years of Age.
Below are the reasons why it is important:
- You can provide the best medical treatment to your parents along with tax benefits
- Provides peace of mind in case of an unforeseen illness or hospitalization
- Reimbursement of medical expenses
- Treatment across a host of hospitals PAN India
Most importantly, it will help your parents enjoy their old age without worrying about their health treatment.
How you can Buy the Best Health Insurance for Your Parents?
There are a number of health insurance policies in the market. But, it can be confusing to decide the one that will work best for your parents. Here’s a quick rundown of the things that you should consider while purchasing health insurance plans for your aging parents-
- Maximum Coverage– When you buy health insurance for your parents, it is important that you go through the policy inclusions and limitations. Your parents need a plan that offers coverage against a number of diseases. At this age, they are more prone to critical illnesses, so these should definitely be covered.
- Entry Age – Most of the Mediclaim insurance policies provide coverage from 55 to 80 years. But, there are certain plans whose entry age is above 60 years. Choose a plan in which entry is allowed at an older age and offers lifelong renewability.
- Waiting Period – Pre-existing illnesses are covered after a long waiting period. Choose a plan that has a lower waiting period and provides coverage to maximum illnesses like heart ailments, diabetes etc.
- Compare Different Plans– Undoubtedly, everyone wants to buy best health insurance plan for their parents. But, to ensure this, make sure that you explore different health insurance plans available in the market before zeroing down on the final one.
- Network Hospitals– It is important that you go through the list of network hospitals that are in collaboration with the insurer you are picking. Ensure that the reputed hospitals in your vicinity are listed in the plan so that at the time, of emergency it is convenient to take them to the hospital.
- Insurance premium: The premium varies with the age of the individual and as the age of the individual grows, the premium also increases. This is the reason why premium for a senior citizen health insurance plan is usually higher than a basic health plan. That is why an individual health insurance plan for senior citizens is a better option than a family floater plan.
- Policy Wordings – A health insurance policy document may seem all Greek and Latin to you at first, but it is important to go through the policy terms and conditions to understand the policy thoroughly.
Benefits of Buying a Health Insurance Plan for Your Parents?
Following are the advantage of buying a health insurance policy for your parents –
- Domiciliary Hospitalization expenses are also covered
- Cashless hospitalization is possible in network hospitals
- Annual health check-up facilities are provided to your parents
- Reinstatement of the sum insured
- Critical illness cover also offered
- Organ donor expenses are also covered in some policies
What to Look for When Deciding the Final Policy:
- Policy features – Check the policy inclusions and exclusions carefully. To read them in detail, download the policy wordings and choose the plan that is offering maximum coverage within your budget. Choose a plan that includes chemotherapy, dialysis, organ donor expenses etc., based on your needs
- Minimum waiting period – When it comes to aging parents, it’s always better to go with a policy that has a minimum waiting period along with other benefits. This is important to cover their pre-existing diseases without waiting for long.
- Go for a higher sum assured – Healthcare is becoming expensive day-by-day. For a smooth medical treatment, go for a sum assured that provides maximum coverage. For e.g. a policy of 5 lakhs may not be very expensive in comparison to a 3 lakh policy. So, it’s better to choose the higher limit. But, this is subjective like your budget.
- Whether a pre-medical check-up is required or not Though it is mandatory after 45 years of age, there are certain health insurance companies that do not ask for it. So, you can always cross-check if you do not want the insurer to deny insurance your parents based on their medical pre-existing conditions.
- Choose a policy with No-claim Bonus – It is the discount that you get on your insurance premium for the years that you haven’t filed a claim. So, choose a policy that offers a no-claim bonus, as this may help you in reducing the premium.
- Age of Renewability– Usually, all medical insurance companies in India deny renewal after a certain specific age. At the time of choosing a policy, try to pick the one that offers lifelong renewability.
- Check if the illnesses on your priority list are covered – With increasing age, the odds of getting diagnosed with cardiovascular diseases, diabetes, etc. are higher. While choosing a health care plan for your parents, make sure that these specific diseases are covered.
- Choose a policy with lowest Co-pay clause- If you want the insurance premium to be affordable, co-payment plays a big role. For your aging parents, this co-pay amount might be on a higher side but it is a mandatory part of the policy. Check for a policy that offers the lowest possible co-pay.
Read More: waiting period in health insurance in detail
Inclusions: What is Covered By A Health Insurance?
- Hospitalization expenses are covered if the patient has been admitted for more than 24 hours. Expenses like room rent charges, fees charged by the doctor, cost of medicines, blood, oxygen etc. are covered
- Daycare expenses are also included
- Pre and post hospitalization charges
- Ambulance charges are covered up to a specified limit
- Medical expenses are reimbursed at network hospitals only
- Pre-existing diseases to be covered after the completion of waiting period
Exclusions: What is not Covered in a Health Insurance That You Buy For Your Parents?
Sometimes, we forget reading the policy documents and realize this later when a claim request is rejected. It’s better that you know these exclusions beforehand –
- A claim arising due to pre-existing illness and injuries
- Cosmetic surgeries and aesthetic treatments
- Any illness that has been diagnosed within 30 days from policy purchase date
- Expenses incurred on non-allopathic treatment
- Self-inflicted injuries and anxiety disorders
- Intoxication and drug overdose
- Dental treatment unless it is an accidental injury
- Cost of lenses, spectacles and hearing aids
- Hospitalization required for treatment of HIV, AIDS, and STDs
- Injury resulting due to any terrorist activity, war, rebellion etc.
Claim process to follow in case of an emergency or planned hospitalization:
- ID Proof and policy number at the network hospital
- Hospital’s insurance desk will ask you to provide your personal details, policy ID and fill the pre-authorisation form
- The hospital’s insurance desk will fill the rest of the details and send the document to the insurer
- Your documents will be reviewed by the insurer and based on this, the approval or rejection will be sent to the hospital
- Either you will receive an approval or you will need to furnish more documents.
- In case it is rejected, a claim reimbursement can be requested
If it is a cashless hospitalization the process goes as follows:
- All the details filled in the pre-authorisation form will be verified by the third party health insurance (TPA) and the hospital
- Once the pre-authorisation form is submitted, the insurer will take care of all the communication related to settlement of the bill
- Before discharge, the patient or the proposer is intimated of any expenses that are beyond the scope of coverage. The final amount is paid as per the sum insured.
If you want to reimburse your claim, then follow this process:
Once the claim form is duly filled, all the necessary documents are attached to it and sent to the insurer and the following process begins –
- The in-house insurance team reviews the papers
- Once approved by the insurer, the funds will be processed and the payment will be reimbursed within a week or so.
- You will receive the intimation of the same. And the approval will be sent.
- In case it is rejected, intimation will be sent to you. If required, you will need to submit more documents to ensure claim resolution as soon as possible and the file will open for review.
- Once cleared, the money will be reimbursed
Documents Required for Smooth Claim Settlement Process:
- Age proof of your parents
- Document of medical check-ups conducted before the policy approval
- Proposal form
- Medical documents supporting pre-existing health ailments
Over to you!
We do so much research while purchasing gadgets, clothes, then why not compare and buy the best health insurance for your parents. It is imperative for your parents to have an adequate health insurance policy that covers most of the health risks associated with their growing age. This will be one of the best investments of your life that will have long-term benefits for you and your family. All this is worth it when you will see your parents in the pink of their health especially with their growing age.