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Health Insurance for Parents

We know that with greater age, comes higher risks of health complications. Many senior citizens suffer from pre-existing conditions but often their savings and pension are not adequate to deal with massive medical bills incurred upon hospitalisation. ...Read More

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Health Insurance For Parents
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What Is Health Insurance for Parents?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon What is Health Insurance For Parents

These are a special kind of health insurance policies designed to offer comprehensive coverage to our parents. It includes medical treatment costs, and hospitalisation expenses due to age-related issues. Availing Health insurance for parents helps you to mitigate the financial risk arising from costly medical treatments which otherwise can become a huge financial burden.

Hence it is wise to choose a health plan with a considerable sum insured which comes with benefits such as cashless treatment, annual health check-ups and much more. This can help you to manage the cost of healthcare treatments for your ailing senior citizen parents efficiently.

Why Do You Need a Health Insurance Policy for Parents?

Here are some of the key reasons why it is mandatory to purchase a health insurance policy for your parents:

Increasing Cost of Medical Treatments

Increasing Cost of Medical Treatments

Day by day, the cost of medical treatments and procedures is increasing. As a result of rising medical inflation, it is very difficult to estimate the future cost of medical treatments beforehand. Therefore the best way to deal with such a situation is to avail a health insurance policy for parents with substantial benefits. 

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Age-related Health Complications

Age-related Health Complications

Health complications are quite common, especially in old age as bodily functions start deteriorating and require special support and treatment. Many senior citizens suffer from health-related issues such as diabetes, high blood pressure, joint pain, cataracts, etc. Opting for a comprehensive health plan can help you provide the best medical treatment to your parents without any financial burden.

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Safeguarding Retirement or Other Goal-oriented Funds

Safeguarding Retirement or Other Goal-oriented Funds

Medical emergencies are always uncertain; hence, a sudden medical emergency can exhaust all your or your parent's retirement funds or any other goal-oriented funds. Therefore to keep all your lifelong savings intact, you can avail health insurance to serve the purpose well and also help your parents to fulfil their respective dreams and goals.

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Quality Treatment without Any Compromise

Quality Treatment without Any Compromise

Conducting medical treatment without a health insurance policy may result in a compromise in quality treatment. Therefore opting for health insurance can be the wisest option in order to provide top quality treatment at the city’s best hospital.

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Types of Health Insurance Policy for Parents in India

Here are the types of health insurance plans for parents in India:

1 Individual Health Insurance

It is a type of health plan which covers a single sum insured to an individual based on their specific health requirements.

2 Family Floater Health Insurance

As the name suggests, these cover an entire family under a single plan. It can be beneficial if you have both parents and siblings to cover.

3 Senior Citizen Health Insurance

Such types of plans are specially meant for elderly parents offering comprehensive coverage along with fewer entry age restrictions.

4 Hospital Cash Insurance

Under such a type of plan the insurer covers each day's daily allowances your parents remain hospitalised.

5 Critical Illness Insurance

These plans can be beneficial if your parents are diagnosed with critical illnesses such as critical heart diseases, cancer, stroke etc.

6 Group Health Insurance

Such types of health policies are usually offered by employers which cover your parents. 

7 Pre-existing Condition Cover

It is a type of cover which becomes beneficial if you are looking for coverage of a pre-existing health issue of your parents. These types of covers might have some waiting period before the coverage period begins.

8 Top-up Health Insurance

These plans are kick-ins or top-ups when the sum insured by basic health insurance is exhausted.

9 Government Health Schemes

The Government of India has also taken initiatives to provide health coverage to the citizens through schemes live Ayushman Bharat. However such types of policies cover an entire family but only if they fall below the poverty line.

10 Super Top-up Health Insurance

A super top-up health insurance plan is similar to a basic health insurance plan. Wherever there is a need for frequent healthcare, this plan works as a backup that reduces out-of-pocket However, a basic plan is not always necessary to buy a super top-up plan.

Parents Health Insurance Features

Here are some of the notable features of health insurance for parents:
Cashless Treatment

Cashless Treatment

Cashless treatment is one of the most important features which many insurers are offering these days. It enables policyholders to avail medical treatment without paying any upfront amount and the hospital bills are directly settled by the insurer.

Premium

Premium

Premium is the amount which a policyholder pays to the insurer. Generally, health insurance policies for parents require a higher sum insured compared to regular policies. 

Renewability

Renewability

Nowadays, most health insurance policies come with lifelong renewability. This means that you can continue to receive the policy coverage even as your parents become senior citizens.

Room Rent Limits

Room Rent Limits

There can be terms associated with health policies which cap the hospital room rent amount. It is recommended to thoroughly go through the policy documents before finalising the same.

Waiting Period

Waiting Period

Some health insurance covers come with a waiting period within which some conditions are not covered. 

No-Claim Bonus

No-Claim Bonus

Many insurers offer a no-claim bonus to the policyholder if they have not raised any claims during a policy year. This bonus can either increase the amount of the sum insured or reduce the annual premium payment.

Co-Payment

Co-Payment

There can be some policies which might require your parents to pay a certain percentage of the bills which is known as co-payment.

Benefits of Choosing Parents Medical Insurance Policy Online

Here are some of the benefits of choosing medical insurance for parents:
Ease at Your Fingertips

Ease at Your Fingertips

Availing a health insurance policy for your parents online is way more convenient than purchasing a policy physically.

Comparison of Multiple Plans

Comparison of Multiple Plans

You can easily get accurate details from the official websites of insurers and compare multiple health plans to choose the best deal.

Efficient and Time-saving

Efficient and Time-saving

You can save time up to a large extent instead of physically travelling to the branches of different insurance companies.

Eco-Friendly and Paperless Process

Eco-Friendly and Paperless Process

As the online application does not require physical paperwork, it is eco-friendly and ultimately saves a huge amount of paper.

Easily Accessible Information

Easily Accessible Information

Moreover, with an online facility, you can easily access the policy terms and conditions at any point in time from anywhere in the world. 

Hassle-free Premium Payments

Hassle-free Premium Payments

Setting up automatic payment makes your premium payment hassle-free and removes the hindrance of carrying cash physically and missing out on due dates.

Organised and Streamlined Processing of Claims

Organised and Streamlined Processing of Claims

Filing a claim online and processing the same is also organised and way faster and more straightforward than doing it via an agent. It also allows you to track your claim status with ease.

Customer Feedback and Ratings

Customer Feedback and Ratings

Genuine ratings and feedback from different customers can help you get a clear idea of the pros and cons of a particular policy and help to make an informed decision. 

Secured Transactions

Secured Transactions

Online transactions are quite secure as insurance companies allow you to make payments through some of the most secured payment gateways.

Understanding Insurance Costs, Deductibles, And Spending Limits

Buying health insurance plans for parents without understanding details that eventually increase your out-of-pocket expenses will not serve the purpose. You need to understand the following parameters before investing in health insurance for parents:

1
1

Premiums

Premiums are contributions you make to the insurance companies to keep the insurance policy alive. Age, location, existing health condition, etc., are factors considered before fixing the premium. A higher premium generally reduces the out-of-pocket expenses. 

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Deductibles

Deductibles are the expenses the insured has to pay before the insurance policy starts paying for the covered expenses. The deductibles depend on the level of premiums paid. The higher the premium, the lesser the deductibles, and vice-versa.

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Copays

Copays are a percentage of the medical expenses or a fixed amount that the insured should bear during claim settlement. The insurance provider will bear the rest of the amount.

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Coinsurance

Coinsurance is a percentage of the medical costs that the policyholder has to bear after deductibles. For instance, if the coinsurance is 10%, the policyholder has to pay 10% of the expenses.

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5

Out-of-Pocket Expenses

Out-of-pocket expenses include deductibles, copays, coinsurance, and costs not covered under medical insurance for parents.

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Adding Parents as Dependents vs Individual Insurance Plans for Each Parent

Benefits of including Parents as dependents
 

If you add parents as dependents in the Group Medical Cover provided by your employer or in a family floater for health insurance it will be more economical than having a separate policy. . They will also get coverage for pre-existing illnesses. A shared policy simplifies the coordination of benefits and the claim process.

An individual insurance plan for each parent gives the option to choose a plan that provides coverage to suit their specific health requirements and budget. Your employment does not impact their coverage, and they can renew the policy at any age. They will have the liberty to upgrade, converge, and change plans and the provider as their needs evolve without affecting your policy. 

Drawbacks of Including as Dependents
 

The cons of including parents as dependents are:

  • The parents have limited control over coverage and plan.
  • If you lose or quit your job, your parents will lose coverage.
  • The health status of parents can impact your premium.
  • The maximum age stipulation for dependents restricts renewal after a certain age

What Is Covered Under a Health Insurance Plan for Parents?

Here are some of the medical expenses which are covered under Health insurance for parents:

Hospitalisation Coverage

Hospitalisation Coverage

It caters to the medical expenses of your parents if they are admitted to a hospital for a duration of more than 24 hours.

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Pre-hospitalisation Coverage

Pre-hospitalisation Coverage

It provides coverage for diagnostic tests and doctor consultations that occur before the hospitalisation of an insured person. It typically spans from 30 days to a maximum duration of 90 days prior to hospitalisation, depending on the policy you’ve chosen.

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Post-hospitalisation Coverage

Post-hospitalisation Coverage

Coverage for follow-up treatments begins once your parents are discharged from the hospital. It typically extends from 60 days to a maximum of 90 days depending on the policy you’ve chosen.

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Day Care Procedures

Day Care Procedures

It includes expenses for day care treatments, such as cataract surgery, varicose veins surgery, etc., which do not require the insured person to be hospitalised for 24 hours.

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Pre-existing Illness

Pre-existing Illness

It covers treatment of your parents' pre-existing conditions; typically it comes with a waiting period ranging from 2 years to 4 years. Some health insurance plans now offer immediate coverage without any waiting period.

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Major Surgeries

Major Surgeries

This covers the expenses of major surgeries, such as open-heart surgery, knee replacement, brain surgery, liver transplant, etc.

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Health Check-up Benefit

Health Check-up Benefit

This covers the expenses of preventive health check-ups for your parents.

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Domiciliary Treatment

Domiciliary Treatment

This covers the costs of providing treatment at home if hospitalisation is not at all possible.

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Organ Donor Expenses

Organ Donor Expenses

This caters to the expenses associated with harvesting donated organs for transplant surgeries of your parents.

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Home Treatment

Home Treatment

This covers the medical expenses while providing treatment at home based on a doctor's advice.

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Modern Treatments

Modern Treatments

This covers the costs of modern treatments for your parents such as robotic surgeries, deep brain stimulation, oral chemotherapy, etc.

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What Is Not Covered in Parent's Health Insurance?

 

The following health conditions or treatments are usually not covered under parent’s health insurance:

  • Treatments availed in foreign countries
  • Medical treatment arising due to participation in war, hazardous sports, violation of the law, civil war and terrorism
  • Procedures such as cosmetic surgery, circumcision plastic surgery, etc.
  • Any form of registration fees, service charges, admission fees and ID card fees imposed by the hospital
  • Conditions related to substance abuse, sexually transmitted diseases (STDs) and self-inflicted injuries
  • Certain eye surgery, dental implants, hearing impairment correction

Factors to Consider When Buying a Parent's Health Insurance Plan

Here are some of the important factors to consider while buying a health insurance plan for parents in India:

Comprehensive Coverage

Comprehensive Coverage

While finalising a health policy, the most important thing to keep in mind is to check whether all the policy covers your major healthcare requirements. Assess the coverage given for hospitalisation expenses, critical illness coverage, daycare procedures, major surgeries, etc.

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Waiting Period for Pre-existing Illness Cover

Waiting Period for Pre-existing Illness Cover

If your policy comes with a pre-existing illness cover, consider checking the waiting period. The shorter the waiting period, the better it is.

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Co-payment

Co-payment

Co-payment clause in health insurance is the percentage of the claim that the policyholder has to pay; therefore the lower the percentage, the better it is.

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Sufficient Sum Insured

Sufficient Sum Insured

It is also essential to check whether the sum insured offered by the insurer is sufficient for your parent’s health conditions or not.

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Sub-limit

Sub-limit

While purchasing a health policy it is also important to check whether there are any sub-limit in the policy or not. As it can set restrictions or limit the amount of expenses on some expenses like surgical fees, hospital room rent, etc.

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Eligibility Criteria for Mediclaim Policy for Parents in India

 

Here are the eligibility criteria for parents' mediclaim policies in India.

 

Criterion

Description

Age

Most Indian insurers offer health insurance plans for parents of age between 18 to 65 years. However, it varies from insurer to insurer and some policies offer much higher age limits.

Financial Situation

You might also have to prove yourself as a financially independent child of your parents before purchasing a policy. For this, you might have to submit income proofs or any other documents.

Medical Check-up

For middle-aged parents such as 45 to 50 years of age, insurers seek medical check-ups in order to get clarity on the current health condition of the beneficiary. Based on these reports, the premium amount is determined.

Relationship

In order to avail health insurance for parents, you must be their child (i.e. biological child) or have a legal relationship with them (i.e. adopted child). However, even if you are a stepchild, you can still buy health policies for your parents.

Documents Required to Buy Mediclaim Policy for Parents

Listed below are the documents which are commonly required by most insurers offering mediclaim policies for parents:

1. Application form duly filled along with signature

2. Medical reports (if applicable)

3. Recent passport-size photo

4. Proof of age: As most insurers have set age restrictions, it is mandatory to submit an age proof while purchasing the policy. Any of the following documents can act as proof of age:

  • Passport
  • PAN card
  • Driving license
  • Voter ID card
  • Aadhaar card

5. Address proof: It is important for the insurer to know the communication address of the beneficiary. Any of the following documents can act as address proof:

  • Aadhaar card
  • Driving license
  • PAN card
  • Utility bills (electricity bills, telephone bills, etc.)

6. Identity proof: Any of the following documents can act as proof of identity:

  • Passport
  • Driving license
  • Aadhaar card
  • Voter ID card

How to Buy a Parent's Health Insurance Policy Online from HDFC Life?

HDFC Life offers a variety of health plans with extensive coverage and affordable premiums. Here is the step-by-step guide for purchasing a health insurance policy from our platform:

1

 First, navigate to the Health Insurance product page of HDFC Life. You can also find it as “Health Plans” under the “Life insurance" tab (though it is not a life insurance product)of the navigation bar on the homepage.

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2

Now simply click on “Apply now” or “Resume Application” and an interface will open. Here, enter your email, date of birth and mobile number and proceed.

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3

 An application form will open where you will have to fill in some basic details about your parents to insure them. Enter the name, contact number, gender, date of birth, PIN code etc. 

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4

Then. click on ‘Get Quote’ to proceed.

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5

From the list of policies, select the policy as per your choice and requirement by clicking on ‘Buy Now’ under the plan. You can modify the chosen policy by altering the amount of the sum insured and other coverage as per the requirements of your parents.

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6

Depending on the chosen plan, you may find options to select the premium amount.

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Confirm the above-entered details and click on ‘Next’ to proceed.

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Here, you will have to enter details such as nationality, marital status, height, weight, residential address and nominee details.

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Next, you might have to answer some of the basic questions regarding the health conditions of the insured person and their lifestyle.

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Confirm the same and proceed and it will redirect you to the payment gateway.

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Complete your payment using any of the payment modes such as debit card, credit card, UPI and net banking.

 

Upon successful payment, you will receive your policy document over your registered email ID.

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How to File a Claim for Parent's Health Insurance? 

Primarily there are two ways you can file a claim for health insurance of your parents: cashless claim or reimbursement. In a cashless claim, the policyholder is not required to make any cash payments (bills covered under the policy). Instead, the hospital bills are directly settled by the insurance company upon submission of valid proofs.

Here are the steps guiding you to file a health insurance claim under both processes. 

 

FAQs on Health Insurance for Parents

 

1 My parents have a pre-existing disease, can I buy health insurance?

Yes, your parents can avail a health insurance plan even if they have an existing illness. In such a scenario, make sure that the policy provides coverage for that specific disease before finalising its purchase.

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

Yes, the majority of insurers have a specified age limit while purchasing health insurance for parents. The maximum limit typically varies between 60 years to 80 years of age.

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

Yes, many health insurance policies allow the policyholder to add their family members as dependents. Hence, you can add your parents to your existing health insurance policy.

4 Does health insurance give tax benefits to parents?

Yes, availing health insurance can allow tax deductions to you and your parents both under Section 80D6 of the IT Act. You can claim deductions of up to Rs. 1 lakh/year on the premium paid for your parent’s health insurance6.

5 Are medical tests necessary while buying health insurance for parents?

It varies from insurer to insurer. While some insurers ask for medical reports, others require a few basic information before issuing a health policy.

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

Yes, it is possible to include your parents in a family floater plan insurance policy. They can share the sum insured amount offered by the insurer.

7 Can I get immediate coverage for pre-existing diseases for my parents?

Typically, health insurance policies with pre-existing cover come with a waiting period ranging from 2 years to 4 years. However, recently certain insurance companies have been covering pre-existing illnesses with no waiting period.

8 How can I enhance my parents’ insurance coverage?

You can enhance your parent's insurance coverage in various ways. It includes increasing the amount of sum insured, timely renewals, adding riders, conducting regular health check-ups and reviewing the policy from time to time.

9 Which is the best health insurance for parents?

The best health insurance policy can be the one with a sufficient amount of sum insured based on the health condition of your parents. It must also include pre-existing illness cover, critical illness cover, organ donor transplantation, cashless hospitalisation, etc.

10 How to buy insurance for parents?

You can avail a health insurance policy online or physically by visiting the branch office of the insurer.

11 What is the difference between a family floater and parents' health insurance?

Family health insurance plans cover all the members of the family including the applicant and his/her spouse, children and parents.  Hence, the sum insured by a family floater plan is shared amongst all the members of the family. On the other hand, parent’s health insurance is solely meant for the parents and no one else.

12 Can a 70-year-old get health insurance?

Yes, the maximum age limit offered by insurers typically ranges from 60 years to 80 years of age. Hence a 70-year-old is also covered under a health insurance plan.

13 Can an 80-year-old get health insurance?

Yes, the maximum age limit offered by insurers typically ranges from 60 years to 80 years of age. 

14 What is the procedure to make a claim for your parent's health insurance?

You can file a claim in two ways: a cashless claim and a reimbursement claim. Cashless claims can be made by filling out the pre-authorisation form, once it is approved by the insurer all the expenses are settled by the insurer. With reimbursement claims, you have to pay the medical bills in full out of your pocket and then file claims with the insurer. 

15 Is it beneficial to buy Health Insurance for Parents?

Yes, availing health insurance for parents is extremely beneficial and can be a wise decision. Moreover, health insurance provides comprehensive coverage to your parents in medical contingencies.

1. Annual Premium amount ₹ 1869 for Male aged 35 years, Base Benefit, 10 years term, Regular Pay option, Sum Assured=10 lakhs, excluding Taxes & levies as applicable.

6. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

ARN:  ED/07/24/13728