Health insurance for parents must be a priority because the life expectancy is now at 70.62 years. Moreover, about 21% of the elderly suffer from at least one chronic disease, needing ongoing medical care. The monthly doctor consultations, medications, and around-the-clock care when your parents are sick can quickly become expensive. Health insurance can efficiently deal with the increasing healthcare costs and hospitalisation expenses. Further, health cover for parents gives them access to telemedicine and annual health check-ups that enable seniors to stay healthy.
Zero
Waiting period
10,500+
Cashless hospitals
100%
Bills covered
A health insurance plan for parents is a type of health insurance that plays an important role in parental care. We all want to care for our parents and ensure their good health. However, as they age, they tend to fall sick more often. The risk of critical illnesses also increases with age. Ongoing medical costs and hospitalisation for seniors are often expensive due to the higher health risks.
Parent's health insurance acts as a safety net, removing financial worries so you can ensure your parents receive the best treatment at a reliable health facility. Your insurance provider will cover medical bills and necessary treatments when they need it the most.
Securing health insurance is one of the most important steps you can take to protect your parents' well-being in their later years. There are several compelling reasons why health coverage is critical once they pass 60.
As parents advance in years, their bodies become more susceptible to common age-related health issues such as diabetes, hypertension, arthritis, cataracts, and more. Managing these chronic conditions often requires regular treatment and medications, which can become costly. Health insurance provides a safety net to help cover expensive ongoing care.
With advancing medical technology and inflation, healthcare costs have skyrocketed recently. Even a short hospital stay can result in bills of several lakhs of rupees. Health insurance cushions parents from the financial hardship of excessively high medical bills, providing cashless hospitalisation and coverage for treatment costs.
The high price tag of modern healthcare may force you to cut corners on tests, doctor visits, or treatments. With health insurance, cost does not have to be a deterrent in making healthcare decisions. Parents can access the best quality care from top hospitals and specialists without worrying about expenses.
A health crisis can wipe out a lifetime of retirement savings in one stroke. Health insurance safeguards parents' hard-earned money, so it can be used to fulfil retirement dreams rather than pay for medical bills. It provides the financial backup they need in their golden years.
Knowing parents have comprehensive health coverage brings immense peace of mind. Health insurance lifts the financial stress of medical care costs and allows the family to focus on recovery and well-being rather than money matters. This reassurance is invaluable.
Benefits of choosing your parents medical insurance policy online in India can be a smart and convenient way to ensure that they receive the best Parental healthcare when they need it. Let us break down some of the benefits for you in a friendly and simple way.
When you choose a medical insurance policy online, you don't need to visit insurance offices or spend hours on the phone. Everything you need is just a few clicks away on your computer or smartphone. It's like shopping for insurance in your pyjamas!
Online platforms allow you to compare various insurance plans easily. You can see the features, benefits, and prices side by side. This helps you pick the one that fits your parents' needs and your budget.
Instead of spending hours travelling to different insurance companies, you can do all the research and purchase a policy online within minutes. No need to take time off work or worry about long queues.
Online policies are paperless, which means you won't have to deal with stacks of documents. It's also better for the environment since it reduces the use of paper.
You can access all the policy details, terms, and conditions online at any time. This makes it easier to understand your coverage and benefits.
Paying premiums is a breeze online. You can set up automatic payments, so you never miss a due date. This ensures continuous coverage for your parents.
If your parents need to make a claim, the online process is usually faster and more straightforward. You can submit documents digitally and track the progress of your claim online.
Online platforms often provide customer reviews and ratings for different insurance companies and policies. This can help you make an informed decision based on other people's experiences.
Online insurance platforms use secure payment gateways, so your financial information remains safe.
Elderly parents who buy health insurance in India can claim income tax exemptions on health insurance under Section 80D of the Income Tax Act, 1961. Deductions can be claimed by them if they pay for thier own policy or if their children pay the premium for their parent's health insurance.
| Category | Deduction Limit (Below 60 Years) | Deduction Limit (60 Years & Above) |
| Self, Spouse & Dependent Children | ₹25,000 | ₹50,000 |
| Parents | ₹25,000 | ₹50,000 |
| Maximum Deduction | ₹50,000 | ₹1,00,000 |
Here are different types of health insurance plans for parents in India.
This type of plan covers one person, which means your parents will have their own health insurance policy. It's great if you want to ensure their specific healthcare needs are taken care of.
If you have both parents and maybe even you and your siblings to cover, a family floater plan can be a good choice. You can also include your spouse and children under a single health insurance. It covers the entire family under one policy, and the sum assured is shared among family members.
These plans are specially designed for elderly parents over the age of 60. They usually have higher coverage for age-related illnesses and with new IRDAI regulations, it is possible to buy senior citizen insurance for parents over 65 years.
This plan provides a lump sum amount if your parent is diagnosed with a critical illness like cancer, heart disease, or stroke. It can help cover the costly treatments associated with these conditions.
This type of plan offers a daily allowance for each day your parent is hospitalised. It can help with additional expenses like transportation and food while they are in the hospital.
If your parents already have a health issue, look for plans that cover pre-existing conditions. These plans might have a waiting period before they provide coverage for such conditions.
These plans kick in when the basic health insurance coverage is exhausted. It can be a cost-effective way to enhance your parent's health coverage without buying a completely new policy.
Similar to top-up plans, super top-up policies provide coverage once a certain threshold is reached. These are useful if you want to extend the coverage significantly.
Some employers offer group health insurance that can cover your parents if you're working in a company. It's often a convenient and cost-effective option.
India also has government health insurance schemes like Ayushman Bharat. These schemes are designed to provide financial protection for healthcare to families below the poverty line.
When you purchase parental health insurance plans, you must look for the following key features:
Many insurance policies offer cashless treatment, which means your parents can get medical care at network hospitals without paying upfront. The insurance company settles the bills directly with the hospital.
If your parents don't make any claims during a policy year, they can earn a no-claim bonus. This can increase the sum insured or lower the premium for the next year.
Most health insurance plans for parents offer lifelong renewability. This means you can continue the coverage even as your parents get older.
There's usually a waiting period when you first get the insurance, during which some conditions may not be covered. This period can vary between policies.
Some plans may require your parents to pay a percentage of the medical bills, known as co-payment. It's important to understand this aspect before choosing a policy.
Health insurance plans for senior citizens often come with a higher deductible, requiring your parents to pay out of their pocket before making the insurance claim, as the insurance will start covering only after the deductible.
You'll need to pay a regular premium to keep the insurance active. The cost can vary depending on factors like your parents' age and the coverage amount.
Some policies have limits on room rent, so it's essential to choose a plan with room rent coverage that matches your preferred hospital category.
With health insurance for elderly parents, insurers often offer several ways for you to share the medical expenses. When you opt for higher out-of-pocket expenses, the premiums are reduced. However, during hospitalisation, this increases your expenses. You can look for the following features in a policy:
The amount paid periodically (monthly, quarterly, etc.) to maintain coverage. Premiums are based on factors like age, location, and health status. Higher premiums usually result in lower out-of-pocket costs.
The amount you pay out-of-pocket before insurance starts covering care. Preventive services may be covered before the deductible is met. Higher deductibles lead to lower premiums.
A fixed fee paid for certain services after the deductible is met. Common copays range from Rs. 200 to 500 for doctor visits or prescriptions.
The percentage of costs you share after deductible. For example, 20% coinsurance means you pay 20% of a bill.
The most you'll pay in a year via deductible, copays and coinsurance. After this limit is reached, insurance covers 100% of costs.
Review the policy details to understand how much you'll pay for care based on the deductible, copays, and out-of-pocket expenses. Choose a plan as per your budget.
Here are some simple steps to help you make the right choice while buying health insurance for parents.
Buying health insurance for your parents at the right time can significantly influence the premium costs and coverage scope. This is why it's good to make plans early:
Health insurance premiums rise with age. If you purchase a policy when your parents are in their 50s or early 60s, you lock in lower rates.
Policies have a waiting period for pre-existing conditions or treatment. Buying early means that your parents will most likely serve the periods before they require significant medical attention.
Older individuals may suffer a certain level of denial or denial of coverage on policies owing to risks associated with older ages. Early purchase ensures complete coverage.
Many insurers encourage preventive measures, including regular health check-ups and wellness programs, when policies are taken early. This helps to manage possible health risks proactively.
Here are the general eligibility criteria for buying Mediclaim Policy for Parents
| Criteria | Description |
| Age Requirements | Most health insurance companies in India offer Mediclaim policies for parents between the ages of 18 and 65. Some policies may have slightly different age limits, so it's essential to check with the specific insurance provider. |
| Relationship Status | To get a Mediclaim policy for your parents, you need to be their child or have a legal relationship with them. This means biological children, adopted children, or even stepchildren can usually buy policies for their parents. |
| Financial Independence | Some insurers might require you to demonstrate that you are financially independent before purchasing a policy for your parents. This could include providing income proof or other financial documents. |
| Medical Check-up | For parents who are above a certain age (usually 45-50), insurance companies often require a medical check-up. This helps assess their current health status and determines the premium you'll pay. |
Health insurance plans for parents can be purchased in two ways. You can include them in your corporate insurance policy or purchase individual plans. Let's explore these options.
With individual health plans, your parents maintain full control over choosing a policy and coverage that fits their specific health needs and budget. They are not dependent on your employment status and can renew coverage at any age, regardless of health conditions. While premiums and out-of-pocket costs are solely based on their health profile, individual plans allow more independence and flexibility. Your parents can change plans, upgrade coverage, or switch insurance providers as their needs evolve without impacting your policy.
Parents' health needs vary in age, lifestyle, and pre-existing conditions. Customised health insurance coverage will ensure the policy suits medical or financial needs. The choice of coverage in the case of online insurance purchasing is a simple checkbox selection. You can customise the insurance policy for your parents as follows:
Parents will likely have chronic conditions like diabetes, hypertension, or arthritis. Look for policies with coverage for pre-existing conditions after a short waiting period or, better, a zero waiting period. Ensure there are minimal or no co-pay clauses for such situations.
The adequate sum to consider must be based on healthcare expenses at your location. It would require a higher sum insured, like in metropolitan cities, of ₹10-15 lakhs to handle rising medical inflation.
Enhance the policy with additional features like:
Plan for options to pay monthly or annual premiums. Policies like those of Acko typically allow the premium cost to fall on the shoulders of the younger family members so that the plan remains comprehensive.
Parents' health insurance provides coverage for hospitalisation expenses. If your mom or dad needs to stay in the hospital due to an illness or injury, the insurance helps pay for the medical bills, including room charges, doctor fees, and medicines.
Some plans cover pre-existing medical conditions. This means if your parents already have health issues before getting the insurance, those conditions might be covered after a waiting period.
Health insurance also covers expenses before and after hospitalisation, like diagnostic tests, doctor consultations, and follow-up treatments.
If your parents need an ambulance to go to the hospital, health insurance can cover those costs too.
Many policies cover day care treatments, which are medical procedures that don't require an overnight stay in the hospital.
If your parents need treatment at home due to the severity of their condition, some policies cover those expenses. This is helpful if the hospital doesn't have room or if it's better for them to recover at home.
Some policies offer coverage for critical illnesses like cancer, heart disease, or stroke, as an add-on to the base policy. If your parents face such a condition, the insurance can provide a lump sum amount for their treatment.
Some plans might not cover certain treatments or procedures. For example, cosmetic surgeries, infertility treatments, and experimental treatments may not be included. Always check the policy documents to know what is excluded.
Health insurance usually covers medical expenses like doctor's fees, hospital bills, and medicines. But it may not cover non-medical expenses like transportation to the hospital or food during the hospital stay.
Some policies may not cover alternative therapies like Ayurveda, Homeopathy, or Naturopathy. If your parents prefer these treatments, they might have to pay for them separately.
Most health insurance policies in India do not cover dental and vision care. So, if your parents need dental work or glasses, they might need a separate insurance plan for that.
Routine health check-ups or preventive care might not be covered. Insurance usually kicks in when there is an illness or injury, not for regular check-ups.
Health insurance for parents usually doesn't cover maternity expenses. If your mother is expecting, she might need a separate maternity insurance plan.
Some policies may not cover treatments related to HIV/AIDS and other sexually transmitted diseases.
Here are the steps to buy Parent's health insurance online from ACKO.
First, you need to get the ACKO app on your phone. You can also scroll up and use the widget to get a quote.
Once you're on the app or the website, find the section about health insurance. Then, type in your PIN code and click on "Get a quote."
Now, you'll have to answer a few questions about yourself, your family, and the kind of health insurance you want. After that, take a look at the quote to see how much it will cost.
After you do this, we'll contact you for the medical check-up of your parents before finalising your insurance. Once everything's okay, we'll issue the insurance policy. It's that simple!
Health insurance for parents is a vital investment to ensure their well-being and financial security, particularly as they age. With rising healthcare costs, having the right coverage can provide peace of mind, protect against medical expenses, and ensure access to quality care. It’s important to choose a policy that meets your parents' specific needs, including coverage for pre-existing conditions and critical illnesses. Prioritising health insurance for your parents not only safeguards their health but also offers financial relief in times of need.
Take a look at some of the common questions people have while understanding Health Insurance Plans for Parents.
Term insurance is an affordable means of ensuring your family's financial stability in case of an unexpected death. Premiums for a large coverage plan, like the 1 crore term insurance policy, are affordable. Young professionals and parents looking to give their dependents financial security against unexpected events will find it suitable.
You can use a term insurance premium calculator to determine how much your preferred coverage will cost. By entering details like age, salary, and desired amount, you may look at a number of options and select the one that best fits your financial needs. It is now convenient and easy to buy life insurance online. With only a few clicks, you can complete the purchase without visiting an office, compare policies, and verify the premium using calculators.
Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.
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Reviewed by Rupinderjit 
Acko Technology & Services Private Limited
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