Health Insurance for Parents : Save more then 75k* under Tax benefits
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Acko's parent health insurance policy ensures that your parents receive coverage for medical treatment expenses and hospitalization, particularly important for age-related health issues. Given the escalating costs of medical procedures and hospital stays, this insurance policy can be a lifeline during challenging times.
It's advisable to select a policy with a significant premium that offers additional benefits like annual health check-ups, cashless treatment, and more, empowering you to handle the healthcare expenses for your ailing parents efficiently.
Acko offers a range of health insurance plans for parents designed to provide peace of mind for you and your loved ones.
What is Health Insurance for Parents?
Health insurance for parents is a type of health insruance which plays an important role in parental care; imagine your parents or elderly family members getting sick or needing medical care. We all want the best for our loved ones, right? But sometimes, taking care of their health can be expensive. That's where parents' health insurance comes to the rescue. Parents' health insurance is a special kind of insurance that you can get for your parents or elderly family members. It's like a safety net for their health. This insurance helps pay for their medical bills and treatment costs when they feel ill.
Types of Health Insurance Plans for Parents in India
Here are different types of health insurance plans for parents in India.
Individual Health Insurance
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.
Family Floater Health Insurance
If you have both parents and maybe even you and your siblings to cover, a family floater plan can be a good choice. It covers the entire family under one policy, and the sum assured can be shared among family members.
Senior Citizen Health Insurance
These plans are specially designed for elderly parents. They usually have higher coverage for age-related illnesses and come with lower entry age limits.
Critical Illness Insurance
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.
Hospital Cash Insurance
This type 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.
Pre-existing Condition Cover
If your parent already has 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
Top-up Health Insurance
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.
Super Top-up Health Insurance
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.
Group Health Insurance
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.
Government Health Schemes
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.
Key Features of Parents Health Insurance
Here are the key features of Parental health insurance plans are,
Cashless Treatment
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.
No-Claim Bonus
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.
Renewability
Most health insurance plans for parents offer lifelong renewability. This means you can continue the coverage even as your parents get older.
Waiting Period
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.
Co-Payment
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.
Premium
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.
Room Rent Limits
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.
What are the Benefits of Choosing Parents Medical Insurance Policy Online
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.
Convenience at Your Fingertips
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!
Compare Multiple Plans
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.
Time-Saving
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.
Paperless and Eco-Friendly
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.
Access to Information
You can access all the policy details, terms, and conditions online at any time. This makes it easier to understand your coverage and benefits.
Easy Premium Payment
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.
Claim Processing
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.
Customer Reviews and Ratings
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.
Secure Transactions
Online insurance platforms use secure payment gateways, so your financial information remains safe.
How to Choose the Right Health Insurance for Your Parents?
Here are some simple steps to help you make the right choice while buying health insurance for parents.
Assess Your Parents' Health Needs
Start by understanding your parents' current health status and any pre-existing medical conditions. This will help you determine the type and level of coverage they need.
Identify Your Budget
Consider how much you can afford to pay as a premium. Health insurance premiums can vary widely, so it's essential to find a balance between coverage and cost.
Check the Coverage Offered
Look at what the health insurance plan covers. It should include hospitalisation expenses, doctor's fees, medicines, and diagnostic tests. Additionally, check if it covers pre-existing diseases and offers maternity benefits (if applicable).
Network Hospitals
Ensure that the insurance company has a network of hospitals and healthcare providers near your parents' residence. This will make it convenient for them to access healthcare services.
Co-Payment and Sub-limit
Pay attention to co-payment clauses and sub-limits. Some policies require you to share a percentage of the medical expenses, while sub-limits restrict the maximum amount you can claim for specific services.
Waiting Periods
Understand the waiting period for pre-existing conditions. Some policies may have a waiting period before they cover existing health issues, so check for shorter waiting periods.
Renewal Age
Consider the renewal age limit of the policy. It's preferable to choose a policy that offers lifelong renewability to ensure your parents are covered in their old age.
Check for Riders
Some insurance plans offer optional riders like critical illness or accidental coverage. Evaluate if any of these riders would be beneficial for your parents.
Read Reviews and Get Recommendations
Seek recommendations from friends, family, or colleagues who have purchased health insurance for their parents. Additionally, read online reviews and customer feedback about the insurance company.
Compare Plans
Use online comparison tools or consult an insurance advisor to compare different health insurance plans available in the market. Compare premiums, coverage, and other features to make an informed decision.
Policy Exclusions
Familiarise yourself with the policy exclusions, which are conditions or situations not covered by the insurance. Knowing these can help you manage expectations.
Eligibility Criteria for Mediclaim Policy for Parents
Here are the general eligibility criteria for buying Mediclaim Policy for Parents
Criteria | Description |
|---|---|
Age Requirements | Most 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. |
What's Covered?
What's not Covered?
What is covered under a Health Insurance Policy for your Parents?
Following things are usually covered under the health insurance policy for parents.
Coverage for Hospitalisation: 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.
Pre-existing Conditions: 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.
Pre and Post-Hospitalization Expenses: Health insurance also covers expenses before and after hospitalisation, like diagnostic tests, doctor consultations, and follow-up treatments.
Ambulance Services: If your parents need an ambulance to go to the hospital, health insurance can cover those costs too.
Day Care Procedures: Many policies cover day care treatments, which are medical procedures that don't require an overnight stay in the hospital.
Domiciliary Treatment: 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.
Critical Illness Coverage: 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.
What is not covered in a Health Insurance for your Parents in India?
There are some things that might not be covered by their health insurance. Here is a list of general exclusions of this plan.
Specific Treatments: 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.
Non-Medical Expenses: 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.
Alternative Therapies: 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.
Dental and Vision Care: 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 Check-ups: 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.
Maternity Expenses: Health insurance for parents usually doesn't cover maternity expenses. If your mother is expecting, she might need a separate maternity insurance plan.
HIV/AIDS and Other STDs: Some policies may not cover treatments related to HIV/AIDS and other sexually transmitted diseases.
How to Buy Parents Health Insurance Policy Online from ACKO
Here are the steps to buy Parent's health insurance online from ACKO.
Step 1: Download the ACKO App
First, you need to get the ACKO app on your phone. You can also scroll up and use the widget to get a quote.
Step 2: Get 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."
Step 3: Share details
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!
FAQs about Health Insurance for Parents
Take a look at some of the common questions people have while understanding Health Insurance for Parents.
My parents have a pre-existing disease, can I buy health insurance?
Yes, you can buy health insurance for your parents even if they have a pre-existing disease. However, it's important to note that the coverage for pre-existing conditions might have certain waiting periods or limitations. Make sure to carefully read the policy terms and conditions to understand how pre-existing conditions are covered.
Is there any age limit while buying health insurance for parents?
Most insurance companies in India have an age limit for buying health insurance for parents, typically between 60 and 80 years. However, this can vary from one insurance provider to another. It's a good idea to compare different policies to find one that suits your parents' age and health needs.
Can I cover my parents in my existing health insurance policy?
Yes, many health insurance policies allow you to add your parents as dependents to your existing policy. This is called "family floater" coverage. It's a convenient way to ensure that your parents have insurance protection under the same policy you have.
Does health insurance give tax benefits to parents?
Yes, health insurance can provide tax benefits for both you and your parents. Under Section 80D of the Income Tax Act in India, you can claim deductions on the premium paid for your parents' health insurance policies. This can help you save on your income tax.
How can I enhance my parents' insurance coverage?
You can enhance your parents' insurance coverage by:
Increasing the Sum Insured: Consider opting for a higher sum insured to ensure adequate coverage for medical expenses.
Adding Riders: Some insurance policies offer optional riders (add-ons) like critical illness or hospital cash. Adding these riders can provide additional coverage.
Regular Health Check-ups: Encourage your parents to undergo regular health check-ups to identify health issues early and manage them effectively.
Renewing Timely: Make sure to renew the policy on time without any breaks to maintain continuous coverage.
Reviewing the Policy: Periodically review your parents' health insurance policy to ensure it still meets their needs as they age or if their health conditions change.
Is it beneficial to buy Health Insurance for Parents?
Yes, buying a health insurance policy for ageing parents is beneficial as it reduces out-of-pocket expenses while ensuring the best treatment for them.
Are medical tests necessary while buying Health Insurance for Parents?
It depends upon the age of parents and the terms & conditions of the insurance company. A few insurers may need basic information to issue a policy, while many insurance companies may ask for medical reports. You can check with your health insurance company and decide which insurer to pick.
Is it possible to include my parents in the Family Floater Health Insurance Policy?
Yes, you can add your parents to the Family Floater Health Plan. They can share the sum insured of the health plan.
Can I get immediate coverage for pre-existing diseases for my parents?
Usually, a waiting period is applicable on pre-existing diseases. Meaning, you can claim only after a certain number of renewals. Please go through the "Waiting Period" section of your health policy to know more.
Why is it said that health insurance for mothers is important?
Mothers tend to ignore their health issues, citing monetary reasons or lack of time. A good health insurance plan can help them get the correct treatment at the right time. Thus, health insurance for a mother is important.
Is there any difference between Senior Citizen and Parents Health Insurance?
A Senior Citizen plan is one of the types of Parents Health Insurance plans. There is no direct difference between the two, and similar benefits can be availed. However, a Senior Citizen Health Insurance plan is for people above the age of 60 years.
What is the difference between Family and Parents Health Insurance?
A Family Health Insurance plan can help cover self, spouse, and parents. It can include parents if the policyholder does not wish to buy a separate health plan for parents. The sum insured can be shared among all the insured persons.
Why do you need the best Health Insurance Coverage for your Parents?
Medical expenses increase with age-related complications and can become a financial liability in the long run. Buying Health Insurance for Parents ensures that timely treatment is given to them without facing a financial loss. Thus, you need a health insurance policy to cover your parents.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
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