Health Insurance for your parents is equally important as it is to you. It carries more weightage due to high probability of falling ill in that age. For finances sake, it is wise to transfer the risk of medical expenses to insurance company, due to the reasons like
- Increasing Medical expenses
- Low surplus left after saving for other important goals.
- Increasing Life expectancy and deteriorating health
A person’s medical needs increases with age. With health related expenses increasing exponentially, any treatment could easily wipe out your parent’s savings kitty. Even if your parents are financially independent it is advisable to buy them a health insurance plan, which ensures that medical expenses should not impact there savings kitty much. It ensures that your parent’s health care is secured and they can enjoy their savings too. Don’t wait for any emergency as it may cost you huge
Though most of you are actually sensitized towards this but even then you find it difficult to buy any mediclaim with the reason of not finding a Suitable or BEST policy . Many of corporate employees feel that they have added the name of their parents in the employer provided coverage so there’s no need to buy a separate Health Insurance policy for Parents. But this is not wise to depend on the employer’s policy only. Reasons are same (Read: Ensure you are ensured).
This post is all about the various health insurance policies available in the market which you can buy for your parents. With coming up of standalone insurers, this health insurance segment is flooded with many innovative products. Which are quite similar with each other but some features may or may not suit your requirements.
Health insurance policy for Parents/Senior citizens – Some products.
If your parents has crossed 60 years of age then the options are bit limited with some restrictive features. Following companies has got special plans for Senior citizens
1. Star Health Insurance – Star Senior citizen Red carpet plan.
2. Bajaj Allianz General Insurance – SILVER Plan
3. Apollo Munich Health Insurance – Optima Senior
4. National Insurance – Varishtha health Insurance.
5. United India Insurance – Senior citizen plan
Health Insurance policy for parents – Comparison
Small correction in Bajaj Allianz details – It doesn’t have any room rent or sub limit, and it is renewable till lifetime. Check out its details review here.
As you can see that with the various options available for health Insurance policy for parents, you are bound to get confused. Below I have shared few pointers which will help you in selecting the suitable one.
1. Always go with the policy with Maximum Renewal age. Though this is no longer applicable as all policies now days come with Lifetime renewal limit.
2. Work on your expenditure and buy the maximum possible coverage. Believe me; you just have to reduce your expenses by Rs 1500-2000 per month. ( Read : How much health Insurance cover is enough)
3. Check out for the First Year, Second year, special and permanent exclusions if any in the plan.
4. If there’s any Pre-existing Illness, and you are more worried on that front then you should go with the plan with least waiting period on Pre-existing illness, like select between Star/National/United.
5. If Parents are fit and fine then select Policy with No limits on room rent .This is because the total hospitalization expenses depends on the room rent only.(Read : Managing Hospitalisation cost)
6. If Parents are diabetic then one should go with nationalised insurances like National/United, to get easy coverage. As they cover these cases with some extra premium/loading.
Health insurance policy for Parents – Some other options
The options are limited in case your parents have crossed 60 years of age. But if you are acting proactively then it is wise to get them entry in this health insurance space before 60 years to take full benefit of plans that too without any co-payment, sub limits and with lifetime renewal. There are plans with Religare health insurance, Apollo Munich Health insurance and Star health (Comprehensive).where if one takes entry before 60 years i.e even at 59 years , he/she can enjoy all the benefits even after crossing 60 years with continuos renewal.(Read : comparison and Review). Even though these plans doesn’t have any entry age restrictions but still it has co-payment clause if anyone takes entry after 61 years of age.
If you are still waiting for a good health insurance policy for parents then this is the time to act. Your wait may cost you with some limits on the coverage. To get a comprehensive coverage get your parents Insured right now. There are many health insurance plans which gives the continued, comprehensive coverage for lifetime if taken at appropriate stage and at right age.