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What should you know when buying insurance for your parents

30 July, 2019

As we age, we get riddled with several illnesses and ailments that are costly to treat. Many companies offer health insurance for the elderly and senior citizens, specially designed for those above 55-60 years of age. These comprehensive covers provide cover against a wide range of conditions that afflict the elderly.


Factors to consider while selecting Health Insurance For Parents:


  • Choose a policy with a higher age of entry (generally 60-80 years of age) and guaranteed renewal well past the age of entry. As one gets older, the medical costs grow exponentially. Therefore, it is always better to choose a policy that has the highest renewal age.
  • Choose a policy which has guaranteed coverage against a wide range of medical conditions and illnesses, including pre-existing conditions. Make sure that the policy has a low waiting period for pre-existing conditions.
  • A large sum assured ensures that the majority of the emergency medical costs get covered without any hassles to the elderly. Choose a policy that offers a higher sum assured for insurance of your parents against any amount of medical expenses.
  • In case of any medical emergency, it is better to have a network hospital with a cashless facility in your vicinity. Always choose the insurance companies with a higher number of network hospitals, and also look for the network hospitals in your vicinity.
  • The cost of the insurance premium is directly proportional to the age of the insured. As a result, ordinary family floater insurance will be costlier with a senior citizen as the senior-most member. \



Steps to follow while buying Health Insurance For Parents / Senior Citizens -


  • It is imperative to conduct detailed medical tests and check-ups of your parents before opting for any policy. Most of the senior citizens may not be aware of every little illness or medical condition they suffer from. A standard health insurance policy. provide various coverage specific to certain diseases. In-Depth knowledge of your parents’ medical history and pre-existing condition will ensure that you look for a plan best suited for their health and requirements.
  • Currently, there are a host of insurance companies that provide different coverage options with many features for senior citizens. It is necessary to compare all the available health insurance plans available for senior citizens and consider variables like the sum assured, cost of the premium, network hospitals, inclusions, exclusions, etc before zeroing in on the perfect plan.
  • After researching, comparing, and finally finding the right policy, you will need to fill the policy proposal form. Do provide the correct and relevant details concerning the medical history and personal information of your parents. Otherwise, there is a chance of rejection of the application, rejection of claims, and even cancellation of the policy.
  • After the submission of form from your end, an empaneled doctor of the insurance company will go through the information provided in the form and will prescribe a host of tests to confirm the medical conditions mentioned in the form.
  • Once all the reports are verified vis-à-vis the proposal form, you will need to pay the premium. Do read the policy document, terms, and conditions of the policy in detail to eliminate future hassles.


Why is it beneficial to go for a Senior Citizens’ / Parents’ Health Insurance Plan?


  • Good health insurance has an extensive cashless network of hospitals and medical facilities.
  • Both pre and post hospitalization expenses are covered subject to pre-decided terms.
  • Tax benefit can be availed under Section 80D against the premium paid for the health insurance.
  • The parents’ health cover also includes domiciliary hospitalization and ambulance charges.
  • Many policies offer a “Free-Look” period to enable insured whether they want to avail the policy cover or not.
  • Many insurers offer annual full-body health check-ups.
  • Senior Citizens’ Health Insurance offers a hassle-free renewal of the policy and the option to seamlessly reload sum assured.



Exclusions in Health Insurance Plans For Parents –


  • Diagnosed or contracted diseases in the first 30 days of the policy term
  • Medical history or pre-existing conditions until the completion of the waiting period.
  • Medical expenses for the treatment of drug abuse
  • Medical costs against injuries inflicted by self.