How To Ensure That Your Parents Are Insured The Right Way: A Guide to Parents Health Insurance In India

How To Ensure That Your Parents Are Insured The Right Way: A Guide to Parents Health Insurance In India

Health Insurance In India are very important for old parents. Parents are the support system of every child. They are the reason you were born into this world, they care for you, nurture you, provide you with the best education and take care of all your needs. In short, they take to provide you with the best possible life so that you can grow up to be a responsible citizen. However, as they grow old, they require support for their children. Parents tend to grow prone towards ill health and have medical emergencies. To take better care, health insurance for parents is a must.

As you grow up, it becomes your responsibility to take care of your parents. Buying comprehensive medical insurance for parents will not only help them during medical emergencies, but it will also provide them with financial support. During any such discrepancy, you will also find yourself in a better position to support them, since the medical insurance will take care of their needs without making it financially draining for you. 

What is parents’ health insurance?

Health insurance in India for parents is a mediclaim policy that is specially made for individuals who are parents. It financially supports them during any medical emergencies that can often crop up during old age and demand a large sum for hospital bills. Having health insurance for parents will save them from becoming financially troubled by paying a large sum at hospitals.

In such policies, the amount of sum insured is often high as compared to health policies for the younger generation. Additionally, these policies come with other lucrative benefits like cashless treatments in-network hospitals, day-care coverage, exemption from taxes, free annual check-ups at hospitals and much more.

Types of health insurance for parents:

Before buying medical insurance for your parents, it is better to get through research of the policies available in order to seek out what serves the best purpose. There are several types of policies you can choose from. Each of them offers a different range of features depending on the premium charges. Here are the kinds of health insurance for parents to choose from:

Individual health insurance 

As the name suggests, this type of insurance policy covers a single individual. It can be for a single person, like one for your father and one for your mother. In this type of policy, there is one constant amount of money insured for the person, there is no floating sum. The entire amount can be used for covering one person and has more benefits for the policyholder.

Family floater health insurance:

In this type of health policy, the sum insured is extended to every member under the policy. A family floater plan allows parents, siblings, children and sometimes in-laws under one single health plan. This kind of policy may not be best suited as typical health insurance for parents. This is because, in case of multiple claims in a year, the sum insured has to be thinned out among the members of the policy as per needed. For example, if the total sum insured is 5 lakh and there are 4 members in the family floater plan, and you claim 3 lakh for a medical emergency, you have 2 lakh left for the rest of the members, in case of some other mishap.

Instead, there are several health policies for parents in India. That offer better features with better coverage for individuals above 50 years, the average age of most parents of adults. Thus, choosing some other plan is a better option for ensuring your parents are the right way.

Senior citizen health insurance 

These kinds of insurance plans are specifically curated to meet the needs of citizens above the age of 60 years. If your parents belong to this age group, these health plans may be the best option for you. Regardless of the diseases developed, senior citizen health insurance plans for parents take care of every medical emergency need of the policyholder. The claim reimbursement of this type of policy is also much more significant, given the higher medical needs of senior citizens.

Pre and post-hospitalization care, daycare, medication. Hospital bed charges, lab tests and diagnosis are all covered in this kind of health insurance policy.

Thus, if you are planning to buy an insurance plan for your parents, do it early. As the age of your parents increases, more restrictions and fewer features come into play in the policy. In some insurance policies, the cost of co-payment keeps increasing with the higher age of the policyholder. However, if you buy an insurance plan for your parents before the age of 60 years. You need not need to worry about the burden of co-payment throughout their lifetime.

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Brian Harris