To take care of your parents’ health, you need to pick a health insurance plan that truly protects them and gives you peace of mind. With hospitalisation costs in India rising by nearly 12–15% each year, the right medical insurance can shield your finances from sudden medical bills.

Find a plan that covers pre-existing conditions, offers a cashless treatment facility at top hospitals, and has a good record of settling claims. Also, starting the plan at an early age helps you get low premiums and better coverage. Continue reading this blog to learn about medical insurance for parents. 

5 Tips to Choose the Best Medical Insurance for Parents

Choosing the best medical insurance for parents is essential so they can receive the proper medical treatment without worrying about finances. Here are the tips to consider while purchasing the best insurance:

• Assess the Health Needs of Your Parents

First and foremost, assess your parents’ health to determine their current condition. Also, look into whether there are any pre-existing diseases. This way, you can assess their health needs and select the right type of insurance with comprehensive coverage. 

• Opt for a Lower PED Waiting Period

If there are any pre-existing conditions of your parent, such as hypertension, high sugar, etc., always go for a health plan with a shorter waiting period. 

• Choose Adequate Coverage

Choosing a policy offering adequate coverage at an affordable rate is crucial. Go for a plan for your parent covering critical illnesses, day care procedure, modern treatment, domiciliary hospitalisation, etc. 

Also, look for additional benefits in the plan, including a cumulative bonus, a health check-up, and the sum insured amount. 

• High Sum Insured

As your parents age, they are more prone to age-related health risks. Thus, choosing a health insurance policy with a high sum insured is essential. The premium may be higher for a high sum insured, but it ensures high-quality treatment without financial constraints. Always go for a sum insured that you can afford to pay. 

• Choose Insurers with an Easy Claim Process

Before you finalise a health insurance policy for your parents, make sure to go through the claim process of insurance companies. Choose a policy that offers a smooth, hassle-free claim process or prevents treatment delays during medical emergencies. 

What are the Types of Health Insurance for Parents?

The different types of health insurance available for parents include:

• Individual Health Insurance

This policy deals with individual health. Hence, this plan is ideal if your parents have specific health issues. Every individual covered by insurance is provided with a separate amount insured. For example, choosing a ₹5 lakh policy will provide full coverage for a single individual. 

• Senior Citizen Health Insurance

These plans are intended to cover age-related illnesses, hospitalisation and pre-existing conditions. Age-related illnesses target parents aged between 46 and 70 years. IRDAI revealed that a senior’s plan usually covers costs of up to ₹10-₹25 lakh.

• Family Floater Health Insurance

The whole family receives the same sum insured in this policy. For example, in a ₹10 lakh family floater, you can include your family members. If your parent is less than 65 years of age, you can include them in this insurance plan. This plan usually covers road ambulance coverage, daycare procedures, etc. 

What are the Benefits of Choosing Medical Insurance for Parents?

Buying the right medical insurance plan for parents reduces financial strain. Here are the benefits to consider for choosing an insurance plan for parents:

• Includes High Medical Expenses

Medical insurance covers hospitalisation, surgery, and treatment costs. For example, the cost of heart surgery in India is approximately ₹3- 5 lakh, which can be paid in full by insurance.

• Covers Pre-existing Diseases

Numerous senior citizen plans insure against diseases such as diabetes or high blood pressure, although there is a short waiting period.

• Cashless Hospitalisation

Parents will be able to receive delivery treatment in network hospitals without paying upfront.

• Tax Benefits

According to Section 80D of the Income Tax Act, you are certain to get a deduction of up to ₹50,000 for income paid to parents in terms of their health insurance.

Bottom Line

Opting for the right type of medical insurance for parents ensures access to the best treatment when needed without financial strain. Compare insurance plans online, check waiting periods, and review coverage limits before you purchase. A good insurance plan ensures peace of mind for both your parents and that they receive the proper treatment. 

Take the right step today and secure your parents’ health by choosing the right protection plan.