Health insurance for parents comes with numerous advantages, offering a higher insured sum and comprehensive coverage for age-related ailments. These policies often include enticing features like cashless treatment, annual check-ups, and enhanced coverage for serious illnesses.
Moreover, investing in the best health insurance for parents can yield tax benefits under Section 80D of the Income Tax Act of India, 1961.
This guide delves into the coverage, perks, claim settlement process, tax advantages, and presents a curated list of the 5 best policies tailored for the elderly. Let’s explore the realm of health insurance for parents to make an informed and beneficial choice.
Benefits of Health Insurance Plans for Parents
It’s a common misconception among salaried employees that their Mediclaim group insurance adequately covers the health needs of their parents. However, this assumption may not hold true, especially when it comes to senior citizens. Here’s why:
- Higher Treatment Expenses for Senior Citizens:
- Senior citizens often face health issues that require more extensive and expensive treatments. Group insurance, which may be designed primarily for employees, might have insufficient coverage for the higher medical costs associated with aging.
- Risk of Exhausting Insured Sum:
- When senior citizens in a family make claims, it can significantly reduce the available insured sum for other family members. This can leave insufficient coverage for the employee’s own health needs or those of other dependents.
- Limited Scope for Parents:
- Group insurance policies are typically structured to cater to employees, and coverage for parents may be limited. Senior citizens may have specific health conditions or requirements that are not adequately addressed by standard group policies.
- Consideration of Individual Health Plans:
- To ensure comprehensive coverage for parents, especially senior citizens, it’s advisable to explore individual health insurance plans tailored for their specific needs. These plans often provide more extensive coverage, considering the unique health challenges faced by seniors.
5 Best Health Insurance for Parents 2023
1. Navi Health Insurance: A Shield for Your Parents’ Well-being
When it comes to safeguarding your parents’ health, Navi Health Insurance stands out as a reliable choice. This plan is tailored to alleviate the financial burdens associated with medical emergencies. Here’s a glimpse of what it offers:
Inclusions:
- Sum insured ranges from Rs. 2 lakh to Rs. 1 crore.
- Enjoy a 5% additional discount on premiums by maintaining an active lifestyle – walk an average of 4000 steps daily for at least 250 days.
- Comprehensive coverage: 100% coverage of hospital bills for 90 days before hospitalization and 180 days after hospitalization.
- At-home treatment: Coverage for domiciliary hospitalization expenses for up to 3 days.
- Unlimited online consultations for added convenience.
- Road accident injuries: Additional 100% sum insured coverage.
- Organ donor expenses are covered.
Exclusions:
- Outpatient treatments.
- Eyesight correction procedures.
- Dental treatments.
- Cosmetic surgeries.
- Treatment for drug or substance abuse.
Selecting Navi Health Insurance ensures your parents’ well-being while keeping your financial concerns at bay.
2. Niva Bupa
Niva Bupa, a prominent health insurance company, offers a range of comprehensive plans to address the diverse needs of its policyholders. Affordable premiums and ease of purchase through platforms like InsuranceDekho make these plans accessible to a wide audience. Let’s explore some of the notable health insurance plans offered by Niva Bupa:
- Niva Bupa Health Premia Policy:
- Available as an individual and family floater health insurance plan.
- Coverage ranges from Rs. 5 lakhs to Rs. 7.5 lakhs.
- Comprehensive coverage includes pre and post-hospitalisation expenses, annual health check-ups, maternity expenses, and more.
- Niva Bupa Health Companion:
- Offers coverage of up to Rs. 1 crore.
- Features include coverage for alternative treatment, day care procedures, no-claim bonus benefits, and more.
- Niva Bupa Corona Kavach Policy:
- Specifically designed to provide coverage if the policyholder is diagnosed with COVID-19.
- Shorter waiting period and a sum insured ranging between Rs. 50,000 – Rs. 5,00,000.
In addition to these, Niva Bupa offers several other plans, catering to various healthcare needs:
- Niva Bupa Money Saver
- Niva Bupa Reassure
- Niva Bupa Arogya Sanjeevani Policy
- Niva Bupa Health Pulse
- Niva Bupa Health Recharge
3. The Aditya Birla Activ Fit plan
The Aditya Birla Activ Fit plan is specifically crafted to provide medical coverage to individuals who prioritize their fitness. This unique plan not only offers financial protection but also rewards policyholders for maintaining a healthy lifestyle. Let’s delve into the key features and benefits:
Features & Benefits:
- Comprehensive Coverage:
- Hospitalization expenses, home treatment, and day care procedures are covered, ensuring a wide range of medical needs are addressed.
- Specialized Coverage:
- The plan includes coverage for mental care, HIV/AIDS, and STDs, reflecting a holistic approach to health insurance.
- Maternity Expenses and Ambulance Charges:
- Maternity expenses, ambulance charges, and organ donor expenses are covered, providing support during critical situations.
- Wellness Focus:
- Annual health check-up facilities encourage proactive health management.
- Domestic emergency assistance services enhance the overall wellness support.
- Binge Refill:
- Unlimited binge refill for up to 100% of the sum insured is available from day 1, offering flexibility and extended coverage.
- No Claim Bonus (NCB):
- A 10% No Claim Bonus is granted for every claim-free year, incentivizing a healthy lifestyle and responsible healthcare management.
- Optional Covers:
- Additional benefits like OPD cover, Super No Claim Bonus, and EMI Protection are available as optional covers, allowing customization based on individual needs.
The Aditya Birla Activ Fit plan stands out by aligning with the proactive health choices of fitness enthusiasts, making it a valuable option for those who prioritize well-being. Before opting for the plan, it is advisable to review the policy terms and conditions for a comprehensive understanding.
4. Star Health Senior Citizens Red Carpet Health Insurance: Tailored for Seniors
The Star Health Senior Citizens Red Carpet Health Insurance Policy is specially crafted to cater to the healthcare needs of individuals in the senior citizen category, aged between 60 and 75 years. Here’s a concise overview of the plan:
Inclusions:
- Sum Insured:
- The sum insured ranges from Rs. 1 lakh to Rs. 25 lakh, offering flexibility based on healthcare requirements.
- In-patient Hospitalisation:
- Expenses related to in-patient hospitalisation are covered, ensuring comprehensive coverage for medical treatments.
- Daycare Treatments:
- Coverage extends to daycare treatments that do not require a 24-hour hospital stay, providing flexibility for specific medical procedures.
- Pre-hospitalisation Coverage:
- Hospitalisation expenses incurred 30 days prior to hospitalisation are covered, ensuring comprehensive pre-hospitalisation support.
- Ambulance Charges:
- Ambulance charges are included in the policy coverage, offering financial assistance during emergencies.
Exclusions:
- Waiting Period for Pre-existing Conditions:
- Pre-existing conditions are covered after a waiting period of 1 year, promoting long-term health management.
- Initial Waiting Period:
- Diseases diagnosed within the first 30 days from the issuance of the policy are not covered initially, ensuring transparency in coverage terms.
- Exclusion of Dental Procedures:
- Dental procedures are excluded from the coverage, and individuals may need a separate dental insurance plan for related expenses.
- War and Nuclear Weapons:
- Treatments arising from wars or nuclear weapons are excluded from coverage, aligning with standard insurance practices.
- Rehabilitation:
- Rehabilitation expenses are not covered under the policy, emphasizing its focus on medical treatments.
The Star Health Senior Citizens Red Carpet Health Insurance Policy is designed to provide seniors with comprehensive healthcare coverage without the need for pre-medical screening. It’s important to carefully review the policy terms and conditions for a thorough understanding of coverage details.
5. ICICI Pru Cancer Protect Plan: Comprehensive Coverage for Critical Illness
The ICICI Pru Cancer Protect Plan is a specialized insurance offering designed to provide robust financial support to individuals facing diagnoses of cancer and heart conditions. Here’s a succinct overview of the plan:
Inclusions:
- Coverage for Heart Conditions:
- The plan extends coverage to include the treatment of heart conditions, offering a comprehensive approach to critical illness protection.
- Hospitalisation Expenses:
- In the event of hospitalisation, the plan provides coverage with a daily allowance of Rs. 5000 for a maximum of 10 days, easing the financial burden associated with hospital stays.
- Payouts for Minor and Major Diseases:
- In the unfortunate event of a minor disease diagnosis, the plan offers a payout equivalent to 25% of the sum insured. For major diseases like cancer, the plan provides a substantial payout, covering 100% of the sum insured.
Exclusions:
- Pre-existing Conditions:
- Pre-existing conditions are not covered under the plan. It’s crucial to note that individuals with pre-existing conditions should carefully review the policy terms to understand the scope of coverage.
The ICICI Pru Cancer Protect Plan is tailored to provide critical illness coverage, specifically addressing the financial challenges associated with cancer and heart conditions. While the plan offers valuable protection, individuals should thoroughly review the policy documents to grasp the specific terms, conditions, and exclusions.
Conclusion
As the need for adequate health coverage becomes increasingly vital, selecting the best health insurance plan for parents over 60 requires careful consideration. The year 2023 brings forth a range of options, and your choice should reflect the unique health needs and financial considerations of your parents.
