Top points to consider before buying health insurance for parents. This is the question that many might be having questions in your mind if your parents are aged can they be covered by an insurance policy?
If Unfortunately, they have a disease something like Blood Pressure or diabetes would still health insurance companies be okay to cover them? There are a lot of points that we have to understand before we take insurance for our parents.
Eligibility Criteria To Buy Health Insurance For Parents?
If you planning to buy a health insurance for your parents then need to check whether you are eligible to buy health insurance policy or not.
Getting a health insurance plan for parents can be simple but it holds some complications and things that the insurer should be aware of else their health insurance for parents can get rejected, we can understand this with 4 cases and check which case is applicable to you:
Case 1: Assume these are the parents of Mr. X and their age is around 50-60 years, will he get health insurance for parents? The answer is Yes, ideally yes they should get health insurance.
Case 2: where the parents are a little bit more aged. If they are above 65 then the possibility of them getting a comprehensive insurance policy is comparatively less. Possibilities are majority of the health insurance companies saying no to covering them under insurance is going to be a shared higher.
The reason is as we start getting older and older, we are susceptible to more diseases and that is the reason why if you are like 60 to 65 health insurance companies generally may not want to cover you under any specific policy.
Case 3: Now let’s go to a different scenario where unfortunately one of them or both are diagnosed with cancer, can they go ahead and buy an individual insurance policy and answer is no, in such a case health insurance companies will generally not give an insurance cover.
Case 4: Let’s say they don’t have uh something like cancer but some other diseases in that case insurance companies may give them health insurance, they may cover them but the possibility that the premium amount might be really high.
Top 5 Best Health Insurance Plans For Parents
If you are planning to buy the best health insurance for parents then you need to consider some important things like the insurance company’s authority, the sum insured, co-payment, entry age for the insurance, and the health insurance company’s claim settlement ratio (CSR).
Here are the 5 Best health insurance plans for parents that you can consider buying:
| Health Insurance Plan | Sum Insured | Co-payment | Pre-Policy Medical Tests Required | Entry Age | Claim Settlement Ratio (CSR) |
|---|---|---|---|---|---|
| Care Senior Health Advantage Plan | 1 lakh to 3 crore | No co-payment | Required after 50 years | Min: 5 years, Max: No limit | 100% |
| Star Health Senior Citizens Red Carpet Health Insurance Policy | Rs. 25 lakh | 10% for treatments availed at a higher zone category | 11035+ | Min: 60 years, Max: 80 years | 90% |
| Aditya Birla Activ Care Plan | 3 lakh to 25 lakh | 10% under Premier variant, 20% under Standard and Classic variants | Required | Min: 55 years, Max: 80 years | 94% |
| Bajaj Allianz Silver Health Plan | 50,000 to 10 lakh | 10% under Plan B, 20% under Plan A for treatments availed at non-network hospitals | Required | Min: 46 years, Max: 80 years | 98% |
| Digit Health Insurance Plan | 2 lakh to 3 crore | 10% for treatments availed at a higher zone category | May be required | Min: 18 years, Max: No limit | 98.27% |
Does Health Insurance Cover Pre-Existing Diseases?
Suppose Mr. X’s parents have now been diagnosed with Blood Pressure or diabetes knowing that his parents have a pre-existing disease so that expenses can be covered by the insurance policy so in that case can Mr.X get health insurance for his parents? The answer is Yes.
You can get health insurance for parents who have a pre-existing disease like high blood pressure (BP) or diabetes, but that health insurance comes with a high premium as a price. And will the health insurance companies will immediately start covering the expenses, No!
The insurance companies have a waiting period that is the time period from the day you purchased the insurance policy till a certain time for pre-existing diseases like BP and Diabetes the waiting period is usually around 2 to 3 years. But from the day you purchased the health insurance policy for parents you have to pay for premiums, also in the waiting period as well.
What Is The Solution?
There are two solutions to that problem that you can consider and these are as follows:
- Solution 1: Try to go for a health insurance policy whose waiting period is comparatively less.
- Solution 2: Very important to try to get health insurance for parents before they are diagnosed with surgery disease when they are fit and fine.
Insurance Cover For Parents By Employers
Insurance cover for parents by employers? what does that mean? Many times your employers or the company where you work cover for your insurance.
Many times your corporates can also say that if you pay some additional premium will cover your parents as well. In such a case majority or a lot of corporate insurance policies will cover for a lot of diseases right from day one, so basically there will be many insurance policies that are given for corporates wherein they will be as good as no waiting period for a lot of diseases.
How Corporates Can Offer Health Insurance For Parents?
If you also think about how corporates can provide health insurance for you as well as for your parents?
The reason is very simple corporates are like very big clients for insurance companies so they have many a times they do offer some extra benefits for corporates as well. So just get a check from your employer whether they have covered only your insurance or they have covered your full family insurance as a family floater.
If that’s not the case ask whether is there any way by which you can add your parents or other family members to that insurance policy.
