Your parents work hard throughout their lives to provide you with a comfortable lifestyle and quality education. Growing up, to us children, they seem invincible. The truth as they grow old, their bodies become fragile and prone to illnesses and infections.
The constantly rising medical inflation and limited or no scope of regular income could leave your parents in financial distress during the golden years of their lives. That’s why it’s vital to buy an appropriate health insurance policy for them. Thankfully, many insurance companies in India also provide the option to include dependent parents in a floater policy.
Health insurance for parents is important keeping in mind the unique medical needs of elderly people. Along with providing a high sum insured, they cover a range of expenses, including pre and post hospitalisation expenses, daycare procedures, psychiatric care, and AYUSH treatments.
Why should you buy a health insurance policy for your parents?
Here are some more benefits of buying a health insurance policy for your parents:
Lifetime Medical coverage
Health insurance policies for parents usually come with lifetime renewability option. It means that by buying such policies, you can ensure that your parents stay protected with medical coverage until their death.
High sum insured
Keeping in mind the additional healthcare needs of elderly people, health insurance policies for parents usually have a high sum insured. Hence, it allows you to get sufficient coverage for your parents and ensure that funds are never a roadblock in availing the best possible treatment.
Coverage for pre-existing diseases
As your parents grow old, their bodies become frail and less immune to diseases. Hence, they might suffer from certain diseases or illnesses at the time of buying the policy. A parental insurance policy covers pre-existing diseases, albeit with a waiting period of 24 to 48 months.
Coverage for critical illnesses
The prevalence of critical illnesses such as cancer, heart attack, stroke, etc., is much higher in elderly people. A health policy for parents provides financial coverage against the treatment of such life-threatening illnesses.
Types of Health Insurance for Parents
When it comes to health insurance for parents, there are three types of coverage you can avail for them:
Individual health plans
As the name suggests, these health plans provide medical coverage only to the insured individuals. Hence, you’re required to buy separate policies for your mother and father to get them medically insured.
Family floater plans
These plans are designed to provide health insurance coverage to the entire family. You can buy a single family floater plan and include all your family members in it, including your parents.
Senior citizen health insurance
These plans are specifically designed to provide health insurance coverage to senior citizensYou can buy a senior citizen health insurance policy for your parents if they fall under this category.
What’s included and what’s not?
Below is a list of expenditures which are not covered by health insurance policies for parents:
Inclusions
Hospitalisation expenses occurring due to an illness or accidental injuries to your parents. These expenses include hospital’s room rent, doctor’s fees, ICU charges, nursing charges, and costs for medicines and drugs.
Expenses incurred for daycare treatments of your parents such as radiotherapy, chemotherapy, dialysis etc.
Pre and post hospitalisation expenses incurred up to 30 and 60 days, respectively.
Expenses incurred for the treatment of accepted pre-existing disease (after the completion of the waiting period).
Expenses incurred for domiciliary care or in-house treatment of your parents.
Expenses incurred for the treatment of coronavirus contracted by your parents during the policy period.
Hospitalisation expenses incurred for AYUSH (Ayurvedic, Yoga and Naturopathy, Unani, Siddha, and Homeopathic) treatment of your parents at a recognised hospital or institute.
Ambulance charges for taking your parents to the nearest hospital in case of a medical emergency.
In-patient hospitalisation expenses for an organ donor (if required).
Exclusions
Expenses incurred for the Treatment of accepted pre-existing diseases until the waiting period is over.
Expenses incurred for the Treatment of diseases that are diagnosed within 30 days of policy inception.
Expenses incurred for the treatment of self-inflicted injuries.
Expenses incurred for the Treatment of injuries caused due to a civil war or terrorist attack.
Expenses incurred for the Treatment of illnesses caused due to overconsumption of alcohol, tobacco, or drug abuse.
Expenses incurred for cosmetic surgeries.
Cost of dental treatment unless arising due to an accidental injury.
Expenses incurred for hospitalisation without the doctor’s recommendation.
ADB