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Best Health Insurance Plan For Parents in 2021

Published On Feb 17, 2021, Updated On Apr 28, 2021

Growing up for a child is fun, but it becomes a task as we progress towards our twilight years. Stepping into 18 and adulthood is a milestone, as it is to turn a senior citizen at 60 years of age, nearing retirement. Most adults have a host of responsibilities that span across their careers and personal lives, but with time, their roles transcend into that of a caregiver for their parents. The status quo is reversed when our parents become dependent on us for their well-being and we need to take control of things around us. With age catching up, people become more susceptible to certain illnesses, and hence it is primary for everyone to have health insurance for their parents to ensure secure financial support for their medical and financial requirements.

Best Health Insurance Plan For Parents in 2021

There are special health insurance plans curated for parents and this gives you an opportunity to make their lives easier and peaceful. In India, health insurance plans come with a host of features and coverage options. To learn more about the different features and plan options of health insurance plans for your parents, read on.

Features of Health Insurance Plan For Parents

The following are a list of some key features of health insurance plans for parents that are offered by most health insurance policies -

1. Age Limit

Health insurance plans for parents are designed for individuals above the age of 60 years. The age limit can be extended up to 80 years and it can also be renewed as per your convenience thereafter. This broad age bracket ensures that the mounting expenses in old age are effectively covered by health insurance policies, especially when their regular flow of income is decreased or stopped.

2. Comprehensive Coverage

Understanding the need for sudden and unforeseen medical emergencies at old age, health insurance policies for parents come with a comprehensive medical coverage option. Hospitalization charges such as room rent, consultation charges, nursing fees, and medicinal costs are collectively covered under such plans. It also provides coverage of daycare expenses involving services such as cataract surgery or dialysis as well. Hence, this feature aims to secure the major spectrum of medical expenses that can be required by your loved ones.

3. Pre-Existing Condition Coverage

Health insurance plans for parents cover all kinds of pre-existing conditions as well. This is a unique feature in comparison to general insurance plans where most pre-existing medical conditions are not covered by insurance providers. Understanding the fact that certain illnesses or diseases might be aggravated due to the presence of your parent's medical history, this feature offers all-round financial protection for medical attention. It can be availed by a beneficiary from the first year of the policy tenure, except for treatment recommendations made during the immediately preceding 12 months from the date of policy commencement. These recommendations will be covered from the second year onwards.

4. Flexible Sum Assured Amount

While most health and life insurance policies come with a fixed sum assured amount that remains the same throughout the policy tenure, health insurance policies for parents have an added advantage. It gives you the flexibility of choosing your sum assured as per your preference. If you feel that a higher sum than what is being guaranteed to you would be sufficient to meet your needs, you have the liberty of changing it to the desired sum matching your medical requirements.

5. Ambulance Coverage

Seniority in age comes with reduced mobility. It becomes difficult to move swiftly as one did before and therefore, an ambulance or any other mode of transportation becomes a necessity to transfer your parents from their home to the nearest medical center in times of emergency. Health insurance plans for parents come with this inbuilt feature that covers the entire cost of an ambulance or other transportation charges to the maximum limit, thereby reducing any delay in medical supervision and attention.

With the key features being explained, let us look at the 5 best health insurance plans for your parents in 2021.

Best Health Insurance Plans For Your Parents in 2021

The following is a list of the 5 best health insurance plans that you can invest in or purchase for your guardian figures-

1. Bajaj Allianz Silver Health Plan

The Bajaj Allianz Silver Health Plan is an impressive health insurance plan for your parents. With a high sum assured ranging from INR 50,000 to INR 5 Lakh, you can avail of tax benefits under Section 80D of the Income Tax Act. This policy also comes with a lifelong renewability feature that allows you to extend the maturity date of the policy, ensuring full-fledged financial support for your parents for the rest of their lives after retirement. Pre-medical tests are mandatory for every claim or proposal that you make on the insurance company. Individuals within the age bracket of 46 years to 75 years are eligible for this plan.

2. Star Health Senior Citizen Red Carpet Plan

True to its name, the Star Health Senior Citizen Red Carpet Plan treats your parents regally with a comfortable financial cushion against unforeseen circumstances. It offers a sum assured amount of INR 1 Lakh to INR 25 Lakh and allows you to avail tax benefits as well. Equipped with a lifetime renewability feature, this policy resolves to secure the future of your parents. Unlike other policies, it does not come with a mandatory medical screening process. Anyone between the ages of 60 years and 75 years can be a beneficiary under this policy.

3. New India Senior Citizen Mediclaim Policy

The New India Senior Citizen Mediclaim Policy offers comprehensive pre and post-hospitalization coverage for your parents. This policy has a sum assured of INR 1 Lakh to 15 Lakh and covers all medical expenses related to the diagnosis, consultation, and treatment costs of any injury or illness. Covering all pre-existing medical conditions as well, this is a good option for securing robust medical coverage. Individuals between 60 years and 80 years of age are eligible for this policy and the policy can continue its beneficiary services up to the age of 90 years without a break or any extra charges.

4. Oriental Insurance HOPE - Health of Privileged Elders Plan

The HOPE plan provides financial coverage for hospitalization charges including room rent and nursing fees up to 1% of the sum insured. With a sum assured amount of INR 1 Lakh to INR 5 Lakh, this policy also provides ambulance charges up to INR 1000 or the actual expenses incurred. It allows you to get your parents diagnosed and treated with comprehensive fees coverage of doctors and anesthetists. Procedural charges for dialysis, chemotherapy, and radiotherapy are included under this policy. If the life assured requires ICU treatment, the policy offers additional support of 2% of the sum insured per day for the entire length of the treatment. Individuals above the age of 60 years are eligible for this plan.

5. United India Insurance Senior Citizens Plan 

The United India Insurance Senior Citizens Plan is similar to the Oriental Insurance HOPE Plan. With a sum assured amount of INR 1 Lakh to INR 3 Lakh, it covers hospitalization charges including room rent and boarding expenses to the limit of 1% of the sum assured or the actual expenses, whichever is less. It covers all diagnosis, consultation, and treatment costs, including anesthetists' charges. Surgical charges involving blood, oxygen tanks, appliances, and operation theatre charges are also paid by the policy. It offers financial assistance for certain specified illnesses such as Ctaractm Hernia and Hysterectomy where you can receive 25% of the sum assured or the actual expenses as a reimbursement. You should get your parents insured under this plan if their ages are within the bracket of 60 years to 80 years.

These are the 5 top health insurance plans for parents in 2021. The features mentioned above will hopefully aid you in weighing the different services provided by health insurance companies against each other to arrive at the best plan according to your needs and requirements. However, this is only a suggestive list. The health insurance plan that you choose for your parents will ultimately correspond to your and their financial and medical requirements.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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