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Medical Insurance for Parents With Pre-existing Disease

Published On Feb 13, 2021

The majority of the Indians acquire some form of metabolic disease once they cross 50 years of age, making it hard for them to acquire medical insurance. Young working professionals wish to include their parents in their health insurance plan to enjoy the benefits of cashless hospitalization in their old age. In India, it is difficult for people to find health insurance for their parents with pre-existing diseases. But it is not entirely impossible as there are insurance companies that offer cover for parents with pre-existing diseases.

Medical Insurance for Parents with Pre-Existing Diseases

A pre-existing disease is a condition or an ailment that the parents of the insured are suffering from for a few years. Covering them under the health insurance umbrella is the same as buying a regular one, but is quite difficult, as the insurers ask for additional documentation. The insurer has to submit a proposal form, accepting to pay a higher premium. The insurance company can ask for a complete medical checkup of the insured person with pre-existing diseases to determine their exact condition.

Importance of Medical Insurance of Parents

Covering the ageing parents under adequate health insurance is imperative to enjoy the best medical treatment without any financial hardships. Other merits of covering parents under health insurance are as follows,

1. Spectrum of Benefits: People over 50 or 60 years of age are prone to medical problems and health concerns. Getting them insured can mean a lot of financial savings, as the plan pays for pre and post-hospitalization expenses, daycare procedures, renders critical illness cover, pays for Ayush treatment, and also covers domiciliary hospitalization.

2. Ample Sum Assured: As aged parents are vulnerable to a series of health risks, considering their advancing age, it is better to get them insured under a higher amount. This will help in seeking the best available treatment without any financial constraints.

3. Waiting Period: The pre-existing diseases of the parents of the insured will be covered only after a brief waiting period, which is generally 2-4 years. But it is still worth the wait.

4. Co-Payment: While combining parents under the health insurance, it may be required to bear some medical expenses by self. Generally, the co-payment clause for covering parents is 20% where 20% of the total hospital bill is borne by the insured.

5. Tax Benefits: Health insurance premiums that are paid for parents will be covered under tax exemptions under section 80D of the Income Tax Act.

Best Medical Insurance Plans for Parents with Pre-Existing Diseases

There are several credible medical insurance plans for parents in India and the top best plans are as follows:

1. Hope Insurance plan from Oriental insurance company.

2. Silver health insurance plan from Bajaj Allianz Pvt. Ltd.

3. Senior Citizens Mediclaim policy from New India Assurance Pvt. Ltd.

4. Activ Care Senior Citizen health plan from Aditya Birla Health Insurance

5. Future Health Suraksha Individual plan from future Generali Health Insurance.

Bottom Line

While choosing health insurance for parents it is important to choose a one that offers maximum coverage and has a brief waiting period. Compare different health insurance plans and choose the one that offers coverage up to 80 years and has many network hospitals for emergency treatment.

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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