Parents are pillars of strength and support for us. They have nurtured us with love and care. As sons and daughters, it is our responsibility to take care of their health and secure them for emergencies as they grow old. Buying health insurance for parents is one way of doing so.
The Indian market is currently flooded with many options for senior citizens. There are several family floater healthcare plans specifically designed for senior citizens as well. So, which one should you choose? mymoneykarma provides you with a list of the best health insurance policies for parents.
Challenges while Buying a Medi-claim Policy
Just like getting a credit card when your credit score is low, purchasing a medi-claim policy for your parents can be tough. The options tend to be limited once your parents cross a certain age. You might also end up paying higher premiums and not get good deals from the insurance companies. Of course, you can avail further benefits by charging the premiums on your credit card, but that comes with issues of its own.
There is a silver lining, however. Many insurance providers are now coming up with attractive health insurance policies for people of ages 55 to 60. Many reputed companies such as Star Health and Bajaj Allianz have rolled out several plans, such as the Senior Citizen Red Carpet plan, that are customized for senior citizens. You can compare the features of different policies here and make a proper decision.
8 Best Health Insurance Policies for Your Parents
1. Star Health Red Carpet Plan
This policy covers citizens of up to 69 years of age. The sum that can be availed is from Rs. 1 lakh to Rs. 5 lakhs. The policy excludes diseases that have been treated 12 months before the inception of the plan, pre-existing diseases (within a waiting period of four months), and diseases occurring within a 30-day waiting period after the creation of the policy. The policy covers only 50% of the costs for a pre-existing illness. However, precursory medical tests are not a requirement.
2. Bajaj Allianz Silver Plan
This policy covers citizens of up to 75 years of age but can be renewed until they turn 80. The amount that can be availed is from Rs. 50,000 to Rs. 5 lakhs. The policy excludes pre-existing diseases that occur within a waiting period of four months, and any disease occurring within a 30-day waiting period since the inception of the plan. It requires 10% copayment for treatment in non-network hospitals, 20% copayment if the person is 56 years old or above, and 20% copayment for the first treatment under the plan.
3. Apollo Munich Easy Health
This policy covers citizens of up to 60 years of age. The amount that can be availed is from Rs. 1 lakh to Rs. 10 lakhs. The policy excludes any critical illness diagnosed within 30 days of inception of the policy and pre-existing illnesses that occur before a waiting period of 3 years. However, it provides cashless coverage for the treatment of diseases that are not excluded as per the conditions mentioned above.
4. Maxbupa Heartbeat
This policy covers people of ages up to 50 years. The policy covers accidental injuries but excludes any illness diagnosed within 90 days of inception of the insurance plan. There is a waiting period of two years for some conditions to be covered under the plan. People above 65 years of age need to make a copayment of 20%. The policy also requires medical tests to be taken after the insured person reaches the age of 45.
5. Oriental Insurance Hope
This plan does not have any upper age limit. The amount covered under the plan is from Rs. 1 lakh to Rs. 5 lakhs. The policy excludes pre-existing ailments up until 2 years and has a 30-day waiting period for covering any disease. People need to make a copayment of 20% for every claim, and the premiums are adjusted accordingly.
6. Chola Insurance Individual Cover
This policy covers citizens in the age group of 55-65 years. The sum that can be availed is from Rs. 10 lakhs to Rs. 50 lakhs. The policy excludes pre-existing diseases for a 4-year waiting period, and has a 30-day waiting period for all ailments. The policy provides cashless coverage for specified conditions and does not require medical tests.
7. Religare Health Insurance Care Freedom Senior Citizen Health Insurance Plan
This policy covers all citizens aged at least 45 years, with no upper limit on age. The amount that can be availed is from Rs. 3 lakhs to Rs. 10 lakhs. The policy excludes pre-existing diseases that occur within a 2-year waiting period, and a 30-day waiting period is applicable for all ailments. It also doesn't cover OPD treatments, congenital illnesses, self-inflicted injuries, injuries from substance abuse, HIV-AIDS treatments, infertility treatments, and treatments arising from pregnancy and childbirth, miscarriage, abortion, and its consequences. Insured people are expected to make copayments of up to 30% for each claim. The policy does not require medical tests.
8. Royal Sundaram RSA Lifeline Elite
This policy does not have an upper age limit. The sum that can be availed is from Rs. 25 lakhs to Rs. 1.5 crores. The policy excludes pre-existing diseases for a 2-year waiting period, critical illnesses before a 90-day waiting period, and has a 30-day waiting period for all diseases. It also doesn't cover conditions like cataract, hypertrophy, benign prostatic, chronic renal failure/end-stage renal failure, knee/hip replacement, etc. Insured individuals are expected to make copayments up to 30% for each claim. The policy does not require medical tests.
