Which is the Best Health Insurance Plan for Parents in India?


3 min read

Most Indian parents put aside a lot of their aspirations and plans till their retirement. All in pursuit of a better future for their children. As a responsible adult, it is only natural for you to wait for their retirement, so that they can take a break and do things that they really wanted to.

However, retirement also means that they are getting a bit older. And with age comes the risk of health-related risks. A simple yet effective way by which you can let your parents relax and enjoy their retirement is by opting for medical insurance for parents. With several vendors and plans out there, it will not be a difficult task to zero down on the best health insurance for parents.

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Health Insurance for Parents

For those who are wondering how to choose health insurance for parents, we have listed some of the factors that will help you get the best health insurance for parents in India.

1. Pre-existing conditions

Health insurance plans for parents might not cover everything from the onset. Some of the most common pre-existing conditions have a waiting period, post which the plan covers them. If your parents have any such pre-existing conditions, you should verify with your insurer before buying the policy.

2. Age Limit

As you are buying the policy for your parents, look for policies that offer the plan for people between 60 and 80 years. Also, keep an eye on the maximum age till which you can renew the policy. A policy that goes for a longer duration is advisable.

3. Cover for Critical Illness

Critical illnesses are known to impact families both financially and emotionally. If you are planning to buy health insurance for parents above 50, opt for a critical illness add-on. By paying a small premium, you can ensure there are no financial catastrophes due to critical illnesses.

4. Exclusions

Your search for the best health insurance plan for parents in India should lead you to a policy that has minimal exclusions. Exclusions are scenarios where your health insurance plan does not work in your favor. Thus, a smaller list is desirable.

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Standard Covers

The best health insurance plan for parents in India would offer the following standard covers and more.

  • Hospitalization cover for admits exceeding 24 hours
  • Pre and post hospitalization expenses
  • Ambulance expenses
  • Daycare expenses cover treatment such as dialysis, chemotherapy, etc.
  • Cashless services when admitted to network hospitals

Some of the Best Health Insurance Plans for Parents :

  1. Max Bupa Senior First Gold Health Insurance Plan
  2. Star Health Senior Citizens Red Carpet Health Insurance Policy

Benefits of Buying the Best Life Insurance for Parents :

  1. The policy will take care of any financial implications of health-related issues
  2. The policy will enable you to focus entirely on the treatment and not constantly worry about expenses
  3. Protect your parents against the constantly swelling medical expenses
  4. Receive tax benefits for the premiums paid towards health insurance
  5. Should you buy the policy early, you can get through the waiting period and get coverage against pre-existing conditions as well.

The above should help you to secure the best medical insurance for parents.

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FAQs: Best Health Insurance Plans for Parents

What is the basic need of health insurance?

Your current policy may not be adequate in times of need if it does not cover potential hazards like diseases or illnesses that run in the family. Additionally, with medical treatments progressing significantly, having a bigger sum assured helps guarantee that all of your medical needs are financially covered.

Why do parents need insurance cover?

This will offer your parents protection from a number of serious ailments like stroke, cancer, diabetes, etc. It will guarantee that they may receive the necessary therapy for these illnesses without ever having to worry about the expense.

What is the best advice for first time parents?

Your child isn't the only one who will grow!
~ Get Ready for the Ride. It's quite common for long-time parents to look back on their first year as parents and compare it to a rollercoaster ride. ...
~ Trust Your Instincts. ...
~ Exercise Patience. ...
~ Be Open-Minded. ...
~ Know It's OK to Ask for Help. ...
~ Tell Yourself That Phases, Too, Shall Pass.

What is the age limit for senior citizen health insurance?

Senior citizen health insurance is a type of health insurance that is specifically designed for people who are 60 years of age or older. Once you touch or cross the age of 60, there could be a lot of medical requirements that need attention.

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Sep 14, 2021
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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