Looking at the raising rate of inflation in terms of healthcare costs, it is imperative for everyone to buy health insurance plans, especially for the elderly. There are several factors to consider while buying health insurance for the senior citizens. Let’s understand them in this post.
The Insurance market in India at the moment is flooded with several lucrative plans specifically designed for the elderly. Some of them are special senior citizen plans, while there are others in the category of family floater policies. So, let us consider the key features to take note of while buying health insurance plans for your parents.
By health insurance for parents, it means customized policies that are crafted especially for offering coverage to the elderly people. These policies allow comprehensive coverage against diseases, hospitalization etc., which arises mainly because of old age. These treatments cost a huge amount and can hit the pockets of people paying for such expenses. Hence, it is crucial to buy health policies for the aged to get them covered sufficiently with a high sum insured so that their health is not compromised due to financial reasons.
There are three different types of health insurance plans that you can choose to cover your parents. They are:
These policies are especially designed for the elderly parents to take care of their health. These plans cover the healthcare needs of the senior citizens in a comprehensive way as it comes with added benefits and coverage to care for the elderly.
The family floater health insurance plans are the ones which offer a group coverage to insure all members of a family including spouse, children, parents and in some cases in-laws too.
Under the individual health insurance cover, each individual gets covered under one policy. So, here each of your parents can have an individual insurance plan for themselves. However, these plans benefit parents below the age of 60 years.
The market is flooded with numerous good health insurance policies for the elderly. However, before picking a plan for your parents, it is important to analyse some important aspects and compare them well to be able to buy the best plan. Here are some best health insurance plans for parents.
| Insurance company | Name of the plan | Eligibility Criteria | Sum Insured | Co-Pay Clause | Pre-medical tests |
| Aditya Birla Health Insurance | Activ Care Senior Citizen Health Plan | Min - 55 years Max - 80 years |
Standard - INR 10 lakhs max Classic - INR 10 lakhs max Premier - INR 25 lakhs max |
N/A | Needed |
| National Health Insurance | National Insurance - VARISTHA Mediclaim Policy for Senior Citizens | Min - 60 years Max - 80 years (can be renewed up to 90 years) | Mediclaim - INR 1 lakh Critical illness - INR 2 lakhs |
10% | Needed |
| New India Assurance Health Insurance | New India Assurance Senior Citizen Mediclaim Policy | Min - 60 years Max - 80 years (can be renewed up to 90 years) | Min - INR 1 lakh Max - INR 1.5 lakhs |
10% for 81 - 85 years old 20% for 86 - 90 years old |
Needed |
| Cholamandalam Health Insurance | Chola Individual Insurance Plan | Min - 3 months Max - 70 years |
Min - 2 lakhs Max - 25 lakhs |
10% co-pay for people above 55 years | Not required up to 55 years of age |
| Bharti AXA Health Insurance | Senior Citizens Health Insurance | 18 to 65 years | Min - INR 5 lakhs Max - INR 1 Crore |
N/A | N/A |
| United India Health Insurance | United India - Senior Citizen Mediclaim Policy | 61 to 80 years | Min - INR 1 lakh Max - INR 3 lakhs |
N/A | Needed, policy reimburses 50% claims |
| Oriental Health Insurance | Oriental Insurance Hope Plan | Min - 60 years Max - No limit |
Min - INR 1 lakh Max - INR 5 lakhs |
20% |
No needed |
| Future Generali Health Insurance | Future Health Suraksha Individual Plan | Entry up to 70 years with lifetime renewal option | Min - INR 5 lakhs Max - INR 10 lakhs |
Capping as per zone | Needed for people above 46+ years |
| Niva Bupa Health Insurance | Niva Bupa Health Companion Family Floater Plan | No Age Limit | Min - INR 2 lakh Max - INR 1 Crore |
20% co-payment for 65+ years | Needed for people above 45+ years |
| Tata AIG Health Insurance | TATA AIG Medi Senior Health Plan | Min - 61 years Max - No Limit |
Min - INR 2 lakh Max - INR 5 lakhs |
15 to 30% | Needed |
| Universal Sompo Health Insurance | Universal Senior Citizen Health Insurance Plan | 60+ years | Min - INR 1 lakh Max - INR 5 lakhs |
10, 15, and 20% | Needed |
It is important to consider the inclusions and exclusions of health plans while buying a policy for your parents as mentioned below:
Some policy inclusions are:
Here are some policy exclusions:
Here are the key benefits:
Yes, it is beneficial for your elderly parents to have a health insurance policy as it lowers your out-of-pocket costs on getting them the best treatment.
Yes, you can buy a plan that allows coverage for pre-existing illnesses. However, they might have to go through a waiting period depending on the insurance plan. You can pick a plan with the least waiting period.
Yes, as per the plan chosen there might be some age criterion. You need to check them before buying the health insurance plans for parents.
Yes, you can add your parents to your Family Floater Health Plan and all members can share the policy sum insured.
* Rs. 245/month is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*! Rs. 334/month is the starting price for a 10 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*@ Rs. 12/day is the starting price for a 5 lac family health insurance for an 25-year-old male and 22-year-old female, with no pre-existing diseases.
*# Rs. 12/day is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*$ Rs. 600/month is the starting price for a 20 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*^ Rs. 12/day is the starting price for a health insurance that covers coronavirus for an 25-year-old male, with no pre-existing diseases.
