Taking health insurance for your parents is a good decision! You would agree that ageing makes them prone to various health conditions. And they would need medical attention more often than their younger age. However, when it comes to choosing health insurance, there are many options in the market. Choosing the right health insurance policy is necessary for the best coverage.
Before you choose a health insurance plan for them, explore all the available options. Consider these two main categories – individual health insurance for parents or parent’s health insurance and health insurance for senior citizens.
Let’s explore the primary differences between these two so that you can choose the best health insurance policy.
Table of Contents
How Does Age Matter While Deciding a Health Policy?
Parent’s Health Insurance: A parent’s health insurance policy is ideal for parents who are under 60 years old. It covers a wide range of medical needs. It includes accidents, illnesses, and surgeries.
Mediclaim for Senior Citizens: Senior citizen mediclaim is best for people aged 60 and above. These plans cover many health concerns of older adults. In most cases, it includes pre-existing health conditions too.
What Coverage Do You Get Under Medical Policy?
Parent’s Health Insurance: Health insurance for parents may offer comprehensive coverage. It may include pre- and post-hospitalisation, organ donor expenses, daycare treatments, AYUSH benefits, domiciliary care, etc.
Senior Citizen’s Health Insurance: This medical policy comes with a range of coverages. It covers hospitalisation expenses, daycare procedures, pre and post-hospitalisation charges, mental healthcare, AYUSH treatment, organ donor expenses, ambulance charges, free annual check-ups, lifetime renewability, etc.
Renewals and Costs of Health Insurance Policy
Parent’s Health Insurance: Renewability of this health insurance is generally easy as it comes with lifetime renewability. This means that the insured person will get coverage for life if the policy is renewed timely. The premiums are adjusted during renewals based on age, health condition, sum insured, and add-ons included.
Senior Citizen’s Health Insurance: Even with this policy, renewability is easy. The premiums of a senior citizen’s medical policy are generally higher. This is because elderly people are at a higher risk of developing health conditions and require constant medication and treatment.
How to Choose the Best Medical Insurance for Parents
It is important to find the best medical insurance for parents as it will give you the right amount of coverage in case of an emergency.
- Parents Age: Consider your parents’ age while looking for health insurance for them. If you want senior citizen health insurance, your parents must be at least 60 years old (depending on the policy).
- Pre-existing Health Conditions: When it comes to buying medical insurance for parents, consider if they have any pre-existing health conditions. Choose a plan that provides coverage against that specific disease.
- Budget: Consider your budget while buying a health insurance plan for your parents. Decide it beforehand before paying the premium.
- Specific Features: Look for features that matter most to you. Many prefer cashless hospitalisation or pre-existing condition coverage as a priority. Find out what matters to you the most and accordingly choose a plan.
- Sum Assured: Prioritise a high sum insured before buying the best mediclaim policy for senior citizens. It must cover hospitalisation, medications, and even daycare procedures.
- Long-Term Renewability: Consider the renewability options of a health insurance plan. Some plans come with a lifetime renewability. It means the insured person will get coverage throughout their life at regular renewals.
- Special Benefits: Some health insurance for senior citizens offers no claim bonus at the time of plan renewal. In this case, the insurer may increase the sum assured at no extra cost, or they give a discount on the premium for the next policy period.
Conclusion
Before investing in a health insurance policy, consider the differences between parental health insurance and senior citizen mediclaim. Remember, the best medical insurance for parents is the one that keeps them financially secure in case of a medical emergency. So, take time to explore options, compare plans, and buy medical insurance that provides the best features.
FAQs
Which health insurance is best for elderly parents?
The best health insurance for elderly parents depends on their specific health concerns. If they have any chronic health conditions, you must choose a plan accordingly. It will help you cover the expenses of their treatment.
Are parents covered under health insurance?
Yes, parents can be covered under health insurance. If you choose a family health insurance then your dependents can get covered under this policy. It can be your spouse, children and parents. However, you may also buy a separate health insurance policy for your parents.