Indian Parents or Seniors Health Insurance Plan

Health insurance for the elderly or parents is a must, considering the rate of increase in medical expenses each year. On average, medical expenses are rising by about 15% annually. Interestingly, Indians pay about 75% of their medical expenses from their pockets.

In the past few years, I have seen many companies [employers] stop providing medical insurance to their parents. Therefore, regardless of whether your employer provides it, we recommend that you purchase health insurance for your elderly parents.

Why are parents' health insurance?

• Medical expenses have increased more than the average inflation rate.
• Parents may have limited income or income instability after retirement
• Parents may be financially dependent on their heirs
• They will soon develop a disease or accident. Financial assistance may suddenly be needed.
• Their employer's health insurance policy may no longer exist after retirement.

If you live with a dependent parent over the age of 60, purchase a personal health insurance plan instead of a family floating plan. In the family floating plan, consider the age of the oldest family member when determining the premium rate.

Terms to be noted in the health insurance plan for the elderly:

• Co-payment from
  
  Terms from
  
   Co-payment means that the policy holder will bear the specified percentage of the claim amount. For example, in the 80%-20% clause, the policy holder will bear 20% of the fee and the remaining amount [80%] can be applied.
• Sub-limit from
  
   : Health insurance companies can specify restrictions on certain diseases or treatments. For example, the insured can only apply for 20,000 rupees for cataract surgery, but the policy guarantee may be Rs3 Lakhs. Unrestricted policies are better but high premiums are charged.
• Past disease from
  
   : You need to check if the policy covers existing diseases. In some policies, all existing diseases may be covered and some policyholders must wait a few years before they can file a claim.
• Waiting period from
  
   : Policy holders must wait for a period of time [in most cases 30 days] before applying for any fees.
• Alternative treatment: from
  
   Some policies also include alternative therapies such as homeopathy, Ayurveda, etc.

The following are the distinguishing features of different health insurance plans:

Star Health's Red Carpet Project:

• All diseases are covered except for diseases that are recommended or treated within the first 12 months.
• Co-payment terms - 30% of claims other than existing diseases and 50% of the original disease.
• If you submit a lab test file, you will receive a 10% premium discount.
• The SA is allowed to be enhanced during the update.

Optima Senior of Apollo Munich:

• Husband and wife can enjoy insurance on the basis of personal insurance and enjoy a 5% discount on insurance premiums.
• Pre-screening medical examinations are mandatory. The company will reimburse 50% of these fees.
• Covers 140 day care procedures and does not require 24-hour hospitalization.
• Allow SA enhancement during renewal
• The cumulative jackpot [CB] for each unclaimed policy year is 5%
• After 3 years, existing diseases will be covered
• 2-year waiting period for specific diseases such as cataract, hernia, joint replacement surgery, etc.
• Co-payments of 30% apply to specific diseases/surgery, such as cataracts [per eye], hysterectomy, arthroscopy, etc. 15% co-payment for all day care procedures;

Heartbeat by Max Bupa:

• Reduce the co-payment terms. This is a very good feature. After four years of continuous renewal, the percentage of co-payments for the elderly will be zero.
• Free annual health check
• Unless the treatment required is due to an accident or emergency, the plan will not include treatment within the first 90 days of the policy.
• Covers all-day care.
• Enjoy an additional 10% coverage each time you renew.

ICICI Lombard's iHealth Program from

 :

• There are no mandatory restrictions. However, by limiting medical costs associated with specific medical and surgical procedures, customers can obtain hospitalization coverage through reduced premiums.
• Co-payment terms are voluntary
• Free annual health check
• The list of certain diseases or diseases was not included in the previous two years.
• A 10% coverage bonus can be accumulated for each unclaimed policy year.

National Insurance Company's Varishtha Mediclaim:

• The insured can choose a 5% premium discount for each tax-free year until it reaches 50%, or you can choose the jackpot option.
• For past illnesses, 10% and 10% additional fees must be paid together.
• For Mediclaim, the amount of compensation is fixed at 1 rupee, and for serious illness, the amount of compensation is 2 rupees.

New Indian elderly medical staff:

• The 86-85 age group continued to increase by 10%, and the 86-90 age group renewal fee increased by 20%.
• Free warranty for 4 years free reimbursement for a medical examination fee.

Joint Indian Seniors Program:

• A free medical examination was made at the end of every three insurance years, but no claims were reported.
• If you adopt a policy for yourself and any one or more family members, the family discount is 5% of the total premium. Spouse or dependent child.

Bajaj Allianz's Silver Health:

• Reimbursement for pre-medical testing ' costs.
• The jackpot for each free policy year is 10%.
• If the policy holder is hospitalized in a non-network hospital, a 20% co-payment is applied.
• The waiting period for the original disease is 1 year. After one year, the company will only pay 50% of the amount claimed for these diseases.
• Covers 130 day care services.

I hope this information can help you decide on the best health insurance plan based on your requirements.

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Orignal From: Indian Parents or Seniors Health Insurance Plan