If you want know about what is health insurance plan and which health insurance plans are best for your parents, so now you are on right place.
After reading this articles you will learn about what is health insurance plan?, Why should you opt for health insurance for parents?, How to Choose the Right Health Insurance Plan for Parents? and what are the best health insurance plan in India for parents.
You can compare health insurance plan for your parents
Everyone, regardless of age, should obtain health insurance for parents since medical emergencies can happen at any time.
The finest health insurance for parents must now be purchased due to the rising costs of medical care. You can live a stress-free life if you have health insurance since you won’t have to worry about paying for medical care in an emergency.
The best health insurance will pay for hospital and medical-related costs. We will learn about parent health insurance plans, how to choose parent insurance, and the best parent health insurance in India in this article.
Health Insurance Plans for Parents: What is it?
In their 60s, people are most susceptible to illness and the onset of aging-related health problems. Therefore, parents-only health insurance of a unique kind is required.
An insurance policy that covers parents’ medical bills is known as a “Mediclaim policy.” They provide insurance protection against illnesses and any disorders brought on by ageing.
In India, parents can get health insurance that offers a bigger insurance payout as well as other benefits including lifetime renewability, annual health examinations, hospitalization costs, daycare treatments, and home health care.
Why should you opt for health insurance for parents in India?
In most cases, people purchase family health insurance, which includes their parents, spouse, and children. You must get the greatest parent health insurance when your parents are 50 or older to avoid paying a lot in premiums.
Age affects how much people pay for health insurance. A 50-year-old person will, for instance, be required to pay a greater premium than a 30-year-old. Having parents with health insurance reduces your financial problems because you won’t have to worry about facing a financial emergency due to a medical emergency.
The rising health risks are a further justification for parents to select a medical insurance plan. The risk grows with your parent’s advancing age.
Some of the best insurance policies for parents are given below:
| Mediclaim policy for parents | Entry age | Insurance sum insured |
| Aditya Birla Active Care Insurance Plan | 55 to 80 years | 10 lakhs to 25 lakhs |
| Child individual insurance plan | 3 months to 70 years | 2 lakhs to 25 lakhs |
| Edelweiss health insurance platinum plan | Any age | 15 lakhs to 1 crore |
| Kotak Mahindra family health plan | Up to 65 years | 2 lakhs to 1 crore |
| TATA AIG medi senior health plan | Starts from 61 years and has no maximum limit | 2 lakhs to 5 lakhs |
| Silver plan | 46 to 70 years | 50,000 to 5 lakhs |
| Reliance health gain insurance plan | Up to 65 years | 3 lakhs to 18 lakhs |
| Oriental insurance hope plan | Starts from 60 years and had no limit | 1 lakh to 5 lakhs |
| Star health red carpet plan | 60 to 75 years | 1 lakh to 25 lakhs |
| Senior citizens health insurance | 18 to 65 years | 5 lakhs to 1 crore |
FAQ about health insurance
How do I choose the best health insurance for my parents?
Whilst looking for the best health insurance plan for your parents, you must consider several factors, including their health insurance requirements based on their medical and family history, the coverage provided by a particular health insurance plan, the flexibility to enhance said coverage, and the premium
How much health insurance is enough for parents?
It is better to go with a plan that offers higher sum assured, said Mehrotra. As a thumb rule, you can consider a cover of ₹ 10 lakh- ₹ 20 lakh each depending on the city your parents live in. Start with checking the exclusions on pre-existing diseases.
What is family floater plan?
A family floater is a health insurance plan that extends the coverage to the entire family rather. Simply put, a floater brings all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger common pool.
What is Section 80D?
Medical expenditure on the health of Resident senior citizen and very senior citizen for whom no amount is paid to effect/keep in force an insurance on the health)( mode of payment other than cash) DEDUCTION UNDER SECTION 80D.
Who is eligible for 80D?
Individual and Hindu Undivided Family (HUF) can claim deduction from taxable income under Section 80D. A person can claim a deduction for the health insurance premium and expense incurred towards preventive health checkup for self, spouse, dependent children and parents.
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