Parents health insurance
What Is Parents Health Insurance?
Why do you need Parents Health Insurance ?
Healthcare Expenses
Increase in Illness
Health Benefits
- Increasing Healthcare Costs::The advancements in medical science and technology have led to the rising costs of advanced medical treatment and facilities. Adding that to medical inflation could cause a big dent in your savings if an unforeseen medical emergency occurs. Investing in a comprehensive health insurance plan for your parents at a young age can help you avoid such situations altogether
- Comprehensive Care:An effective health care plan covers more than just hospitalisation expenses. Aside from ambulance coverage, day-care surgery, and periodic health checkup coverage, it also covers expenses incurred pre-and post-hospitalization. A comprehensive health insurance plan may also cover the costs of diagnostic tests and medicines.
- Insufficient Benefit For Employees:Health insurance benefits from employers make it easy for some people to avoid buying comprehensive health insurance plans. Despite this, the majority of group insurance policies have inadequate benefits, and the rising costs of medical care may prevent your parents from obtaining the best and most comprehensive medical treatment. To be on the safe side, it's a good idea to have a separate medical insurance plan for your parents with better coverage and higher coverage amount over and above the group health plan provided by your employer.
- An Increase In Lifestyle Illnesses:Health insurance was once considered essential only after one turned 60. However, changes in lifestyle have increased modern stresses and strains. It has, in turn, led to an increased risk of disorders, which have led to a number of health complications as we age. It is therefore crucial that we protect our loved ones by investing in a health insurance plan at a young age.
- Tax Benefits : Section 80D of the Income Tax Act allows you to deduct the health insurance premiums that you pay for your parents. You can receive a tax benefit of Rs.50,000 on health insurance premiums for yourself and your parents under 60 years of age. In the case of parents who are over the age of 60, the limit is Rs. 75,000.
5 reasons to buy Parents health insurance from Bajaj Finserv Health
- 1Healthcare expensesThe plan covers your regular healthcare expenses like doctor consultation fees, lab test fees, preventive health check-ups, etc.
- 2Doctor consultationYou get free online doctor teleconsultations. If you do not want to step out of the house or need medical intervention 24/7, you can consult top specialists online.
- 3Network discountsYou can avail network discounts across Bajaj Health’s vast network PAN India for doctor consultation, hospitalization, lab tests, hospital room rent, buying medicines, dental care, eye wear and more.
- 4Cashless treatmentYou can avail cashless treatment at network hospitals or get bills reimbursed at non-network hospitals, clinics, etc
- 5Easy Claim SettlementClaim settlement process is fairly easy and hassle-free. Claim settlement ratio is 92.1%
Features of Parents Health Insurance in India
When buying a health insurance plan for parents in India, you should look for the following features in the plan:
- The premium amount for such a policy should be affordable and not be a financial burden
- Sum Insured amount should be adequate and should cover regular health expenses as well as hospitalization expenses
- Premium paid for the parental health insurance plan should be eligible for tax benefits
- You can avail a free look period of upto 30 days
- Coverage for daycare treatments including costs for medical equipment, tests, doctor fees, etc.
- Coverage for regular healthcare costs like preventive check-ups, lab tests, etc.
- Pre-existing diseases coverage
- Pre-hospitalization care cover as well as cover for post-hospitalization care
Benefits of Parents Health Insurance in India
Fast Claim Settlement
Easy Renewal
Best Network Hospitals
Ambulance assistance
The Higher your BMI Higher your Chance to get Diseases
Keep your health in check with our BMI Calculator
Why just health insurance? Get a complete Parents Health Insurance package!
What is Parents Health Package
With the increase in nuclear families and having jobs outside of one’s hometown, even abroad, we are often worried about our parent’s health. Healthcare is expensive today and often times, due to the rising costs, our parents happen to delay their treatment and procedures. However, this only results in advanced health problems. While a parental health insurance is an option, it may not cover regular healthcare expenses which are very important. Therefore, it is best if you go one step ahead and invest in a complete parental health insurance package.
But why won’t a generic health insurance plan be enough?
A specialized parental health insurance plan is a plan that is carefully crafted to cater to your parents and senior citizens health needs. It includes and covers regular health expenses like doctor consultation fees, lab tests, preventive health check-ups so that parents can stay on top of their health. It should also cover pre-and post-hospitalization care expenses. It will also have an option to opt for AYUSH or alternative treatment therapies. Additional benefits are ambulance assistance, no claim bonus, pre-existing disease cover and so on.
How to choose the right Parents health insurance package for you?
When looking for the right parental health insurance package, you should consider the following points:
Helps you beat medical inflation:This health insurance plan should cover end-to-end health cover costs so that you don’t have to pay anything from your pocket.
Waiting period:It is better to invest in a parental health insurance before your parents turn senior citizens. This is because the waiting period will be over by then and they can avail all benefits.
Premium Affordability : The premium you need to pay for the parental health insurance should be easily affordable to you.
Coverage for Life Support & Life Saving Treatments : Old age brings many health complications. Your insurance plan should include cost of cataract surgery, dialysis, organ transplant, other implants, etc.
Critical Illness Cover : Yes, if your parents are diagnosed with a critical illness like cancer, liver cirrhosis, etc. this plan should have provision for the same.
Your 5-point Checklist for Selecting the Best Parents Health Insurance Plan
Health Insurance Coverage
Reviewing the policy's coverage benefits is crucial. Consider things like the policy duration, pre-and post-hospitalization coverage, critical illness coverage, daycare procedures, in-patient hospitalizations, Ayush treatments, and domiciliary hospitalizations.Adequate Sum Insured Amount
Considering their age factor, you need to opt for a higher sum insured amount since your parents are more vulnerable to health risks. It will allow them to get the best treatment available without any financial constraints.Pre-existing Disease Cover
If your parents have pre-existing medical conditions, they will only be covered after the waiting period is complete, which is usually between 2-4 years. Depending on the plan chosen, it can differ from one insurer to another. You need to confirm how long before pre-existing diseases can be covered in your family health insurance plan.Co-payment Clause
You will be responsible for a certain percentage of the cost. The rest will be covered by your health insurance. For instance, if you have a 20% Co-pay clause in your policy and you have a claim of Rs 10 lakh, you will have to pay Rs 2 Lakh directly from your own pocket while the insurance provider pays Rs 8 Lakh. You can also include a no co-pay clause to have the entire amount covered by the insurance provider, by paying a higher premium.Tax Benefits
You can claim a tax deduction under section 80 D for health insurance premiums you pay for your parents. If you pay the premiums for yourself and your parents below 60 years of age, then you are entitled to a tax deduction of Rs 50,000. The limit is raised to Rs 75,000 if your parents are older than 60 years. Depending on tax regulations, the limit may vary.
Here are the coverage offered by Bajaj Finserv Health
Hospitalization Expenses
A medical emergency or an accident can result in expensive hospitalisation costs. The cost of hospitalisation is rising, but this comprehensive health insurance policy covers your medical treatment to the limit of your policy.
Pre and post-hospitalization expenses
Pre and post-hospitalization expenses are also covered by the health insurance policy for parents. This period usually lasts for 30 to 60 days, but it can differ from one insurer to another.
Ambulance expenses
The policy also covers the cost of ambulances up to a limit of Rs. 20,000 per policy year.
Eligibility Criteria:
Age Limit of Primary Policy Holder:In order to avoid co-payment clauses, the primary policyholder should be between the ages of 18 and 65 when applying for coverage.
Nationality:The policyholder needs to be an Indian citizen.
Maximum age of enrollment:For most medical insurance plans, the maximum age of enrolment is between 60 and 80 years of age.
Eligibility Criteria:
Age Limit of Primary Policy Holder18 to 65 Years
NationalityIndian
Maximum age60 to 80 Years
How to calculate health insurance premium?
- 1Enter your name and mobile number.
- 2Select the family members whom you want to insure.
- 3Enter the eldest member's age
- 4Get your premium
10 factors that affect your health insurance premium:
Health Insurance is a must for any individual or family who are looking to secure their health and financial future. Owing to medical inflation in the recent years, the cost of medical treatment and procedures often drains one’s lifetime savings and acts a burden. However, getting a health insurance means adding a fall-back cushion to safeguard savings as well as get tax benefits.
As you apply for a health insurance plan, the insurance providers do a thorough check/assessment of your health. Basis your health status, they offer a premium amount for the plan.
Your age is a major factor on which the health insurance premium will be decided. Most companies follow this mantra – the higher the age of the insured, the higher the premium to be paid. This is because older people are prone to illnesses. It is advisable to buy a health insurance plan when you are younger to enjoy more benefits and pay a lower premium.
Your occupation or the nature of your work will also determine the health risks you may be exposed to. Given our hectic lifestyles and sedentary jobs, you will be prone to stress, anxiety, etc. which will lead to other health issues. So, for example, if you have a high stress job, your premium will be higher.
Medical history plays a vital role too in deciding the premium. If you have a chronic illness, or have suffered from any past major illnesses, or if family history points to any pre-existing illnesses, your health insurance premium will go up.
If you have a co-pay feature in your health insurance plan, then your premium will be lower as a certain percentage of the medical costs will be borne by you and the rest by the insurance provider..
Habits. Yes, your habits matter a lot. For example, if you are a smoker, you are at risk of serious illnesses like cancer. If you drink regularly, you are at risk of chronic diseases. So, your premium will be higher.
Duration of your policy will also affect your premium. If have a longer duration for your policy, you will pay less premium.
Your BMI or Body Mass Index also affects your premium. If your BMI is high, then you are at a higher risk of chronic or lifestyle illnesses. This means you will pay a higher premium.
Location If you stay in locations where food, water, air quality is an issue, it will lead to serious health issues and therefore, your premium will be higher.
Your plan type affects your premium amount.
Why To Buy Parents Health Insurance Online?
At Bajaj Finserv Health, the parental health insurance policy is not like any other health insurance policy that kicks in during pre-and post-hospitalization care before an ailment, illness or a treatment. With Bajaj Finserv Health’s Parental Health Insurance Policy, your parents can focus on wellness and health together. This means they can avail cashless doctor consultations, get lab tests at top labs, avail FREE preventive health check-ups and teleconsult doctors on the Bajaj Finserv Health platform from the comfort of their homes. Plus, they can avail hospitalization benefits too as the requirement arises.
How to buy Parents health insurance from Bajaj Finserv Health
- 1Step 1Log on to the website www.bajafinservhealth.in or download the ‘Bajaj Finserv Health’ app on your phone and sign up.
- 2Step 2Search for the Parents Health Insurance Plan.
- 3Step 3Click on ‘Apply Now’ and enter your basic details.
- 4Step 4Check and confirm application by entering the OTP received on your mobile number.
- 5Step 5Pay the premium via credit/debit card, UPI, mobile wallet, etc.
- 6ResultYou will receive the details of your membership via email/WhatsApp.
Tax savings with Parents Health insurance
You can claim a tax deduction under section 80 D for health insurance premiums you pay for your parents. If you pay the premiums for yourself and your parents below 60 years of age, then you are entitled to a tax deduction of Rs 50,000. The limit is raised to Rs 75,000 if your parents are older than 60 years. Depending on tax regulations, the limit may vary.
You can avail all your health insurance benefits PAN India. Explore our vast network partners.
You can avail all your health insurance benefits PAN India. Explore our vast network partners.
Documents Required For Buying Health Insurance Policy For Parents
Aadhaar card
Passport
10th or 12th mark sheet
Birth certificate
PAN card
Driving license
Voting ID
Electricity bill
Telephone bill
Ration card
An Easy, Hassle-Free And Quick Procedure
How to Claim Your Healthcare Benefits?
How to make cashless claims & reimbursements?
The hospital will submit the insurance provider's preauthorization form once the identity has been verified.
Myths Busted
FAQs
Most health plans only includes children and spouse as dependents, if you’re looking for a policy that will cover medical emergencies for your parents you should go for a separate health insurance plan for your parents.
The best way to ensure your parents receive the best medical care is through a health insurance policy. These policies provide coverage for unexpected medical expenses well into the sunset of their lives.
Tax benefits for health insurance premiums are available to parents above 60 years of age.
Pre-existing conditions can be covered by health plans as long as the plan you choose specifies a waiting period. Try to choose a health insurance plan with a short waiting period.
Each medical plan has a certain age requirement. Be sure to check it before purchasing an insurance policy for your parents.
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