Health Insurance for Parents

What is Health Insurance for Parents?

Health insurance for parents is designed to provide financial security against medical expenses. As parents age, they are more susceptible to health issues, making parents' medical insurance crucial. It covers hospitalisation, pre and post-hospitalisation expenses, and other healthcare costs.

There are chances that with time, your parent may fall ill or be diagnosed with a condition that would make life a little difficult. Sometimes, the diseases may also turn severe due to old age. It could be something as basic as a reduction in bone strength or sometimes unable to carry out everyday tasks.

It’s important to invest in health insurance for the parents so that they do not undergo any financial setbacks due to unforeseen events. Choose comprehensive medical insurance for parents. A plan that offers extensive coverage for different health-related ailments, particularly the ones which are specific to aging. You may also consider choosing either individual health insurance for the parent or include them under a family floater health insurance plan if the parents are less than 65 years of age. A family floater health insurance plan offers mediclaim coverage for different family members under one single plan.

At Bajaj Allianz general insurance , we care for everyone and believe in making a difference. We offer an array of health insurance plans catering to varying age groups and medical needs for minor and critical illnesses as well. In case of an unforeseen event, the medical expenses should not be a barrier for your parents to avail the best health care.

We have an extensive reach of over 8000+ network hospitals PAN India wherein the parents can easily avail themselves of the best medical attention with our care. We also have our Relationship Managers at selected network hospitals. Our RMs will assist you throughout the process of hospitalization till discharge. Our claim settlement ratio is one of the best in the industry and we ensure that you have peace of mind while the parents recover. Parental insurance is an important decision so make sure you make an informed one.  

Why Do You Need Medical Health Insurance Plan for Your Parents?

Parents' medical insurance is vital in today's uncertain times. With rising medical costs, health insurance for parents ensures they receive the best medical care without financial strain. These plans cover COVID-19 treatments and hospitalisation and offer cashless services at network hospitals. In these unprecedented times of the global pandemic, it has become more than important to be fully prepared for potential health perils. The Bajaj Allianz health insurance plans not only offer financial security for any regular or critical illnesses. But we offer even more.

We offer health insurance plans that cover the treatment and expenses that would incur due to COVID-19 at a cost-effective premium. An adequate parental health insurance cover is important as it ensures that they avail the best medical treatment. Take a look below to understand the benefits of buying parental insurance online:

This is especially crucial for health insurance for parents above 50, as it helps manage age-related health risks and provides peace of mind for the entire family.

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Types of Health Insurance for Parents

When it comes to parents health insurance, take a look below to understand the types of coverages that can be availed for them:

Individual Health Insurance:

As the name suggests, individual health insurance is a type of plan wherein the proposer and family members are covered in the same plan. So, if you plan to insure your parents the sum insured will be separate for each and not shared. Our individual health insurance plan offers multiple sum insured options, pre, and post-hospitalization cover, daily cash benefit, etc. So, if you are looking forward to health insurance for parents above 60 years, you may consider opting for such a plan.

Family Floater Health Insurance: 

You may also include your parent who is less than 65 years of age under a family floater health insurance plan. A family health insurance plan allows for the inclusion of multiple members of the family within the same plan with a single premium. Under such a plan, the sum insured is shared by all family members. It offers a cover for daycare procedures, road ambulance cover, etc.

Senior Citizen Health Insurance:  

As the age of an individual increase, undoubtedly the care expenses also manifold. If you have a senior citizen at your home, you must consider investing in the senior citizen health insurance plan. These are dedicated plan that caters to different health care needs. The Bajaj Allianz Silver Health Plan* offers both cashless and reimbursement benefits for hospitalization costs due to an illness/ mishap. Anyone between the age of 46 years to 70 years can avail of this plan. 

^{* For detailed information, please refer to the product brochure.}

Save Tax with Parent's Health Insurance Policy

When you buy parents health insurance in India, you can avail of **tax benefits under Section 80D. The benefits include deductions on single premium plans, senior citizen health insurance premiums, and preventive health check-ups.

Medical emergencies can easily take away by surprise. Also, to encourage people to choose parental health insurance, the Indian government offers various tax benefits on the health insurance premium. 

Let us explore and understand the medical insurance for parents tax benefits under Section 80D one by one. 

Tax Benefit on Single Premium Health Insurance Plan

The health insurance premium that is paid for a multi-year plan in the lump sum is entitled to tax deduction under Section 80D. The tax-deductible sum is upon the total premium that is paid for the policy period. It is subject to the limits of Rs 25,000 or Rs 50,000 respectively. 

Tax Benefit Upon Senior Citizen Health Insurance

Any individual who pays the health insurance premium for their parents can claim for tax deduction up to Rs 50,000. The tax deduction limit for the costs incurred on certain illnesses/ ailments for the elderly is up to Rs 1 lakh.

Deduction Upon Health Insurance Premium for the Parents

The costs incurred on preventive health check-ups are entitled to tax benefits. Most people are unaware of this aspect, the tax exemption limit for it is Rs 5000.

The Deduction on Preventive Health Check-Ups

The tax exemption benefits are also extended on the OPD consultation and diagnostic center expenses. A tax benefit can also be availed upon cash payment. 

^{*The tax benefit is subject to change as per the prevailing laws.} 

How to Choose Best Health insurance Plan for Parents

Parents always want the best for their children. So as a child it is your responsibility to choose the best health insurance for parents too.

Wondering how to choose medical insurance for parents? Listed below are the parameters to make an informed decision and buy the best health insurance for parents:

Entry Age:

When buying parents health insurance plans make sure to have a look at the entry age. Certain plans offer entry ages between 18 years to 65 years and 46 years to 70 years. If your parent is old you may consider including them in senior citizen health insurance. You may go forward with a plan wherein the entry age is permitted at an advanced age. Also, there is no age cap with lifetime renewability. 

Understand the Policy Wordings:

Before you sign below the dotted lines ensure to understand the terms and conditions offered within the policy. The policy wording is crucial, so if you have any doubt or are unable to understand a certain terminology take an understanding of the same. Assess your need and go with a parental insurance plan that fulfills your requirements and is pocket-friendly. 

Extensive Coverage:

With time, parents are more prone to various health risks. Henceforth, it's always suggested to opt for a high sum insured. Choose a comprehensive parents medical insurance plan that offers an array of coverages. This ensures that the parents get the best medical treatment and finances do not remain a barrier. 

Network Hospitals:

In case you wish to avail a cashless facility, the treatment must be taken at any of the network hospitals. Moreover, it's suggested to go through the list of network hospitals that are associated with the insurance company. It is also better than the reputed hospitals in your nearby areas are also listed. This becomes helpful and convenient in case of an emergency and avail of the maximum benefit of a parents health insurance.

Compare Health Insurance Plans:

 When it comes to buying a plan compare mediclaim for parents online. Make a decision based on assessing the features, benefits, add-ons, and premiums offered with a plan. Also, go with the insurance company that has the highest claim settlement ratio. 

Waiting Period:

When buying parents health insurance an important aspect to understand is the waiting period for pre-existing ailments. Depending upon the plan, the pre-existing illness may remain covered only after completing the waiting period. It is recommended to opt for a plan that offers a lower waiting period and likewise offers coverage for maximum ailments. 

Besides, do not buy a plan only on the premise of a health insurance premium. Various factors determine the premium and age is one of the crucial aspects. The premium will differ with the individual’s age. So as individual ages, the premium too will increase. Health insurance for senior citizens is on the higher side when compared to any regular health insurance plan. Invest time to buy a suitable medical insurance policy for parents.

^{*Standard T&C apply}

Eligibility Criteria for Mediclaim Policy for Parents

Anyone who plans to buy the Bajaj Allianz Senior Citizen Health Insurance plan should meet certain criteria. The table below highlights the eligibility criteria for mediclaim policy for parents:

^{*For more details, please go through the policy wordings carefully.}

Why Should You Opt for Bajaj Allianz Health Insurance Plans for Parents?

By understanding and choosing the right parents' health insurance plan, you can ensure their health needs are met without financial worries. When you decide to buy health insurance for parents in India, it’s important to compare different plans to find one that best suits your parents' specific healthcare needs. Look for a health insurance that covers parents comprehensively, including benefits like hospitalisation, pre and post-hospitalisation expenses, and critical illness coverage. The medical insurance for parents offers extensive medical coverage at cost-effective premiums. Now, you can customize the health insurance for parents as per what suits their needs and ensure peace of mind.

Bajaj Allianz General Insurance Company offers various options tailored to the needs of aging parents, ensuring they receive the best possible care without putting a strain on your finances. For detailed information, refer to the Bajaj Allianz General Insurance Company website.

Best Health Insurance Plans for Parents by Bajaj Allianz General Insurance

The table below shows the top health insurance plans for parents offered by Bajaj Allianz General Insurance that you may consider buying online for the secured future of your parents: