You need health cover regardless of what you take two at a time - pills or stairs.
  • Buying Health Insurance For Parents- What To Look Out For

    As children, our parents saved and went without to ensure we had the best of everything in life. Now, as adults, making sure they spend their twilight years in comfort is a way we can give back for all their sacrifice and hard work. While ensuring they want for nothing materially is one way of showing our appreciation for all our parents did for us, there are a number of other ways too.

    As our parents get older, they are more prone to illnesses. With medical costs ever rising, even a minor ailment can result in a significant drain on one’s finances, especially when living off pensions or retirement savings.

    To ensure your parents don’t have to worry about hospital bills and to give you peace of mind and ensure you are ready to take health insurance for parents that they will receive the best medical treatment, consider investing in health insurance.

    Health insurance Policy Coverage:

    Assuming you already have a health insurance policy covering yourself and your family, you might want to add your parents to this policy as well. Known as family floater policies, they offer a number of benefits and perks to the policyholders. However, given your parents’ advanced age, adding them to a family floater policy would only result in higher premiums.

    Getting a separate health insurance policy for them would be a better idea as this policy would cater exclusively to their needs. This would prevent you from paying for procedures that your immediate family does not require (under the family floater) and ensure that your parents have adequate protection under their policy.

    Waiting Period:

    Most health insurance policies have a compulsory waiting period for pre-existing medical conditions. This is to ensure that the policyholder has not purchased the policy to cover planned treatment for the condition, which would result in the insurer suffering a loss.

    When it comes to senior citizens, this is especially important as the waiting period could be around 2-3 years, during which time any procedure linked to the pre-existing medical condition will not be covered. Thus, when buying health insurance for your parents, it is important to keep this mind to avoid the unpleasant surprise of being presented with a whopping bill following treatment in spite of being insured.

    Renewal Limit:

    When we buy a health insurance policy for ourselves, there is generally a maximum or exit age limit for the policy. Exit policies are generally around 75-80 years, after which renewal of the policy is not permitted. To ensure that your parents continue to receive coverage, always look at the age limit on the policy. For example, if your parents are around 70 years of the age at the time of purchasing the policy and the maximum entry age for the policy is 75 years, consider looking at other options since the policy will not be renewable once they cross the age limit.

    No Claim Bonus:

    Health insurance policies have a No Claim Bonus (NCB) clause, which reduces the premium amount payable if there are no claims for a particular period. A number of health insurance providers allow for an increase in the Sum Assured instead of a reduction of the premium amount payable if there are no claims during the specified period.

    In the case of old parents, their medical needs will only increase as they get older, resulting in medical costs also increasing. In such a case, choosing to extend the Sum Assured amount as a perk of the NCB is a better idea than paying a lower premium amount.

    Getting a health insurance policy for your parents is a prudent and effective way to ensure that their medical bills are taken care of without too much of a strain on their finances. To ensure that the policy is not too much of a strain on your finances, consider buying a health insurance policy for them as soon as possible to avoid paying a higher premium at a later date.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Guide for choosing Health insurance for parents Reviews

  • Page 1 of 50 1 2 3 4 5
    • Apollo Munich Health Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have a corporate health insurance policy with Apollo Munich. There is a coverage of three lakhs for the entire family. There are cashless facilities and also OPD facilities too. For the cashless option I need to use the medical card at any listed hospital and if I get hospitalized in a non listed hospital I need to pay the bill upfront and I would get 90% of the bill. Like wise for the OPD option where I can get all my medical bills like scans or other tests reimbursed, the process is done in 15 days and I would get 50%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 22, 2018
    • Star Health Health Insurance
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance policy from Star health insurance. It is for my family and I. Till date I have not had a claim experience. The medical coverage is for six months. The premium is not costly. The process to buy the policy in smooth and easy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with HDFC ERGO from last 2 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance policy. A premium of Rs 6000 has to be paid for this insurance and the coverage value is Rs 3-4 lacs.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 17, 2018
    • Star Health Health Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I was using the health insurance policy with the Star Health. I am paying a premium of 35K per year. On one occasion I claimed the policy and they were able to reimburse only 75% of the amount claimed which wasn't satisfactory.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 15, 2018
    • Reliance General Health Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a health insurance policy with the Reliance General Insurance. I am paying a premium of 27000 per year. It is for the entire family. There hasn't been any claim experience so far. I will have to wait and see how they respond to my requests in future if I will have any.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • New India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My health insurance is with New India Assurance from last 1 year, i am not aware of the premium amount as my company pays it. I have no claim experience so far with this insurance policy and the coverage value is Rs 2 lacs for individual.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 14, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with Apollo Munich from last 7-8 years, i have no claim experience so far with this insurance policy. I pay a premium of Rs 12000 for this insurance policy and the coverage value is Rs 5 lacs for this policy.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • Cigna TTK Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with CIGNA TTK from last 2 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 12000 for this insurance policy. I have no claim experience so far with this insurance and the coverage value of Rs 4.5 lacs.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 12, 2018
    • Max Bupa Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with MAX BUPA from last 6 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance and i get no claim bonus every year. The coverage value for this insurance is Rs 15-20 lacs.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 12, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have recently taken a health insurance policy with ICICI LOMBARD. I have to pay a premium of Rs 15000 on yearly basis. This policy i got it along with the personal loan taken from Fullerton. They gave a coverage of Rs 3 lacs for this insurance policy.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Sep 12, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My health is insured with STAR health from last 1year and it is a good policy to use. It is a family policy where the coverage value is Rs 3 lacs per individual. I do not have claim experience with this insurance and i pay a premium of Rs 15000 for this insurance.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 12, 2018
    • Religare Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Religare from last 1.5 years, a premium of Rs 14000 has to be paid for this insurance policy and it is a family coverage. My claim experience was very good and they covered 100%. Coverage value is Rs 5 lacs +5 lacs (auto refill) for this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 12, 2018
    • Reliance General Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Reliance general insurance from last 3 months, i pay a premium of Rs 10000 for 2 individuals and each one has the coverage value of Rs 5 lacs. It is a good policy to use and i have not claimed anything so far from this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • National Insurance Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold an Individual health insurance policy with National insurance from last 4 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 3000 for this insurance policy and the coverage value is Rs 1.5 lacs for this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with HDFC ERGO from last 1.5 months, i am happy with the coverage value of this insurance policy. A premium of Rs 6000 has to be paid for this insurance policy. I have no claim experience with this insurance the coverage value is Rs 5 lacs.
      Was this review helpful? 0
      , palanpur
      Reviewed on Sep 12, 2018
    • ICICI Lombard Health Insurance
      "Normal Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard. I am paying low premium, there hasn't been any claim experience with the policy so far. Considering the premium I pay it has been a normal experience with the policy so far.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the ICICI Lombard, I am paying the premium and I do not have any claim experience with the policy so far. I'll have to wait and see how they respond to my claim requests in future. It has been a hassle free experience so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 11, 2018
    • Star Health Health Insurance
      "Start Health Insurance Fraud"
      0.5 0.5/5 "Unacceptable"
      My father purchased Star health insurance for family safety and was paying premium from last 2 years but when time came insurer refused to give claim stating that throughout the hospitalization and all investigation reports are within normal limits. My brother was admitted in family hospital delhi for 24 hours, doctors diagnosed him and billed approx 13500.
      Was this review helpful? 3
      , new delhi
      Reviewed on Sep 08, 2018
    • Chola Ms Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Cholamandalam health insurance from last 2 years, i am happy with the coverage value of this insurance policy. I am not aware of the premium amount as my company pays it. It is a family coverage and they cover up to Rs 5 lacs for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 08, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with Apollo Munich from last 3 months, i am happy with the coverage value of this insurance. I am not aware of the premium amount as my company pays it. The coverage value is Rs 10 lacs for accidental policy and Rs 10 lacs for death policy.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 08, 2018
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