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
    • HDFC Ergo Health Insurance
      "Very Good Service"
      0.5 4.0/5 "Great!"
      Overall it had been a good experience with them so far and i had directly went to take this insurance policy. The process was done online and it has been simple and easy where it was hassle free. I have not yet made any claim with this insurance policy so there has not been any experience in that. There has not been any hassle made by them so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • Star Health Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance almost three years and it had been a good experience with them so far. I had been making all the payments online and it has been easy in making the payments. One of my friend referred me in taking this insurance and i had directly went to them in taking the insurance policy and it has been a hassle free process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • Royal Sundaram Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Royal Sundaram general insurance from last 3 months, it is a family health policy with the coverage value of Rs 1 lakh per member. I have no claim experience so far with this insurance and i get good tax benefits on this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Star health from last 6 months, i pay a premium of Rs 5500 for this insurance policy and it is a family coverage. I have not claimed anything so far from this insurance policy and the coverage value is Rs 10 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 15 years and it is a good policy. It is a family policy with the coverage value of Rs 7 lakhs for this insurance. I have no claim experience so far from this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've an employer provided health insurance policy with the ICICI Lombard. The company is paying the premium. It offers of a coverage of 2 lacs for me annually. I do not have any claim experience with the policy. So far there hasn't been any issues with the policy. I'll have to wait and see how they respond to my claims in future if I'll have any.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have choose this Hdfc insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization, pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is quiet high , I make the payment through on line.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 17, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took health insurance from Icici health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • Star Health Health Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I took health insurance from Star health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
      Was this review helpful? 1
      , vadodara
      Reviewed on Jul 17, 2018
    • review Health Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I took health insurance from Iffco tokio health insurance . I have choose this insurance mainly because of convincing premium amount . I have closed this insurance as they told it cover pre disease coverage . During claim process , there is no proper response from the customer service and response .
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • New India Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy which is provided by the employer in partnership with the New India Insurance . The company is paying the premium, so far there hasn't been any claim experience with the policy. It offers 10 lacs hospitalization coverage and a whopping 1 Crore accidental benefits. Considering the features and benefits it is recommendable health insurance policy to have.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 16, 2018
    • Bajaj Allianz Health Insurance
      "Useful Service"
      0.5 4.0/5 "Great!"
      I've an employer provided insurance policy with the Bajaj Allainz. The company is paying the premium, I do have a claim experience with the policy where I claimed 100% amount needed for the treatment. It was a cashless treatment and the whole process was smooth and hassle free.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 16, 2018
    • National Insurance Health Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the National Insurance. It offers an annual Coverage of 3 lacs, the policy covers me and my parents and I do not have any claim experience with the policy so far. I never had any issues with their services.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jul 14, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard. It took almost one month to receive the policy document soft copy. I am paying a premium of 650 per month. They're yet to send me the hard copy. Overall it hasn't been a good experience with the policy so far.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 14, 2018
    • Reliance General Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the Health Insurance policy from the Reliance General Insurance. The company is paying the premium. The policy covers me and my parents. The policy offers an annual coverage of 5 lacs for me and 2 lacs for my parents. So fat I do not have any claim experience with the policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an employer provided health insurance policy with the HDFC Ergo. It offers an annual coverage 5 lacs, the company is paying the premium. I do have any claim experience with the policy. I have claimed this policy two times for me and wife both they approved. The claim processing was really easy and they settled almost 30000.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Apollo Munich from more than 10 years and it is an individual policy. I am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy and the policy is covered up to Rs 3-4 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • Max Bupa Health Insurance
      "Don't buy health insurance from Max Bupa"
      0.5 0.5/5 "Unacceptable"
      I have taken policy for brother. while playing he suffered from knee injury. During hospitalization doctor suggested for ligament operation. After that we applied for cashless but max bupa rejected cashless and suggested for reimbursement. After hospitalization we submitted all claim document. max bupa send message that within 21 days claim will approved. Now after 40 days also claim is not approved and showing Suspense status . after that i checked review from many website, i come to know that max bupa claim ration is zero. This is fake company who not settle any claim. Below are my claim details: Claim Number: 339012 Final Status: Suspense Claim Decision Date: Saturday, June 9, 2018 12:00 AM
      Was this review helpful? 1
      , pune
      Reviewed on Jul 12, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 7 years and it is one of the good insurance policy. I pay a premium of Rs 10000 for this insurance and it is a family heath policy. My claim experience was good and i have claimed 2 times. The coverage value was 90% and it was a cashless treatment.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 12, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with United India Insurance from last 15 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance policy. This is a family policy so the coverage value is Rs 3 lakhs.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 12, 2018
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