You need health cover regardless of what you take two at a time - pills or stairs.
  • Health Insurance for Parents with Pre-Existing Diseases

    It is a known fact that for a majority of Indians over the age of 50 have some or the other form of illness. However, the worst part if as soon as people cross the wrong side of 50’s and head over to the 60’s, it gets extremely hard for them to get health insurance. The situation gets even harder if they already have a pre-existing illness. So, how exactly can individuals get health insurance policies for their parents who have already been ill?

    Well, that’s what we are going to deal with in this page. Here, you will learn about how to got insurance policy shopping for your parents but before that let’s ascertain what insurance companies consider to be a pre-existing illness.

    What is a pre-existing illness?

    A pre-existing illness is basically a condition, symptom, or ailment that you know your parents are suffering from or any past surgeries/hospitalisations.

    How can one buy a Health Insurance for their parents who have a pre-existing illness?

    Buying a health insurance policy for a person with pre-existing illness is precisely the same as buying a regular one. However, it can be a little drawn out as insurers usually ask for extra documentation. Here’s how one can get a policy:

    • You would need to fill out the proposal form, make the required premium payment, and send in your application.
    • The second step involves the insurer evaluating your document. To do this, they will usually consider aspects like age, prior health declarations, and the sum insured that has been selected. Based on their findings, they are required by IRDA to do any of the following:
      • Ask for extra information: If the insurer feel that they want more information on the prospective person insured to better judge the risk, they would ask you to provide more documentation.
      • Complete checkup: Depending on what they feel about the new information provided to them, the insurance company would ask to get a full medical checkup done on the person with a pre-existing illness to determine their latest condition.
      • Underwriting through the telephone: Insurance companies have doctors at their disposal there are times where you could get a call from the them. This call would be made to better understand the health declaration that has been submitted to the insurer before processing the application.
    • Depending on the documents, the insurer will take any one of the three decisions: accept the person as is, get them to pay a larger premium for the plan they have chosen, or reject the application completely.

    Best Health Insurance Policies available for parents with pre-existing illness:

    Currently, India has about 28 IRDA approved insurance companies that provide a gamut of health related insurance policies for consumers. Here are some of the best and the most popular policies for parents with pre-existing illnesses.

    Insurer Name Plan Name Features Link to Plan Details
    Oriental Insurance Hope HOPE or Health of Privileged Elders, comes with plenty of benefits like:
    • The actual ambulance expenses incurred or a cover of over Rs. 1000.
    • Any and all health related problems can be taken care of through this policy. This includes chemotherapy, dialysis, blood, oxygen tanks, and many more.
    • It covers expenses pertaining to nursing and room rates up to about 1% of the total sum insured.
    • ICU will be covered at 2% of sum insured per day.
    Info about Hope Plan
    Bajaj Allianz Silver Health
    • Cashless facility across all the network hospitals.
    • Usage of Bajaj Allianz Diagnostic Centres free of cost for health checkup after 4 years.
    • 5% discount for family members, and 5% bonus for every claim-free year.
    • Eligibility age ranges from 46-75 years.
    Info about Silver Health Plan
    New India Assurance Senior Citizen Mediclaim Policy
    • Eligibility from 60 to 80 years and can stretch up to 90 years if renewed on time.
    • Hospitalisation charges are covered up to 30 days for pre hospitalisation and 60 days post hospitalisation.
    • Hospitalisation for injuries and illness and their treatments will also be covered.
    • Pre-existing illness will be covered after a waiting period of 18 months.
    Info about Senior Citizen Mediclaim Policy Plan

    There you have it. These are all the things you will need to know about health insurance policies for parents with pre-existing illnesses.

    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.

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