Better late than never- Plan for Health Insurance Policies for your parents, if you have not already

Mediclaim policies are not a luxury anymore; it has become a necessity in today’s world. With inflation more than 9% in India, middle class Indians are finding

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Last Updated - September 6, 2023
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Mediclaim policies are not a luxury anymore; it has become a necessity in today’s world.  With inflation more than 9% in India, middle class Indians are finding it very difficult to make both ends meet. And the cherry on the cake is the rising medical expenditure, which has increased more than 10% in the last 4 years. And now with 5% service tax on health care introduced in finance minister Pranab Mukherjee’s Budget, the burden of medication and treatment will toll heavily especially on the middle class.

The average Indian spends about Rs 117-Rs 120 per month on medicines etc. It might seem to be a small amount of money to us, but for a person from the lower middle class family, this amount may become a huge burden, especially if it tends to rise. It might constitute about 20-30% of his income. Then invariably, the health care is sacrificed and proper treatment and care is not taken. 

Thus, to ensure proper treatment and a healthy lifestyle, a comprehensive health policy needs to be taken. Most of us either has a health insurance policy from our company or is contemplating purchasing one. But have you thought about your parents? They are the ones who would need maximum health care and has highest chances of hospitalization. Hence caring about them is of utmost importance.

Thankfully there are some insurance companies who have thought about them and have designed special health insurance policies for the Senior Citizen.

There is National Insurance Varistha Mediclaim for Senior Citizen. This plan is a very good plan for the senior citizen from 60 to 80 years of age and it takes care of all hospitalization expenses till an extended age of 90 years. This is a specially designed plan for Senior Citizen and hence it covers for pre-existing diseases just after one year of claim free renewal. You need not wait for 3-4 years for it to be covered like in normal health insurance policies. Pre-existing diseases like Hypertension and Diabetes will be covered from the inception on payment of additional premium. There are other benefits in this plan as well like Cumulative Bonus and cost of Health Check-up is also available on claim free years. This plan also covers Critical Illnesses.

Another popular Senior Citizen Health Insurance Policy is Star Health Senior Citizen Red Carpet Plan for 60 to 69 years of age but can be continued forever. This plan also covers pre-existing diseases from the second year of operation and it also covers major surgeries and other treatments. Some diseases are however covered from second and third year of operation and there is no requirement for pre-medical tests in this plan.

There are other plans like Max Bupa Heartbeat Health Insurance Plan which can be availed for your parents as well and it has no age limit. In this plan, both your parents can be covered together under a family floater and can be taken at any time and can be continued till death. In fact, you can avail Max Bupa Heartbeat Family First Health Insurance Policy for each and every member of your family irrespective of their age under the same plan. In this plan, even your parents-in-laws can be included.

Thus, like it is never too late to plan for your house, car or umpteenth honeymoon, it is never too late to plan for your health insurance policy as well. Since health is wealth; its proper care is of extreme importance. And now, it is in your control to ensure that you take the best efforts to take care of the people who matter to you, especially since your parents have done their best to take care of your health; it’s your turn to pay them back by doing your bit the best!

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Deepak Yohannan is the Founder & CEO of MyInsuranceClub. He enjoys writing on Personal Finance and focusses on explaining the basic concepts of insurance in simple language.