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Health insurance Plans for Parents or Senior Citizens

Last updated: May 4, 2018 | by

Health insurance for senior citizens or parents is a must, considering the rate at which the medical expenses are rising every year. On an average, the medical costs are rising around 15% every year. Interesting fact is, Indians pay around 75% of their medical expenses from their own pocket.

In last few years, I have seen many companies (employers) stopped offering health insurance coverage for employee’s parents. So, irrespective of whether your employer offers or not it is advisable to buy health insurance for your Senior Citizen parents.

Why health insurance for Parents?

  • The medical costs are increasing more than the average inflation rate.
  • Parents may have limited income or unstable income after their retirement
  • Parents may be financially dependent on their heirs
  • They are easily prone to illnesses or accidents. There might be sudden requirement of financial help.
  • Their employer’s health insurance policy might be ceased to exist after retirement.

If you are living with dependent parents who are aged above 60 years then buy individual health insurance plans instead of family floater plan. In family floater plans, the age of the oldest family member is considered in determining the premium rates.

Terms to watch out for in a Senior Citizen’s Health Insurance Plans:

Senior citizen health insurance plans

  • Co-payment clause: Co-payment means the policyholder will bear a specified percentage of the claim amount. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount (80%) can be claimed.
  • Sub-limit: Health insurance companies may specify limits for certain illnesses or treatments. For ex: the policyholder can claim only Rs 20,000 for a cataract operation but the policy sum assured might be Rs3 Lakhs.The policies without sub-limits are better but charge high premiums.
  • Pre-existing diseases: You need to check if the existing diseases are covered by the policy. In some policies all the existing diseases may be covered and in some the policy holder has to wait for few years before making a claim.
  • Waiting Period: The policy holder has to wait for certain period of time (in most of the cases it is 30 days) before claiming any expenses.
  • Alternative Treatments: Some policies also cover alternative treatments such as homeopathic, ayurvedic etc.,

Below table shows the comparison of the best Health Insurance plans for Senior Citizens in India.

 

Sr citizen health plans comparison

(Click on the above image to open it in a new browser window)

Below are the salient features of best Mediclaim policies for Sr Citizens;

Star health’s Red Carpet plan:

  • All pre-existing diseases are covered except for diseases for which treatment was recommended by or received during the immediately preceding 12 months.
  • Co-payment clause – 30% for other than claims for pre-existing diseases and 50% for pre-existing diseases.
  • Discount of 10% on the premium is available if lab tests documents are submitted.
  • Enhancement of SA is permitted during renewal time.

Apollo Munich’s Optima Senior:

  • Husband and wife can be covered under the policy on individual sum insured basis and get 5% discount on the premium
  • Pre-screening medical tests are mandatory. The company would reimburse 50% of these expenses.
  • 140 day-care procedures, which do not require 24hours hospitalization, are covered.
  • Enhancement of SA is permitted during renewal
  • Cumulative Bonus (CB) of 5% for every claim free policy year
  • Pre-existing diseases are covered after 3 years
  • 2 years waiting period for specific diseases like cataract, hernia, joint replacement surgeries etc.,
  • Co-payment of 30% applicable on specified illness/surgeries like Cataract (each eye), Hysterectomy, Arthroscopy etc.Co-payment of 15% shall be applicable to all Day Care Procedures;

Max Bupa’s Heartbeat:

  • Reducing co-payment clause. This is a very good feature. After 4 years of continuous renewals the co-payment percentage will become nil for senior citizens.
  • Free health check up every year
  • Plan will not cover treatment during the first 90 days of the policy, unless the treatment needed is a result of an accident or emergency.
  • All day care treatments are covered.
  • 10% additional sum assured at each renewal.

ICICI Lombard’s iHealth plan:

  • No mandatory sub-limits. However the customer can get the hospitalization cover with a reduced premium by limiting the medical expenses pertaining to specified medical and surgical procedures.
  • Co-payment clause is voluntary
  • Free health check up every year
  • Certain list of diseases or ailments are not covered for first 2 years.
  • Cumulative bonus of 10% on Sum assured can be accumulated for every claim free policy year.

National Insurance’s Varishtha Mediclaim:

  • Policyholder can either opt for a premium discount of 5% for each claim free year till it reaches 50% or can select the cumulative bonus option.
  • Mandatory co-payment of 10% and additional 10% for pre-existing diseases.
  • Sum Assured amounts are fixed at Rs 1Lakh for mediclaim and Rs 2 Lakhs for Critical Illness.

New India’s Senior Citizen Mediclaim:

  • Premiums will increase by 10% for renewals between age of 81-85 years and 20% for renewals between the age group 86-90 years
  • Reimbursement of Medical Check-up costs once in block of 4 claim free years.

United India’s Senior Citizen Plan:

  • Free Medical check-up once at the end of every three policy years provided no claims are reported.
  • Family discount of 5% on the total premium if policy is taken for self and any one or more family members viz. spouse or dependent children.

Bajaj Allianz’s Silver Health:

  • Reimbursement of pre-medical tests’ costs.
  • Cumulative bonus of 10% for every claim free policy year.
  • 20% co-payment is applicable if the policyholder is hospitalized in a non-network hospital.
  • 1 year waiting period for pre-existing diseases. After one year, the company will pay only 50% of the claim amount on these diseases.
  • 130 day-care procedures are covered.

Tax exemption for Health Insurance Section 80D :

The below limits are applicable under Section 80D for Financial Year 2014-2015 (or) Assessment Year (2015-2016)

Sr citizen health insurance tax exem

The below limits are applicable for Financial Year 2015-2016 (or) Assessment Year (2016-2017).

health insurance premium section 80d deductions budget 2015

Hope the above information will help you in deciding the best health insurance plan as per your requirement. If you require any suggestions or more information then kindly leave a comment.

You may like reading my other posts on –

Sreekanth Reddy

Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 9 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions.""Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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  • An excellent education to novices. Great effort.
    Three queries:
    1) The maximum limits for senior citzen plans are low. In case if two policies are taken from two insurance companies, can we claim from both the companies ? what is the method ? Suppose policy with X company is for 2 lakhs taken first and policy with Y company for 3 lakhs later. If the claim is for 6 lakhs can i claim from both companies separately ? if the claim is 3.5 lakhs how to apportion the claim from first policy taken and the policy taken later. If the claim is less than 2 lakhs is the claim is to be made on X company only as it is the policy taken first.
    2) After claim is made for full policy amount, is continuation of the policy is permissible ? if so will the premium increase?
    3) Are Top up of insured amount is permitted in all policies or is it as per the policy of the companies concerned.
    Regards Mr. Reddy gaaru,
    V Krishnamurthy

  • Hi Sreekanth,

    My wife and I both have covered my mother under our employers’ medical insurance plans.
    Do you think it is still essential to buy a separate health insurance cover for her? She is 64 years old.
    My wife and I also have separate, individual health covers apart from employer covers.

    Thanks,
    Gaurav

  • Inspiring writings and I greatly admired what you have to say , I hope you continue to provide new ideas for us all and greetings success always for you..Keep update more information..

  • I intend on purchasing health insurance for my parents (Father-63 and Mother-60), a portal has suggested Religare Care Freedom plan. Would you recommend the same? please advice

    p.s: I am considering two seperate plans for them

  • Hello Sir,

    I want advise for Mediclaim Policy for my Parents only.My father is 83 year old and Mother is 78 years.My mother father are Fit . Which Mediclaim policy is best for them.Could you please suggest me best options for me?. I have my policy from my office

    Thank You.
    Kamal

  • Hi,

    Can you please let me know what should be the ideal cover for parents / senior citizens (both aged 60). The premiums keep rising with the age. So should we also have Super top up over and above this, if yes, then how much.

    • Dear Shyam,
      Very touch to suggest on ‘how much cover’…
      depends on your affordability, current medical condition, family medical history, sources of income, financial profile etc.,
      Must have is Individual mediclaim (can consider Sr Citizen plans) and then can surely consider a Super top up plan.

  • Hello

    Greetings!

    I am planning to buy health insurance plan for my family which covers my parents as well who are of 61 years.

    Please help me with comparisons of various plans.

    Thanks & Warm Regards

  • I am 60yrs 4 months. Wife is 51 yrs 1 mth. I have only BP and sometimes backpain. Wife has Hypothyroid and Recently mild Diabetic diagnosed. I HAVE retired few months ago. Wife is a homemaker.
    Is a health insurance MUST? , & if yes, suggest a very good company, ,not costly health cover. And suiable cover for both.

  • Hi Sreekanth Reddy,
    thanks for the article it was really useful but in my case my parents dont hold any insurance policy as of now. my father is 60 yr old(had open heart surgery 7 yrs back and sugar) and mom 52 years(has knee problem).so i am looking for a really good sum which will help me out if there is any emergency for my parents .can you please share plans according to that.
    Thanks in Advance .

    Regards,
    Manoj

  • Hello Sir,

    I want advise for Mediclaim Policy for my Parents only.My father is 62 year old and Angioplasty was done to my Father before 3 months.My mother is Fit and 54 year old. Which Mediclaim policy is best for them.Could you please suggest me best options for me?.

    Thank You.

    • Dear Arjun,
      You may consider two separate mediclaim plans for your parents.
      Your father may consider Cardiac specific health insurance plans, for ex; STAR health’s ‘Star Cardiac care’.

  • Hello Sreekanth,

    Thanks for writing the article with brilliant analysis. I was wondering if you could help me in zeroing on a senior citizen health insurance for my parents which provides a good non-network coverage as well. My father is 66 and mother is 58. My parents use SAIL Mediclaim till now – the network is just few hospitals in big cities. I am looking for the best plan with non-network coverage so that my parents who live 150km away from Kolkata don’t have to run to Kolkata for everything. Could you please give some advice?

    Thanks,
    Dibyendu

  • Hello Sir,
    Seen your blog for Senior citizen health plans
    I have query on the same… please bear with me since query would be bit long.

    I am looking for my father health insurance plan – current condition and benefit:-
    Age = 62 yrs
    Retired
    Pre – existing disease = Hypertension FROM 2003.
    Holding New India Assurance policy from 2004 with SA 1lac plus 30k accumulated bonus

    I am looking for private health insurance plans and being confused in two plans offered by companies for SA = 7 lacs
    Max bupa- Heart beat individual Gold plan , Premium amt = 43,729 (SA=7.5 lac)
    ICICI – Complete health Insurance plan , Premium amt = 34,773 (SA=7 lac)

    Common Features:- Lifetime renewal,Pre and post hospitalization benefit, No copy and No sublmit,
    Pre-existing diease covered after 2 years, Free annual health check up,No claim bonus of 10% on every renewal,day care treatment
    Good network hospitals all over india,Covers ambulance charges

    Differences :- In Max bupa irrespective of claim 10% bonus is accrued till 5 years (thus,SA will increase by 50%)
    but no such facility in ICICI CHI Product.
    In Max bupa policy taken after 65 years Co pay applies and gets reduced after Every year till 4 policy renewal year. Thus,in my fathers case atleast once copayment clause will come on his 65th year.

    Request you kindly suggest and compare both plans at your expertise level. Please advise if i want to look for any other product.Thanks

  • Hi Sree ,

    I ‘m looking for a health insurance for my father with recurring illness where the pre existing illness should be covered with in a month.

    Coverage for : Parent ( Father )
    Coverage Limit : 5 to 7 Lac
    Illness : Liver Cirrhosis

    Regards
    H.Q

  • Hi Srikanth

    I have heard about apollo munich tie up with canara bank providing health insurance for parents with premium around Rs.15000 annual for coverage upto 7lakhs.
    while pre existing diseases are covered only after 3years, other conditions seem satisfactory like
    * situations such as joint replacement surgery waiting upto 1 year.
    * tax benefit
    * critical illness cover
    * no sublimit
    * pre and post hospitalisation expenses upto 45days.
    Do you think it is a good option considering low premium whereas similar conditions in the market would take premium upto Rs.35k?
    please suggest as my father is 62years old , diabetic, no insulin
    mother is 59years old diabetic, no insulin
    levels in control , no other related issues.

    Thanks
    Tara

  • Hello Sreekanth,
    I want to buy health insurance for my parents (father-59, mother-52). Father has diabetic history , but is under control, also has a bit of hernia problem from last year and not under gone any surgery. mother has no major health issue. My priority is having an insurance which have free medical check per year, or at least reimburse the check up costs, sum assured is not a deal, what i know is the more SA amount the more is the premium (appx). Can you please help me out, which insurance company is best and how i have to dig out while taking the same.
    Thanks in advance
    Sapan kumar Singh

  • Hi, srikant if some one has been operated for breast cancer, 16 years back, and is fine now(currently aged 63)what are the best mediclaim policies available. First will they agree to issue policy. Even if they do will there be any problem in getting claim??

  • I want to cover health insurance for my parents. Father is of 62 years old while mother is 45+
    Both are fit and fine . Please suggest me best plan to cover upto 5 lacs . I can spend 20-30 k p.a.

  • HI, My father (72 year old)had got Heart attack 2 weeks back & subsequently we went for angiography & angioplasty last week. I want to know with the given conditions & age which type of Mediclaim policy should i go for which can cover the pre-existing disease with minimum co-pay and the best one.

    Chirag

  • Hi,
    My mom is 62 and planning for Knee replacement surgery for her knees by December of 2016. Can u please suggest me a health insurance which can benefit me in some way. Thanks.

  • Hello,

    I am planning to take a Health Insurance policy for my mother (47 yrs old), wherein Ill be the proposed and she will be the insured. Note: I have a separate Health Insurance policy for myself.

    My query: Does it matter to the Insurance company if my mother is a dependant or non – dependant on me, whether she is earning or not earning. I will be paying the premium for her.

    Thanks in advance.

  • My father is 88 years old have knee problem and there is no other dices e. I want to go for knee replacement but get coverage through Medical insurance.
    Please suggest if any of the insurance company have policy suitable to us.

  • Hi,

    Im trying to buy a health insurance policy for my Mom who is 59 years old. Her sugar, BP and cholesterol are under control. She has Kidney Stone and Joint pain issues(recently). I am trying to purchase a plan which would cover the cost if any treatment is required immediately. I was reviewing Religare NCB Super, but it seems that Arthritis are not covered until 4 years of consecutive policy years. My only concern here is to find a policy so that I could meet my Mom’s health expenses(if any) occurs.

  • Hi Sreekanth,

    My Father-in-law is 64 years with Diabetic .
    My Mother is 54 years with BP, Diabetic ,cholestral

    Kindly Help in suggesting the best health policy

  • Hi,
    I need advise on the best health insurance policy for my parents. They do not have any pre existing conditions. I need a policy which has less copay, greater benefits for parents aged 75 & 74 this year and the same needs to be renewed every year

  • Helllo,

    My father is 54 years old and he is diabetic and under control always. No other deceases.

    Other than Apollo Munich Energy and Star care Diabetic plans, Do we have any other plans which will cover diabetic after waiting period for 54 years old. Please let me know know.

    Regards,
    RR

  • Hi Sreekanth,

    My Dad is 66 years old and my mother is 60 years old, both are fit and fine no Sugar or BP.

    Request you to suggest a best health plan which covers maximum benefits, my annual premium budget is 20 k.

    Thanks,
    Yogesh

  • Hello Sreekanth,
    I want to buy a good Health insurance for 5 lac for both my parents. My parents are 60+, my father is Diabetic past 10+ years & uses insulin from past 3 years; because of this reason I am not getting any insurance policy. Cigna TTK accepted to provide the insurance for 4.5 lac with premium of Rs.30,000 but told Diabetic diseases are not covered up the policy Pro-health protect.
    I don’t know why it is not covered? Please suggest something or any alternative.

    Regards,
    Karthik

  • My dad was born on 15-6-1946. He suffered heart stroke in the year 2008. Now he is ok. Please suggest best insurance policy for my dad.

  • Hello Sreekanth,

    Want to buy for Parents, Father (63), Mother (60). Father had a slip disc surgery but now 100% cured. Mother has Thyroid. So I assume both healthy no existing diseases.

    Request for your expert advise to choose among these,
    Apollo – Optima Restore
    Religare – Care NCB Super

    Please help to take decision on below points,

    1. Optima Restore is costly then Religare. But Religare has copay which Optima don’t have.
    For 20 lakh floater => Premiums are Optima – 80k, Care – 57k => 23k costly. So is Religare better with 20% copay and 23k cheaper premium?
    2. Although Apollo has 4 times more market capture then Religare but ICR is same. So Apollo gets +1 for reliability.
    3. Auto restore in Apollo is tricky, the insured cannot use the extra sum insured until the basic sum insured plus all bonuses completely exhausted. So may be for 2nd Surgery costing 5 lakh and with 2lakh balance in Optima, I will not get 3 lakh from Optima as auto recharge. For 3rd Surgery I will get auto recharge amount to SI.
    While in Religare in case of 2nd surgery (for different ailment) recharge benefit automatically reinstates the basic sum insured even if you have not exhausted your base sum insured. So Religare gets +1.

    Rest most of the things I found same in both the products. I found MaxBupa also good candidate. Do you suggest it over these two?

    Correct me if any of above concepts, I have misunderstood. Your verdict will be valuable.
    First priority is better product and not premium cost.

    Thanks in Advance.

    • Dear Vivek,
      Appreciate your analysis and home-work. You have mentioned that ‘features’ are your priority and not premium, in such a scenario may be you can consider Apollo or MaxBupa plan(s).

  • Hi,

    This is really a valuable piece of information Sreekanth.

    It will help many people decide whats right for them. People are who are still in doubt, its better if you could get a health insurance advisor.
    I had purchased health insurance for my parents as advised by my health insurance advisor, Live Assured.
    And now my parents are sufficiently covered.

    Thanks for the article!

  • Hello Sreekanth,

    I am looking for a mediclaim policy for my mother, She is 62 years of age.

    I am confused about with multiple policies available in the market.

    I am citi bank credit card holder, and citibank is offering one health insurance in association with Royal Sundaram. Plan name is HEALTH FOREVER. Here is the link for the same:

    They are offering cover of 3 lacs in premium of 11k apx for 62 yrs of age adult

    As you know i am looking it for my mother.

    And main doubtful thing is that they are asking to submit 3 test report of my mother.
    1. Blood report.
    2. Urine report.
    3. ECG report.
    And they will issue insurance policy on basis of this report.

    Q.1 Is this reliable policy????

    Q.2 Is it advisable to buy this insurance?

    Q.3 Is there any possibility that citibank discontinue this policy in future?

    And if its not advisable to buy this policy which one should I go for below 3 policy

    United India
    Max Bupa
    L&T Insurance

    Or you have any other suggestion please share

    I would really appreciate your help in this.

    Thanks,
    Tausif

  • Hi,

    My parents are in late 50s, i am planning to invest in mf with time frame of 10 years insted of relying on insurance ( i know how difficult is to get something from them, most are thugs).

    How should i got about making this portfolio and which funds

    Thanks
    ROHIT

  • Hi,
    my mother is 68 years old. she is diabetic patient, diabetes is under control by tablets. We are staying in Thane, Mumbai. Kindly suggest appropriate medicaim plan for her. looking for coverage of around 2-4 lacks

  • Hello Sir

    Kindly suggest me , My Father age 70 years and Mother age is 65 Years .
    My mother is diabetic and BP patient and had gone Knee surgery 02 years back , But she is in a stable stage .
    By GOD grace My father is on good health.

    Please help and suggest me any GOOD MEDICALAIM POLICY for parents which should cover Hospital ( ICU / CCU / Ambulance etc and Heart related disease .

    Maximum i need Ruppes 5 Lac policy.

    regards

  • Hi Sreekanth

    I would like to take a health insurance cover (floater) for my parents. Father is 60 and mom is 53 years old. Minimum cover i would prefer is for 10 lacs.. Would be great if you could suggest any company offering health insurance for the same…Thanks very much

    Regards
    Amarjit

  • Hi Sreekanth,

    Very nice article. I am a newly joined software engineer and want to take term life insurance for me and my parents.
    My dad is 49 years old and mother is 44 years old. We don’t have any other health issues till now and we are non smokers.
    Let me know whether combined famiily protection plans are better or individual plans are better?
    Which plans are best suitable for my parents age?

  • Dear Sreekanth,

    Your website is a boon for amateurs like me. Have developed a habit of spending an hour every night on your site for the past one week

    This is regarding health insurance plans. I need one plan for me, my spouse and my daughter ( 34,29 and 5 years respectively) and one plan for my parents ( Father is 62 and mother is 51) . None of us have any medical illness. Only thing is my Dad is planning for his cataract surgery sometime next year. What plans would you suggest me?

    I am confused going through many plans. I was able to come close to Apollo optima restore and star health family floater but not able to decide. Regarding my parents plan, could not find a plan which covers for cataract surgeries. and also all senior citizen plans are coming with co-pay.

    Can you please give your valuable suggestions

  • Hi

    Nice article.

    I have one query though.

    Is it worth buying Health insurance after a certain age? Say 60 years.

    Because after 60 years, cost of health premium increases significantly.

    I have premium data of one of the private health insurance providers for Sum Insured Rs. 3 Lacs for an individual customer as below;

    Age Premium (Rs.)

    46-50 9,600/-
    51 -55 11,000/-
    56-60 13,800/-
    61-65 19,200/-
    66-70 30,150/-
    71-75 38,700/-
    76-80 48,500/-
    Above 80 65,500/-

    This plan has 20% c0-pay till 70 years age & 30% co-pay for age above 70 years.

    As one can observe, premium increases significantly compared to earlier age bracket after 60 years and still higher rate as one grows older.

    In that case, is it better to have a separate investment earmarked for health situations rather than having a costly health plan? Because co-pay also increases and chances of rejection also become high.

    Please help

    Thanks

    • Dear Rupali,
      Thank you for sharing your views.
      Yes, the premium rates are very high for seniors and I believe that the rates will still increase further.
      That is why it is always better to get adequate health cover at young age (even if one has group mediclaim provided by employer).
      If a person who is 65 years old and do not have medical insurance cover, then there is not other choice than to take one. Kindly share your views on which are the best investment options that seniors can afford to invest? (considering – liquidity, age, investment risk, resources, medical inflation etc).
      If a persona who is say 30 year old, then he/she can take on mediclaim policy + have a separate ’emergency fund’ dedicated for medical emergencies, may be he/she can save this in a debt fund.

      • Yes

        But this is the precise dilemma being faced now a days by millions of Indians.

        For example, My father is aged 81 years and mother 74 years. They both are dependent on me. I know many health insurance companies have recently introduced senior citizen health plans.

        However, these plans have complex terms and conditions such as pre-existing illness waiting period, inclusions and exclusions, high co-pay limits (in case of Star health, it is as high as 50% in some cases) besides exorbitant premium.

        Also, maximum number of complaints are flooded against health insurance companies if you search any consumer grievance website on the net. So there is lack of confidence among millions like me in health insurance companies (even though I am desparately looking for health plan for my aged parents) because even after paying hefty premium, if insurance company makes excuses while rejecting claim, what is the use of buying costly health insurance? This fear is putting me off from buying senior citizen health plan. I am sure this would be the case with millions.

        In such case, what do I do? Can I trust health insurance companies? Or is there any alternative which you can suggest? (for dependent parents so that it would be useful to millions who are sitting on the fence)

        Pls help.

        Thanks

        • Dear Rupali,
          The only alternative is to have your emergency fund. You should be able to withdraw this fund within few hours or 1 / 2 days. The quantum of fund is purely dependent on your profile & current financial resources.
          I agree with your views that health insurance policies do use lot of technical jargon which many of us do not understand.
          But suggest you to consider a plan which has a co-pay clause & renewable life-long.
          Read : Best portals to compare health insurance plans.

  • sir,my mother age 55 already have star health 2 lakhs sum assured i need increase sum assured 5 lakhs i try to max bupa insurance apply last 2 week back finish medical test report policy rejected medical report problem ECG so my choice

    1.top up plan without medical test L&T insurance choice apply or not ? or
    2.my bank a/c holder united india insurance super top plan insurance family 1 +5 ( with parents) without medical test apply better or not ?
    3.tata aig wealthiness plus plan without medical test but premium higher

    any one apply after policy issued any claim process or any problem ?

    plz ur choice or any idea new health insurance plz help me

  • Sreekanth – Knowledge sharing is awesome and you have shown the way in this article. Many other websites have similar comparison, but you have stand out esp. with tax deduction information too. I have few queries and i hope you can guide me way:-

    Father: 78 yrs (does not have any policy) – High BP
    Mother: 68 yrs (does not have any policy) – High BP

    I have went through the comparison and seriously confused with the policies.

    Queries:

    1. Should i opt for individual senior plans for both or club into one/joint?
    2. I know this is judgmental, but what would be the best sum assured for the policy. I am thinking of 3 Lakhs.
    3. What happens if the near hospital is not part of the policy network.
    4. OR would it makes sense to include my parents under my employer health plan?

    Thanks! Happy New Year!

    • Dear Ashish,
      1 & 2 – If both of them have similar health profile, you may buy a family floater plan and top it up with a Super Top up plan which can be affordable.
      Read : Benefits of Super Top up plan.
      3 – You have to bear the expenses and can claim later on.
      4 – Generally, premiums under group insurance (employer’s) for parents are cheaper than individual plans. But it is advisable not to depend on your employer’s cover totally. Another option can be, you can get them covered under employer’s group policy & buy a super top up plan.

  • Hi,
    Am looking for a health cover for my father who is 54 years old. He has medical history of treating Kidney Stones & Type 2 diabetes. I checked out coverfox plan comparator. But still i am left with no conclusion. Please suggest one which could be suitable

  • Dear Sreekanth

    I want to take health insurance policy for my father and mother. They are 68 and 65 year old respectively and do not have any pre existing ailment except my mother has knee arthritis. She want to undergo knee replacement surgery next year. Please suggest the suitable policy.

    Thanks and best regards

    Mathew

  • Hi Sreekanth,

    Its nice to read all the comments and the suggestions you have been providing.

    I have certain questions, please help me clarify them. My father(less than 50 year old) recently met with an accident, no major injuries except a nerve damage which cannot be operated, but needs continuous medication for the same. My mother doesn’t have any major illness.

    I am looking for a plan for my parents which can cover MRI scans,lad tests,hospitalization,medicine expense,room charges, instrument charges (as some instruments are suggested for nerve damage) and any other charges.

    Please suggest.

    Thanks In advance,

    Regards,
    Shrutiveena

  • Hi Sreekanth,

    I want to take health insurance for my father(64 yrs) and mother(58 yrs). My father has vision problems nothing major and my mom
    has some knee problems not major. Both of them dont have diabetes or major issues at this point.

    I am looking for plan for them in future, to cover lab tests, MRI scans, day care, room charges and any heart or kidney related
    problems if occured or general health care at best policy rates.

    I went through Star live red carpet, however could you please suggest a couple of good plans for them that cover generall health care and
    critial illness as well.

    Thanks

  • Hi sreekanth , I want to buy good health insurance plan for my parents. My father is 71 years old and mother is 67 years old. My father does not have any medical issue but my mother was operated with bypass surgery in 2007 . She also has diabetes. Kindly suggest what plan will best suited to them.

    • Dear Rupesh,
      Consider Star health’s ‘diabetic specific’ plan for your mother and for your father pick any plan from the above list. Disclose the medical history details in proposal forms honestly.

  • Hi Sreekanth,
    I am looking for a good Mediclaim policy for my father (age 61, retired) with sum insured till 5 Lacks. I wanted to know what is the difference between a regular Mediclaim policy and a Senior Citizen Mediclaim ploicy? Opting which option will be more beneficial in my case and how?
    Thanks in advance.

    ~Aditya

  • Hi Sreekanth,

    The information that you are providing to all of us is very useful. We really appreciate your effort and time in doing this.

    I have couple of questions. I am 32 Year old and having hyper tension

    1) Term insurance – Whether I should go ahead with ICICI Prudential term plan or HDFC term plan – I have gone through the link for best tem but still in a confusion please help us in this
    2) Health insurance – Which insurance should I go with ? I heard that for pre existing diseases like hypertension it is better to go with government insurances for self. Also I am having a kid of 3 years and wife who is 28 years – Please suggest

    Thanks
    Manohar

  • Hello Sir,

    i want to purchase health insurance for my parents father(64 years with daibetis diagnosed before 1 year) and mother ( 57 years taking daily pill for thyroid)
    please suggest the health insurance for them.

    awaiting for your reply.

    Nilesh

  • Hi,

    My Father is 71 and my mother is 67. i just have one question …..does any policy cover pre-hospitalization expenses alone… if tests and check-ups (MRI, CT-SCAN etc) do not lead to any hospitalization does any policy re-reimburse the expenses incurred on the tests/check-ups?

    Please suggest.

    Pramod

  • Hi,
    Thank you so much for this wonderful blog which is sharing so many financial related things. I need your suggestion, i earlier had star medical insurance for my mother (now aged 53yrs), i forgot to pay the premium (more due to financial reasons) and later i re-checked on the eligibility to continue on the same, it was allowed and i sent the payment. a medical test was also done. she has high bmi only and not any other pre existing diseases. hence the policy was rejected(payment wassent back), please advice is there any way that i can get a policy again?
    thank you.

  • Hi Sir,

    I am planning to buy a medical insurance plan for my mother who is 53 years old.

    I am planning to buy maxbupa or religare. Any idea which would be the better option?

    Regards,
    Lavanya G

  • Hi Sreekanth,
    I am 38 years old ,my wife is 34 y & my daughter is 3y.My family is covered under company group health insurance policy. I would like to opt for independent medical policy . Please suggest a good plan.
    I can opt any one policy for my parents as suggested by you.
    Is it ok to combine my parents or shall I opt for separate policy as suggested above.

    thanks / regards
    Mahesh prasad

  • Sir i need a health insurance for my parents.my father is 61 having diabetes,asthma,hypertension.my mother is 59.which health insurance will be best

    • Dear Rajeev,
      Consider diabetic specific plan offered by Star Health. Do mention the details of the pre-existing diseases in the proposal form without fail.
      Your mother can opt for individual mediclaim policy offered by Maxbupa or Star health.

  • Dear Sreekanth,
    I have been reading your blogs/posts on Insurance plans/money saving/investments etc , I found it quite interesting & valuable

    Pls. do suggest me following
    1) I want take heath insurance plan/mediclaim for my parents my father is above 60 & mother is near to 60 yrs. of age.. my mother has to see doctor every month for her health check up, she is currently on medicine taking multivitamine tables & BP tablets
    2) I want to invest money in SIP , I am new to this investment pls. suggest where can I find trusted agents/brokers for my money investments or should I invest by myself throuh online, if so which are best MFs are better for min. risk & better returns.
    3) I am confused in taking Term plan, dont understand which plan to buy…whether ICICI,Max-life,LIC ,SBI or LIC pls. best one
    Your reply is awaited

    • Dear Vnod,
      Thank you for following my blog posts.
      1 – Consider any plan from the above list (preferably PSUs’)
      2 – Kindly let me know about your financial goals /investment timeframe. Equity MFs have high risk profile. You got to take risk to get decent returns in long-term.
      3 – Kindly go through my article on best term insurance plans.

  • Hi Sreekanth,

    We are planning to buy health insurance plans for my parents and in law parents. they have not reached 60 yet. But very near to 60.
    My father had a Stroke many years before and he is still under medication, He has diabetes ,BP, and cholestrol. Please suggest a good plan for him.

    My mother and in law mother has BP , and In law father is healthy.
    Should i buy separate plans for all 4 of them ?

    • Dear Thushara,
      Yes, it is advisable to buy independent plans for all of them.
      You may consider Star Health’s Diabetic specific plan for your father.
      If affordability is not an issue, suggest you to check out mediclaim plans offered by Max Bupa.

  • Hi Sreekanth,

    I have been looking for a health insurance for my parents.
    My father aged 66, had a head injury and was operated in 2006, although he’s fine now he still needs to go the psychiatrist thrice a year, and he’s under medications currently.
    My Mother aged 59 is diabetic, she’s undertaking medicines to keep everything under control.
    I would like to know will I get a individual health insurance plan for both my father and mother, if yes which one do you suggest?

    Thanks,
    Gagan

    • Dear Gagan,
      For mother, kindly check out the diabetic specific mediclaim policy offered by Star health.
      Your father can opt for any plans as indicated in the article. Check out Star health’s Red carpet plan or New India’s/National insurance plans.
      Do note that mention all the details related to pre-existing diseases in the proposal forms clearly.

  • Dear Sreekanth,

    I am 63 years old and my wife is 62 years old. We need to buy a new Health Insurance Plan. Because of our travelling etc we could never get down to make a Health Insurance.
    My wife is Type 2 Diabetic I am okay but have Psoriasis.
    Could you please suggest which is the best Health Insurance Plan for us and what it should cover ?
    Many Thanks

  • I am looking for health insurance for my parents above 64 years. I am outside india he ice looking for something good, as gods grace both are healthy

  • Hello Sir, I am planning to buy a health insurance of 3 lacs for me (28 Years) and my spouse (24 Years). So can you please suggest a good plan. I am from Surat,Gujarat. Thanks..

      • Planning to buy a family floater plan so please suggest comparatively good plans. And is it a better option to purchase a health insurance from policybazar.com or I should go through an agent?
        Thanks again..

        • Dear Darpan,
          If you have a trusted insurance agent, suggest you to buy health insurance plans through the agent. Do try to get clarifications for all your queries, kindly understand the terms& conditions related to sub-limits, co-pay clause (if any), pre-existing disease conditions, etc.,
          Check family floater plans offered by max bupa / apollo munich / star health.

    • Hi,

      I want a Senior Citizen Policy for my parents. My Mom is 75 and Dad is 78. What is the policy I can avail for and amount I need to pay individually

      • Dear Kritika..The premium amounts depend on the Sum assured. Kindly note that the premium amounts of the above products are available on respective company websites.
        My suggestions are : Star’s Red carpet, Apollo optima senior or Maxbupa’s product)

  • Hi Sreekanth,

    My mother is a pensioner from state govt (rajasthan) but currently staying with me in maharashtra. She is 50 years old and has been suffering from arthritis and cervical spondylosis since past 2 years. Other than that she doesnt have any other issues. Please let me know which policy I can buy for her as she might need to undergo these disease related surgeries in future considering these diseases are at severe stages right now. And a policy which will cover them as early as possible.

    Please let me know your inputs for sure.

    Thanks.

    • Dear Disha,
      If affordability is not an issue, consider mediclaim plans of MAX Bupa. Kindly disclose the information on Existing diseases in proposal form. They may load the premium and issue a policy (higher premium).

  • Hi Sreekanth,

    I am having a family floater from my employer. I want to take separate health cover for my mother who is 56 years old without having any major illness so far. Can you please suggest good health cover policy for her?

    thanks in advance!
    – Pradip

    • Dear Pradip,
      If affordability is not an issue with you, suggest you to check out Max bupa mediclaim plans. Else, check out the ones offered by PSU general insurers.
      You may also consider taking a comprehensive plan which is independent of your employment.

      • thanks for the suggestion Sreekanth! Yes, I will be taking comprehensive plan independent of my employment, thats why I have not opted for the top up plan offered by employer.

  • Hi Srikanth

    I am a salaried person and my company has come up with health insurance plan for dependent parents which costs 13000/Annum for 2lakhs SA. please let me know whether to opt for company’s insurance or individual plan for my father of age 66 years. he has sugar and BP. if individual please suggest few plans.

    Thank you,
    Naveen

  • DEAR SREEKANTH I am 60 and my husband is of 65.we both want to take a health insurance policy.M y husband has some pre existing deases.he had bye pass heart sursory some 12 years back. he is also psychaitory problelem for which he is on medicines.I DONT HAVE ANY EXISTING DESEASE, NOW PLEASE TELL ME WHICH POLICY I SHOULD TAKE.

    • Dear Sunita,
      You may consider taking a Senior citizen plan from Govt (PSU) general insurers. Do provide all the required information about pre-existing illnesses (if any) and past medical treatments in the proposal forms.
      You may also check out Star health’s ‘Red Carpet’ plan.
      Most of the Sr.Citizen plans do have Co-pay clause and sub-limit clauses. Kindly understand them and opt for a good plan.

  • Hi Sreekanth,

    Thanks for the insightful article.

    My mother is 64 and without any pre existing illness. I narrowed down on Iffco Tokio based on my need and Claim Ratio but after callling them multiple times for initiating the medical did not get any response.

    Now I am looking for second option. My needs are – SI of 2-3 lakh, Premium Max 15 K per year ( this is the limit for next 5-6 years), Ok with co-payment of upto 20%, Critical Illness coverage, Claim Ratio > 85%, Pre-existing coverage 3-4 years not an issue, Day-Care coverage.

    Given that good private companies will not come with in my budget ( & Iffco Tokio already shown bad customer service) I am now looking for Public health insurer, which all ( Oriental, National & United) look the same. L& T is another option but bit sketical about services as not a very new company.

    Can you provide your opinion on the right insurer with the above requirements?

    Thanks in advance!

    • Dear Paryushan,
      Check out United’s plans. But do not expect high quality of service from Public sector General insurers. You may also check out Star health’s Red carpet plan.

  • I am 35 yrs old having 5 yrs and 7 months old kids with 64 yrs old mother , Pls suggest me the best health plan for my mother and 4 me

    • Dear Manmeet,
      You can take independent plan for your mother. You may select any plan which is listed in the article for your mother.
      For four of you (self/spouse/kids) , you can buy a Family floater plan.

  • Hi Sreekanth,
    Thanks for valuable information. It is indeed tough to select the right insurance plan for parents therefore request your advice.
    My father (66) and mother (60) are both having pre-existing diseases (Heart and Diabetes). My employer’s insurance does not cover my parents healthcare. Could you please advise the best health plan for them?
    Anurodh

  • Hey Sreekanth,
    I am 23years old and working for an MNC.I have a very little idea about health insurance plans.
    Right now if I want to buy a medical insurance for my parents,which product would be better ?
    Thanks in advance.

  • I want health insurance for.my father age 65, is there any insurance plan that covers all, including diagnostics.

    • Dear Suresh,
      I believe it is tough to get a plan which covers diagnostics too. But some plans do provide free medical check-ups once in one or two years.
      Check out Max Bupa’s plan.

  • Hi Sreekanth. I want to take a medical cover for my parents aged 59 & 58 years. Please suggest which company should I opt for.

      • Hi Sreekanth. I am a salaried person. I do not have employer’s mediclaim cover for my parents.

        • Dear Natasha,
          If your employer has an option to include parents in mediclaim policy, kindly include them ASAP. And take Senior citizens plan (family floater for both the parents) after your father attains 60 years of age (you can consider not renewing employer’s mediclaim for them next year).
          Else, take family floater plan right now (Example – Star health’s Family optima, or Max bupa’s Heartbeat Family Floater).

  • Hi Sreekanth,

    Planning to buy medical insurance for my parents sr. citizens – father – 66 years, mother – 61 years. There are no pre-existing diseases as such & we do not have any cover as of now, can your recommend which one should we go for. We were checking for Star – Sr. citizens Red Carpet, but it seems they don’t provide day care cover and they have a 2 year cooling period. Do all the insurance companies have 2 years of cooling period and are none of the emergencies or ailments covered during this 2 years? Also which one is good in terms of co-payment, Star health copayment clause seems to be 80%-20%. Can you please suggest which one should we go for?

    Thanks in advance.

    Regards,
    KRan

    • Dear Khyati,
      Yes, Star has 80:20 co-payment clause. It is very tough to identify the best health insurance plan.
      Check out National Insurance’s Varishtha Mediclaim. I believe that the max sum assured they offer is Rs 2 Lakh only. 10% co-pay clause is applicable.

  • Hi Srikanth, I have taken life insurance for my parents and in laws in National Insurance company. Please let me know if this is the right choice when it comes to claiming….

    Thanks,
    Nagarathna

  • Hi Sreeknath,

    I have employer provided health insurance of New India Insurance for my parents with sum assured as 1 Lac per member and higher hospitalization cover of 5 Lac as a floater amount.

    I am planning to buy a separate cover for my parents.Please suggest some suitable plan and whether I should buy insurance as floater policy or individual sum assured for my parents.

    Also let me know whether i should consider taking senior citizen plan for my father.

    Father’s Age:61
    Mother’s Age:54

      • Dear Srikanth,

        Thanks for your revert.

        Please clarify if i switch jobs and new employer does not provide coverage to dependent then will the top up policy still work.

  • sir I need a good health insurance plan for my mother whose age is 54 years….can u help me by giving top 5 health insurance companies in India with their merits and demerits….

  • There is a health insurance plan for seniors called Optima Seniors from Apollo Munich especially designed for seniors.

    • Prateek – Star health is a decent company. Before you decide on which company, kindly work on your requirements. Compare all suitable products across different companies.

    • Guys Kindly check the company entered in the Indian Market Cigna ttk
      feature wise this good also they have a futuristic approach.
      for example company provide worldwide coverage

      check the features and go for this.

      if any one from Thane/Mumbai can call mi for this

      9769395189

      Shreekanth I am inputted my number this time sorry for this.

      if you say no then next time I will not enter

      pls forgive mi

      • Dear Ajay,

        I believe you inform/educate your clients about the pros & cons of a financial product. Informed clients can take better investment decisions.

        I do not mind you sharing your contact number here. But request you to provide unbiased advice to your clients. Cheers!

  • Hi Srikanth, I took ICICI Lombard’s policy for my parents 6 years back for 6 lacs (3 lac each and no health issues till now)and I need to get it renewed before this month end (they increased the premium to 63K now). My father retired last month and their company provided Health Insurance policy covers till March 31st, 2015. I need your valuable guidance as I thought of taking a fresh FPP policy after March 2015 for me, my spouse, my son and my parents for 6 lacs so that the premium amount would be calculated based on my age. Request you to please provide your suggestions on this case at the earliest so that I can either get the existing policy renewed or take a fresh policy – if so which company has the good claim settlement track record. Thanks

    • Vishal – In the last couple of years the premium rates for Non-life insurance have gone up. I believe this will be the trend for next few years, as the medical expenses keep raising.
      In a Family Floater Policy, the eldest member’s age is considered for premium calculation. So, do not include your parents in the family floater policy. Take FFP for your spouse,kids and yourself.
      Regarding the Parents individual policies, you can port the policies to STAR/Max bupa/Apollo Munich. STAR’s Red carpet plan is good. For Rs 5L Sum Assured, the premium is Rs 18,000. Kindly check with these companies about the possibility of porting your parents’ existing policies. May i Know your father’s age?

    • Thank you Sudesh. Kindly share the post with your friends. It might be useful to them too. Cheers!

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