How to select the best health insurance plan for your parents?

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By John Wick

As the inflation of medical costs keeps continuing in India, it is very important to have a self and family health insurance plan in place. Regarding millennials, you need the right health insurance for your parents as they are growing old. Managing medical expenses is a lot of hassle, but it can be made manageable and effortless with the right family health insurance plan. Although there are numerous senior citizen health insurances out there in the market, adequate research is essential to pick out the right one – the best health insurance plan

So, to make your task easier and less time-consuming. We have mentioned all the needed information on how to select the best health insurance plan for your parents.

Family health insurance

If you are searching for the right kind of health insurance policy for you and your parents, then you can very well opt for a family health insurance plan. There are many family floater health insurance options that provide various health covers and monetary benefits. So adults from 18 to 65 years of age can opt for the family health insurance plan. Dependent children from 3 months to 30 years can also be tagged under this scheme.

Usually, the tenure of the family health insurance plan is up to 3 years. Existing illness treatment, pre and post-hospitalization cover, daycare treatments, reinstatement benefits. Along with maternity benefits are the exclusive covers of this scheme. The waiting period for a family health insurance plan is around 36 months.

This plan can cover your whole family, and you can add up to 6 persons under the family health insurance plan. That can consist of 4 adults and 2 children.

Benefits of health insurance plan

  • Lower premiums are levied for individuals who opt for family health insurance plan at an early age
  • High-quality medical services are offered in top-notch hospitals.
  • The policyholder can also add another member to the existing plan by paying an extra premium.
  • A single premium of the family health insurance plan covers all the medical expenditures for your whole family.
  • More exclusive covers like maternity benefit, accident cover, etc., are rendered to protect and safeguard your family.
  • There are also added tax benefits with this scheme.

Senior citizen health insurance

Senior citizen health insurance is drafted for people above the age of 60. People from 60 to 80 years of age can avail themselves of this health insurance plan. The policyholder must be under pre-medical test to be aware of their existing medical condition is the only eligibility criteria required to get a senior citizen health insurance plan.

However, the senior citizen health insurance plan has extensive coverage for various medical expenses and existing illness treatments. Alternate treatment coverage, Pre and post-hospitalization charges locked and fixed premiums, pre-existing illness cover, and so on are the major features present in the senior citizen health insurance plan.

All you need to do to get the senior citizen health insurance plan is to submit the document of age proof, duty form, pre-medical examination results, and diagnosis of existing illness if any.

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Benefits of senior citizen health insurance

  • No unnecessary medical screening and analysis is needed except the initial pre-exam to opt for the senior citizen health insurance policy
  • It also has the outpatient department cover, which can be used for sudden mishappenings.
  • Regular free health check-ups are offered for policyholders under this scheme.
  • No extra tax is levied on the senior citizen health insurance scheme. The premiums paid can also be deducted under the Tax act of 1961.
  • There are more special rewards associated with this scheme like it covers the spouse as well.