How To Choose Health Insurance For Parents - HDFC Health

Things You Should Know While Buying Health Insurance for Parents


Given the rate of inflation in medical expenses, health insurance is a must for individuals at an advanced age and if they happen to be your parents, then the need is all the more urgent.

Why health insurance for parents is a must?

  • i. Inflation in medical costs is spiralling, at the existing rate it will be impossible for most senior citizens to pay their medical bills
  • ii. Life expectancy has increased over the years, which means parents live longer and will need to be financially prepared for medical emergencies which are more frequent at an advanced age
  • iii. Parents rarely have a stable income source, particularly if they are retired which means they are not financially capable of providing for medical expenses. Most are often dependent on others.
  • iv. Even if they own a health insurance offered by the employer, it will lapse post-retirement

Here are the important points to bear in mind while selecting a mediclaim policy for parents:

  1. Entry Age

    A lot of health insurers, particularly the public-sector ones, offer mediclaim for senior citizens between the 60-80 years category. So you can take health insurance for parents even after they have crossed 60 years, in case you haven’t taken it already. However, not all health insurance companies have standard entry age guidelines, so it’s best to compare health insurance policies keeping this in mind. A medical policy may prove attractive on many criteria but if the entry age is not low enough for your parents, it’s not going to do them any good.

    Certain insurers offer health insurance policies with no maximum entry age. Unlike other policies targeted at senior citizens, these policies are for all individuals, including senior citizens.

  2. Renewal Age

    Renewal age is the age / time till which you can renew the medical policy for your parents.The age limit varies across insurers so it’s best to check before selecting a mediclaim plan.

  3. Coverage of Illnesses

    Make sure the health insurance offers coverage against a larger number of illnesses, particularly pre-existing Illnesses. These are illnesses / diseases which the individual may have suffered from in the past. Such illnesses are typically covered after 1 / 2 years from the policy date, although it’s best to vet the terms and conditions. Also make sure critical illnesses and medical conditions common in the family, like diabetes or cancer for instance, are covered.

  4. Sum Assured

    This is the health cover of the mediclaim policy. The policy will reimburse expenses on medical treatment upto the sum assured.This is the health cover of the mediclaim policy. The policy will reimburse expenses on medical treatment upto the sum assured.

    A higher sum assured is obviously preferable since you are covered for a larger amount against medical emergencies.

    While public health insurers do not offer high coverage on their medical plans for senior citizens, private insurers in comparison are known to up their coverage considerably.

    Needless to say, while buying mediclaim policy for parents, go for the highest possible coverage offered by the health insurer.

  5. Hospital Coverage

    Your parent’s health insurer must have a broad network of hospitals and should particularly include the better ones in your neighbourhood. When being admitted in an emergency it helps to have access to the best hospitals in the vicinity. It is therefore important to go for a medical insurance plan with a wider network of hospitals specializing in a range of treatments.

  6. Premium

    Medical insurance for elders does not come cheap as risk levels are higher for this category and companies charge premiums accordingly. For all the criteria listed here – entry age, renewal age, disease coverage, go for the health insurance plan with the lower premiums, all else being the same.

    While buying health insurance for parents, go for the individual mediclaim policy instead of the family health plan.




Presented by :

Category : Family Health Insurance

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN: U99999MH2000PLC128245. Tax benefits are subject to change in tax laws.

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