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With the state of the economy and astronomical costs of procuring health care, everyone requires a medical policy. If your parents are senior citizens who aren’t covered by any health policy, they need one right away. But, before you buy health insurance for parents, you need to ponder over a few important factors. Policy is as good as the perks it offers. Which one would fit your parents’ requirements? 

Your options

A family floater plan is an excellent idea but only if your parents are yet to reach their senior years. Also, these plans don’t cover pre-existing illnesses. And many stipulate an age cap. Others charge a high premium.   

If you have included your parents in a corporate or group insurance policy, then also you should consider a separate policy for them. Because the group insurance policy will cease being operational once you leave the company.

If your parents are in their 60s, they would benefit more from senior citizen plans. Many insurers in India offer specific plans targeted for the elderly that accommodate the unique needs of these people. Your parents can also utilize tax benefits amounting up to INR 50,000, thanks to Section 80D of the Income Tax Act. 

Confused with the options? To simplify matters, here are a few things you and your parents should go over. This would help you narrow down your list of potential health insurance plans. 

1. The age of entry

Most insurers put a cap on the entry age at 65 years. That means you will not be able to buy health insurance for parents once they are past that age. But not all insurers have this entry age stipulation. You need to hunt down this kind of policy. Or your parents can also opt for senior citizen plans.

2. The coverage offered

Like with all health plans, it’s important to closely read the list of exclusions. Many reputed insurance policies leave out basic healthcare facilities. But more than that, you need a policy that covers pre-existing illness, if either of your parents has already contracted an illness. Also, check if the policy covers critical illnesses.

3. The sum insured

This is a primary concern when it comes to purchasing medical insurance for parents. The sum insured will be the reimbursement your parents will be getting if they are hospitalized. The higher the quantum, the better. 


If you want to buy health insurance for your parents, then you and your parents should analyze the factors we mentioned so that you can find the perfect fit.



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