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An ageing population requires considerable expenditure on healthcare facilities, which subsequently poses a burden on the family’s breadwinner.
And, opting for health insurance for parents in India is the safest way to deal with the unwarranted expenses, as it extends comprehensive benefits that cover all medical illnesses arising from old age.
Health insurance is a necessity, especially if one has to cover the finances for the healthcare of their elderly parents.
Health insurance plans for Parents are made to provide our parents with complete coverage. It covers the cost of medical care and hospital stays brought on by age-related conditions.
Having health insurance for parents reduces the financial risk associated with expensive medical procedures, which could otherwise constitute a major financial burden.
Your parents have always been your safety net, and now it’s time to return their goodwill by gifting them a health insurance plan. Here are a few reasons why you should buy health insurance for parents.
Coverages
Double Wallet Plan
Infinity Wallet Plan
Worldwide Treatment Plan
Important Features
This covers for all hospitalization expenses including due to an Illness, Accident, Critical Illness or even pandemics like Covid 19. It can be used to cover for multiple hospitalizations, as long as the total expenses are up to your sum insured.
You need to wait for a defined period from the first day of your policy to get covered for treatment related to any non-accidental illness. This is the Initial Waiting period.
Exclusive Wellness Benefits like Home Healthcare, Tele consultations, Yoga and Mindfullness and many more available on our App.
We provide a back-up Sum Insured which is 100% of your Sum Insured amount. How does Sum Insured Back Up work? Suppose your policy Sum Insured is Rs. 5 lac. You make a claim of Rs.50,000. Digit automatically triggers the wallet benefit. So you now have 4.5lac + 5 lac Sum Insured available for the year. However, one single claim, cannot be more than the base Sum Insured as in the above case, 5 lac. .
Digit Special
No claims in the Policy year? You get a bonus -an additional amount in your total sum-insured for staying healthy & claim free!
Different categories of rooms have different rents. Just like how hotel rooms have tarrifs. Digit plans give you the benefit of having no room rent cap, as long as it is below your Sum Insured..
Health insurance covers medical expenses only for hospitalizations exceeding 24 hours. Day care procedures refer to medical treatments undertaken in a hospital, requiring less than 24 hours due to technological advancement such as cataract, dialysis etc.
Digit Special
Get a world class treatment with the Worldwide Coverage! If your doctor identifies an illness during your health examination in India and you wish to get a treatment abroad, then we’re there for you.You’re covered!
We pay for your health check-up expenses upto the amount mentioned in your Plan. No restrictions on the kind of tests! Be it ECG or Thyroid Profile. Make sure you go through your policy schedule to check the claim limit.
There may be emergency life-threatening health conditions which may require immediate transportation to hospital. We absolutely understand this and reimburse for expenses incurred for your transportation to a hospital in airplane or helicopter.
Digit Special
Co-Payment means a cost sharing requirement under a Health Insurance Policy that provides that the Policyholder/Insured will bear a specified percentage of the admissible claims amount. It does not reduce the Sum Insured. This percentage depends on various factors like age, or sometimes also on your treatment city called zone based copayment. In our plans, there is no age based or zone based Co payment involved.
Get reimbursed for the expenses of road ambulance, in case you are hospitalized.
This cover is for all expenses before and after hospitalization such as for diagnosis, tests and recovery.
Other Features
The disease or condition that you are already suffering with and have disclosed to us before taking the policy and has been accepted by us has a waiting period as per plan opted and mentioned in your Policy Schedule.
This is the amount of time you need to wait for, until you can make a claim for a specific illness. At Digit it is 2 years and starts from the day of policy activation. For the full list of exclusions, read Standard Exclusions (Excl02) of your policy wordings.
If You sustain an Accidental Bodily Injury during the Policy Period, which is the sole and direct cause of Your Death within twelve (12) months from the date of accident, then We will pay 100% of the Sum Insured as mentioned in Policy Schedule against this cover and as per plan opted.
Digit Special
Your organ donor gets covered in your policy. We also take care of the pre and post hospitalization expenses of the donor. Organ donating is one of the kindest deeds ever and we thought to ourselves, why not be a part of it!
Hospitals can go out of beds, or the patient’s condition may be rough to get admitted in a hospital. Don’t panic! We cover you for the medical expenses even if you get treatment at home.
Obesity may be the root cause of so many health issues. We absolutely understand this, and cover for Bariatric Surgery when it is medically necessary and advised by your doctor. However, we DONOT cover if hospitalization for this treatment is for cosmetic reasons.
If due to a trauma, a member has to be hospitalized for a psychiatric treatment, it will be covered under this benefit, upto INR 1,00,000. However, OPD consultations are not covered under this. The waiting period for Psychiatric Illness Cover is same as Specific Illness waiting period.
Before, during & after hospitalization, there are many other medical aids & expenditures such as walking aids, crepe bandages, belts, etc.,which need your pocket’s attention.This cover takes care of these expenses that are otherwise excluded from the policy.
Your health insurance plan with Digit extends several exclusive benefits that enhance your coverage. Here are the key advantages:
|
Co-payment |
No |
|
Room Rent Capping   |
No |
|
Cashless Hospitals  |
8400+ Network Hospitals across India  |
|
Inbuilt Personal Accident Cover |
Yes |
|
Wellness Benefits |
Available from 10+ Wellness Partners |
|
City Based Discount  |
Up to 10% Discount  |
|
Worldwide Coverage |
Yes* |
|
Good Health Discount  |
Up to 5% Discount  |
|
Consumables Cover  |
Available as an Add-on |
When it comes to health insurance, there are three types of coverage you can avail that can cover the treatment costs for your family, including parents. These are:
This type of insurance policy offers the cover only to the insured individuals. This plan can include your immediate family members like your parents.
Here, the insured individual can enjoy the benefit of a constant sum assured, instead of the floating sum, making it more advantageous if your insurance policy includes your parents.
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Know more about Individual Health Insurance.
Unlike the individual health insurance plan, this plan covers each member of the family under an entire sum assured of the plan.
This means that under a Family Floater Health Insurance your parents can claim on a particular need and split the policy's total insured on a floater system.
Hang on! If your parents are over 60, you can also purchase a senior citizen health insurance plan for them. What does it entail?
A senior citizen health insurance policy is designed to suit all medical requirements of aged individuals, especially above 60 years of age, irrespective of the disease they exeperience.
Further, with benefits like Domiciliary hospitalisation, AYUSH coverage, etc., this insurance policy is the perfect option to cover treatment costs for those over 60.
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Disclaimer: Currently, we are not offering AYUSH coverage at Digit.
A health insurance plan is probably not going to be sufficient to protect your parents if they have a critical illness, and thus, getting critical illness insurance/coverage is necessary.
The critical illness includes cancer, kidney failure, stroke, heart attack, etc. Given the high cost of medical care in India today, it is imperative to have critical illness insurance coverage that covers only these serious problems.
In addition to your parents' basic health insurance policy, a top-up health insurance plan offers them additional medical coverage. When their base insurance runs out, this policy is beneficial.
However, in order to activate the coverage that your insurer provides to your parents, you must pay a mandated deductible under this plan.
When it comes to securing your parent's health, deciding between adding them as dependents under your family floater plan or opting for a separate individual health insurance plan can be challenging.
However, each option has its own benefits. Understanding the differences between the two can help you make an informed decision for your parents.
Opting for a health insurance policy helps you be financially secure in the event of a medical emergency. Most insurance providers offer such policies online, subject to verification and premium payments.
To apply for a parent’s health insurance policy that meets your requirements, select your insurance provider.
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For instance, if you choose Digit as your insurance provider, you can follow the steps below to apply for a health insurance policy:
Step 1 -Â Visit our official website, enter your PIN code (for your city) and mobile number for verification
Step 2 - Choose the members for whom you need the insurance policy. In this case, you should select the options applicable to adding your parents
Step 3 - Next, enter details like your mother’s and father’s age
Step 4 -Â Choose the sum assured and other add-ons
Step 5 - Fill in the required personal details
Step 6 -Â Review all details, check the policy break-up, etc.
Step 7 -Â Pay the premium online
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After completing these steps, your health insurance policy will soon be activated after all the details and documents, if any, are verified.
The documentation that the majority of insurers selling mediclaim plans for parents often request is listed below:
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Disclaimer: In addition to the above-listed documents, some additional documents may be requested based on individual circumstances, policy terms, and underwriting guidelines. Please consult with the insurance provider before buying.
Ever thought about the greatest health insurance plan for parents? How can you pick the finest health plan that can provide the maximum benefit? What kind of coverage is appropriate?
To address all of your questions, here are a few things to look for while buying the best health insurance for parents in India.
Look for a plan that provides the maximum coverage for your parents. It can include:
Severe heart problems, cancer, end-stage lung and liver failure, kidney-related problems, etc. qualify as critical illness cover. Treatment for such medical conditions starts from Rs. 1 Lakh on average and can go up to Rs. 10 Lakh or more.
Opting for a critical illnesses proves beneficial in such cases, as comprehensive coverage is extended with high sum insured guarantee. All hospitalisation expenses and post-release expenses are covered in such scenarios, along with surgical charges.
Make sure that the premiums you pay towards the health insurance policy for your parents that you choose are affordable and do not pose a burden on your finances.
Compare the coverage, the sum insured, and the premium offered by different health insurance providers and make an informed decision.
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Know more about Compare Health Insurance.
Cashless treatment is one of the most important benefits provided under a health insurance policy.
With this benefit, insurance providers pay for your treatment charges directly to the network hospital where your parents are admitted. So, look for a policy with a maximum network of hospitals under it.
There are insurance policies which require you to pay a percentage of the treatment costs incurred, while the insurance provider covers the rest. Since the treatment expenses incurred towards your parents’ can be quite high, it is best to look for a policy without the co-payment clause.
Claim settlement ratio refers to the number of claims settled by your insurance provider against the total number of claims raised.
High claim settlement is one of the primary factors to keep an eye on to make sure that your claim is not rejected in case of an emergency.
With most pre-existing illness coverage benefits offered by health insurance policies, you have to serve a waiting period before you can raise a claim. It is, therefore, pertinent to look for policies that have a minimal waiting period for their pre-existing illness coverage.
You should also look through the number of illnesses covered to make sure that your policy offers you maximum benefits.
Apart from the features mentioned above, you should also look for add-on covers that can make your policy better-rounded. Some of them include:
Usually, insurance providers offer two options when it comes to settling claims. These are:
Regardless of your option, you must ensure that the process for settling claims is uncomplicated. With most insurance providers shifting their claim process online, it has become much easier than before to raise claims.
Finally, don’t forget to check the customer reviews and testimonials for your insurance provider on social media sites, through Google reviews, etc. to make sure that you avail the best services for your healthcare plan.
Add flexibility to your health insurance with add-ons. Digit offers the below exclusive add-ons to provide you with additional layers of protection beyond the basic coverage of your policy. Â
Premiums paid to purchase mediclaim coverage for your parents may be tax deductible up to ₹25,000 within a policy year, as per Section 80D of the Income Tax Act. The tax savings amount rises to ₹50,000 every policy year if your parents are 60 years of age or older.Â
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For example, Mr. Ramesh (26 years old) pays a premium of ₹30,000 annually under health insurance for himself. In addition, he also pays a premium of ₹35,000 annually for his parents (aged below 60 years). In such a case, what will be his tax deductible?
Hence, Mr. Ramesh can claim a total tax deduction under section 80D in a year of only ₹50,000 after paying a premium for himself and his parents.
With rising medical costs and retail inflation in the country, opting for a health insurance plan for your parents is crucial. You can secure their health effectively through extensive treatment courses and multiple other add-on benefits against stipulated premium charges.
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.Â
Disclaimer #2:Â This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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