Parents Health Insurance

A health insurance plan for parents is a type of medical insurance tailored to parents' healthcare needs. With rising medical treatment costs, purchasing this insurance can help reduce financial expenses during medical emergencies.

The purpose of a health insurance parents’ plan is to provide quality medical care without depleting their retirement funds. It covers a range of medical expenses, including diagnostic tests, daycare procedures, surgeries and more.

Access to Quality Healthcare

One reason to buy medical insurance for parents is to get access to quality medical care in the event of a medical emergency. With medical insurance on your side, you do not have to worry about the medical inflation cost for parents. They will get world-class treatment in authorised hospitals.

Retirement Saving Security

Another reason to invest in medical policy for parents is that it offers security for retirement savings. Most people depend on their lifetime savings or pension to manage post-retirement expenses. A sudden medical emergency or chronic illness can lead to significant healthcare costs, potentially depleting these savings quickly.

Critical Illness Coverage

Investing in mediclaim for parents also provides coverage for critical illnesses such as heart disease, kidney disease and other life-threatening conditions. These illnesses often require prolonged treatment, expensive medications and regular medical supervision, which can create a financial strain on families.

Tax Saving

Purchasing health insurance for parents above 60 not only secures their health but also provides tax-saving benefits. Under Section 80D of the Income Tax Act, 1961, you can claim deductions on the premium paid for your parents’ health insurance policy.

There are various types of health insurance plans designed for parents, such as:

Individual Health Insurance

The individual health insurance plan is a type of medical insurance plan designed to cover only one person. The plan will cover the medical expenses of either of your parents. It means the entire sum insured of this plan is utilised for only a single person.

Family Health Insurance

This type of health insurance plan is designed to cover multiple family members in a single policy. Under family health insurance, parents, spouses and children receive medical coverage. The family health insurance sum insured is distributed among all insured family members.

Also Read: Family Floater Health Insurance

Senior Citizen Health Insurance

Senior citizen health insurance is a type of medical insurance designed for individuals aged 60 and above. This type of health insurance plan covers the specific healthcare needs of elderly people.

Top up Health Insurance

A top-up health insurance plan provides an additional layer of protection for parents beyond the base medical insurance policy. This type of insurance is especially helpful when their base health plan limit is exhausted.

Also Read: Top Up Health Insurance

TATA AIG offers various health insurance plans for parents to cover their medical expenses in times of need. Let us take a look at the different TATA AIG health insurance plans for parents.

TATA AIG Elder Care

TATA AIG Elder Care is a health insurance policy specifically designed for individuals aged 61 years and above. The minimum entry age for this plan is 61, and there is no maximum entry age. The plan offers various sum insured options ranging from ₹5 lakh to ₹25 lakh.

TATA AIG Medicare

Another TATA AIG health insurance plan that is available as individual and family health insurance is Medicare. Under this plan, parents aged 65 or younger can be included. However, for individuals aged 45 or older, a medical examination report is mandatory to purchase the plan.

TATA AIG Medicare Premier

TATA AIG Medicare Premier is another health insurance plan for parents who want comprehensive health care protection. The minimum entry age of this plan is 91 days, and the maximum entry age is 65 years. The sum insured of this medical insurance plan ranges between ₹5 lakhs to ₹3 crores.

TATA AIG Medicare Select

This is a type of health insurance plan for parents with no cap on the maximum entry age. The minimum entry age for this plan is 0 days, meaning a newborn can be enrolled. The sum insured of the plan ranges between ₹5 lakhs to ₹1 crore.

TATA AIG Medicare Lite

This is another health insurance plan designed for individuals and families. The minimum entry age under this plan is 91 days, and the maximum is 65 years. The sum insured of this plan ranges between ₹5 lakhs to ₹20 lakhs.

TATA AIG Health Supercharge

It is a type of health insurance plan that offers additional financial security beyond the standard plan. The minimum entry age for this plan is 91 days, and the maximum is 65 years.

Let us understand the workings of the medical policy for parents with an example. Mr Sharma, who is 60 years old, has purchased a health insurance plan for himself and his wife from TATA AIG. A few months later, his wife gets hospitalised due to a medical emergency.

Since the couple is covered under a family floater policy, TATA AIG directly settles the hospital bills up to the sum insured limit. Mr Sharma only pays any expenses that fall outside policy coverage, such as non-medical costs or limits on certain treatments.

To purchase a health insurance plan for parents, the following eligibility criteria need to be met.

• Health insurance for adults generally has an age limit of 18 to 60. Some special health insurance plans for elderly people come with a minimum age of 60 years and no age cap on the maximum limit.
• Individuals purchasing a health insurance plan for their parents generally need to have a legal relationship with them, such as a son, daughter or in-laws.

Note: It is important to consider specific plan details to ensure adequate coverage and avoid disappointments at the time of making a claim.

Adding parents as dependents in a health insurance plan or buying a separate policy for them depends on their health condition and budget preferences. Below are some parameters to help decide whether to add them as dependents or buy individual health insurance policies.

Sum Insured

One of the major factors in deciding the health insurance plan for parents is the sum insured. With parents added as dependents, the sum insured of the health insurance plan will be distributed among other family members.

However, with a separate health insurance plan, the entire sum insured is for parents only. It is beneficial if parents have a health condition that requires frequent medical attention.

Health Conditions

If parents are ageing with a chronic medical condition that requires frequent medical visits, then going with an individual health insurance plan is a suitable option. However, if parents do not have any existing health conditions, a family floater plan may be more cost-effective.

Premiums

The premium difference between the plans is another crucial factor in deciding whether to go as dependents or buy separate policies. Generally, the premium of the individual mediclaim for parents is higher due to specialised healthcare coverage.

However, the premium for the plan that adds parents as dependents is generally lower, since the health risk is spread across multiple members.

Also Read: What Are the Drawbacks Of Including Your Parents In Your Existing Health Insurance Policy?

When choosing health insurance for parents, the following factors need to be considered.

Assess Healthcare Needs

One of the primary things to consider while buying health insurance online for parents is their healthcare needs. This can be easily done by assessing their medical records, pre-existing conditions and others. Knowing all about healthcare needs will help you make informed decisions when buying a plan.

Adequate Sum Insured

The sum insured is the amount a policyholder can use for their medical expenses during the year. Having sufficient sum insured is crucial while choosing the medical insurance plan.

Look For Renewal Limit

While choosing health insurance for parents, also check the renewal limit. Generally, health insurance plans come with a minimum or maximum entry age. However, once enrolled, a good plan should offer lifelong renewability, allowing you to continue the coverage without interruption even in old age.

Availability of Add-ons

Another essential aspect to consider is the availability of add-on covers that enhance the base policy’s protection. Add-ons such as critical illness cover, room rent waiver, no-claim bonus protection and personal accident cover can significantly expand your parents' coverage.

The parents' health insurance plan provides medical coverage during emergencies and helps reduce tax liability. Under Section 80D of the Income Tax Act, the premium paid for parents' health insurance is eligible for a deduction of up to ₹50,000.

Not just this, parents can also claim a deduction of up to ₹5,000 for preventive health check-ups during the policy tenure.

Buying health insurance for parents offers numerous advantages. Some of the benefits include:

Convenience

One of the benefits of buying health insurance online for parents is convenience. You can compare multiple plans, check features and purchase a policy at any time from the comfort of your home without visiting the branch.

Exclusive Discounts

Another advantage of purchasing medical insurance for parents online is access to exclusive premium discounts. Many insurance providers offer special premiums or discounts on policies purchased online, helping to reduce the overall cost of coverage.

Transparency

The online process provides complete transparency while purchasing a health insurance plan. The plan offers complete information on inclusions, exclusions, terms and conditions, ensuring you understand every aspect of the chosen policy before purchasing.

To buy medical insurance for parents, you need to follow the below mentioned steps below:

• Step 1: Open the TATA AIG official website and click on the ” Health Insurance” section under the “Personal” tab.
• Step 2: Choose the “TATA AIG Eldercare” option or other plans based on your needs. Select the individuals, then click the “Get Price” option.
• Step 3: Enter your name, email address, contact number, etc. Disclose pre-existing conditions, if any, and then click on the “See Plans” option.
• Step 4: Various health insurance plans will appear; select those that meet your healthcare needs and budget.
• Step 5: Finally, complete the CKYC process and make a payment for parents' health insurance.
  Upon successful payment, the policy documents will be sent to the registered email address.

If you already have health insurance for your parents and want to renew it, follow the steps below.

• Step 1: Open the TATA AIG website and scroll to the “Renewal” tab, and choose the “Health” option.
• Step 2: Fill up the health insurance policy number and then hit the “Renew” button.
• Step 3: Carefully review or modify the existing health insurance plan for parents. Include or remove add-ons based on your needs.
• Step 4: Enter the requested information and make a payment for parents' health insurance using the preferred mode.

Upon successful payment, the renewed health insurance for parents will be sent to the registered email address.

Also Read: Health Insurance Renewal

Whether you are claiming a cashless health insurance plan or a reimbursement health insurance plan for parents, it is easy with TATA AIG. Here are step-by-step methods for both procedures.

Cashless Claim - Non Emergency Situations

• For non-emergency situations, notify TATA AIG about the hospitalisation at least 48 hours prior to admission. Fill out the cashless claim form via the self-claim portal or by calling the customer support number (1800 267 1955).
• After receiving the cashless claim notification, we will verify the document. Upon approval, we will send a confirmation and intimate the hospital about the claim.
• When you arrive at the hospital for treatment, submit your health card, any other supporting documents and the confirmation letter.
• The hospital will initiate the cashless treatment. All bills will be settled directly with the hospital by TATA AIG.

Cashless Claim - Emergency Situations

• If you need emergency treatment, visit a hospital and inform TATA AIG about your hospitalisation within 24 hours. You can do this by submitting a claim form online through the self-claim portal or by calling customer support at 1800 267 1955.
• Submit the cashless claim request at the hospital’s help desk along with required documents such as your insurance card, policy details, ID and address proof. The hospital will send these documents to TATA AIG for processing.
• Once your claim is reviewed, TATA AIG will issue an authorisation letter to the hospital. After receiving the authorisation, your treatment continues, and TATA AIG will settle eligible medical bills directly with the hospital.

Reimbursement Claim

• For a reimbursement claim, visit the authorised hospital of your choice and pay the medical fees after getting the treatment.
• On discharge day, ensure to collect the hospital bills, prescription slips, discharge summary and more.
• After that, open the TATA AIG official website and fill out the health insurance reimbursement claim form.
• Submit the reimbursement claim form along with other documents. After verifying the documents, we will send the claim amount.

Here is the list of documents policyholders need to submit when filing a health insurance claim for parents.

• Duly signed and filled claim form
• Medical expenses reports, bills, and invoices.
• Medical or diagnostic report.
• Doctor consultation slip or report
• Any additional documents requested by the TPA.

Opting for health insurance online for parents provides a crucial safety net for individuals and families in the event of medical emergencies. With the health insurance plans for parents, you do not have to worry about getting quality care for your parents. The plan will help in saving their retirement funds.

When it comes to buying health insurance online for parents, TATA AIG offers tailored individual health insurance based on their healthcare needs. Our health insurance plan for parents comes with lifelong renewability.

We also offered other medical insurance, such as health insurance plans for families that cover parents, spouses and children under a single policy. With additional benefits such as cashless claims, tax benefits, a wellness program and more, we ensure top-notch service for our customers. Secure your parents' health with our affordable parent health insurance plans.