Now, the question is, how do you safeguard the golden years of your parents above 60? The only survival plan is to opt for health insurance for parents above 60 and plan their future well-being.

Why do Adult Children Have Health Insurance for Parents Above 60?

People above 60 are more likely to suffer from certain health ailments. In fact, in this skyrocketing healthcare cost, as an adult child, you should prioritise Parents Health Insurance above 60.

1. Provide Financial Independence

During any health emergency, your parents do not want to be financially dependent on you. Similarly, there’s a financial risk to you if you have to cover hospital bills on your own. In this scenario, a mediclaim policy for parents above 60 provides benefits, like preventive care and access to cashless hospital networks. This reduces out-of-pocket expenses and financial dependency on anyone.

2. Secure Savings Intact

One of the most significant benefits of a mediclaim policy for parents above 60 years is the cashless hospitalisation. The insurance company directly pays bills to the hospital, keeping your savings intact. This means during emergencies, neither you nor your parents need to dip into their retirement pension or your hard-earned savings.

3. Compensation of Low Income

A child with a low monthly income, and especially for parents above 60, savings or pensions are not sufficient to cover steep medical bills.  Medical insurance brings relief to parents and reduces stress about financial strain in case of a medical emergency.

Having a medical policy allows policyholders and their families to claim hospitalisation, diagnostic, and consultation costs.

4. Treatment for Chronic Diseases

Many older persons above 60 suffer from chronic diseases like hypertension, diabetes, cardiovascular disease, or paralysis. Managing these conditions requires expensive treatments, regular follow-ups, and proper medication.

Opting for the best health insurance in India for parents above 60 can help manage these costs, covering advanced or modern treatments. It brings financial protection and peace of mind for both parents and their families.

5. Track Health Conditions

Health insurance for parents above 60 ensures comprehensive coverage for emergency events, including early diagnosis. Your parents can receive coverage for long-term medications, regular doctor visits, and diagnostic examinations to track their health conditions and treat them promptly.

6. Survival from Rising Medical Costs

Healthcare costs in India are rising sharply, with medical inflation hovering around 12-14% per year. Factors like expensive drugs, advanced technology, rising hospitalisation costs, and operational expenses contribute to this high inflation. This situation can put a significant financial strain on average households, especially retired older persons in India.

Coverage Benefits of Your Parents’ Health Insurance

1. The mediclaim policy for parents above 60 years typically allows senior citizens up to 70 years old. You can opt for policies ranging from 1 to 3 years with constant premiums.
2. The sum insured can range from ₹1 lakh to ₹25 lakhs, and policies are available on an individual or floater basis.
3. Major expensive modern treatments covered include oral chemotherapy, organ transplantation, and cataract treatment.
4. Health insurance for parents above 60 provides coverage for treating pre-existing diseases after waiting for 1 year (12 months).
5. Apart from hospitalisation expenses, health insurance for parents above 60 often covers post-hospitalisation care, typically up to 7% of the sum insured.
6. For every claim-free year, your parents may get a free health check-up facility at network hospitals – a nice perk for staying healthy.
7. You may receive a 10% discount on premiums after submitting certain health records of your parents. It is an outstanding coverage benefit of senior citizen health insurance.
8. The insurance covers ambulance charges, ₹1,500 per hospitalisation and up to ₹3,000 for every policy period.

These added benefits can enhance the overall value of the health insurance coverage for parents above 60. It provides both financial protection and healthcare access perks to your parents.

How to Choose the Right Medical Insurance for Parents?

1. Policy Coverage: Choose a plan that covers chronic health conditions, including pre-existing disease. Read policy agreements carefully to grasp conditions and written terms.
2. Age of your parents: Cross-check the age limit before purchasing the chosen health insurance. Age and health conditions also impact the premium rate of your chosen insurance.
3. Sum Insured: Go for a higher sum insured medical care policy to increase financial benefits.
4. Additional Coverage: Consider a policy with extra coverage, as older patients require frequent doctor visits, constant monitoring and medicines.
5. Network hospital accessibility: Choose a policy that offers accessibility to a wide range of network hospitals across nearby cities or states.
6. Co-payments: Never buy a policy with co-payments to get a lower premium benefit.
7. Sub-limits: Sometimes, insurance schemes cap coverage for particular diseases. Review the sub-limits or exclusions of the health insurance for parents above 60.

Final Statement

Health insurance for parents above 60 enables adult children to protect their monthly savings while giving their parents financial freedom from their children. A comprehensive insurance plan covers advanced age-related treatments and pays hospital bills.

Empower your parents with the right health insurance plan so they can live happily without financial stress during their retirement years.