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Everything You Need to Know About Health Insurance for Parents

Do you intend to get your parent's health insurance? The Indian insurance industry is currently overrun with healthcare plans created especially for parents older than 50. For more information about medical insurance for your parents, continue reading. R

  • Feb 15, 2023

Regardless of age, medical insurance for parents is always advantageous. However, the elderly may require it more frequently, and as people age, their bodies become more vulnerable to various health issues. The likelihood of contracting diseases and being hospitalized increases with age, increasing medical care costs.

By getting a comprehensive policy for your elderly parents, you can ensure their financial security. Continue reading to learn more about getting your parent’s health insurance.

    Key takeaways

    Why Should You Take Separate Medical Insurance for Parents?

  • Age of the Parents
  • Pre-Existing Ailments
  • No Claim Bonus (NCB) Affected
  • What factors affect the premium calculation for parents’ health insurance?

  • Age
  • Pre-Existing Illnesses

What Justifies Taking Out a Separate Health Insurance Plan for Parents?

The basic rule is that you shouldn’t add your parents to your health insurance policy or any extra coverage you get. Always select a different health insurance strategy for your parent. The main disadvantages of enrolling your parents in the current health insurance plans for parents are:

Pre-Existing Ailments

A health insurance premium for a person with a pre-existing condition is typically quite expensive, which drives up their monthly payments. Choosing a separate coverage for someone with pre-existing conditions is therefore advised. Additionally, with growing age, susceptibility to illnesses increases; therefore, having one’s health insurance coverage proves beneficial.

Effect on Premium

Insurance policies are based on the age of the family’s senior citizen. Your premium may go up if you enroll your parents in the plan. The policy will expire when the oldest member of the plan achieves the oldest age for which it is designed. Then, you’ll need to purchase individual policies for each member of your family, which can be very expensive.

Therefore, it is wise to purchase a policy when you are still young. You will pay less for the premium and get coverage for a longer period in this way.

No Claim Bonus (NCB) Affected

When a health insurance plan for parents is renewed, or additional benefits are added, the NCB is paid as a discount. But you can only use it if you do not file a claim during the course of the insurance year. Therefore, even if one of the family members files a claim under a family plan that covers many family members, the NCB is cancelled. Age or a pre-existing condition may necessitate urgent hospitalization for elderly parents. As a result, you need to have a separate strategy for them.

What Factors Affect the Premium Calculation for Parents’ Health Insurance?

Health insurance premiums will be determined depending on various variables and situations. Knowing the variables that will affect the cost of your premiums will help you make the most of your coverage because knowledge truly is power.


The best time to purchase health insurance is when you are young because as your policy ages, it provides you with more coverage and eliminates all waiting periods. However, you should be aware that the price of health insurance plans for parents is slightly higher because the cost of health insurance increases with age. As a result, financial advisors suggest considering the coverage rather than the price when choosing insurance.

Pre-existing illnesses

Your parents may already have a condition or conditions that are either entirely excluded from coverage under the parent’s health insurance plan or that the plan only partially covers.

You will be responsible for their medical costs whenever the expressly excluded illness manifests if your coverage does not cover their pre-existing conditions.

Why Buy Separate Health Insurance for Parents and Not Cover them Under an Employer Health Plan?

Your parents may have health insurance through their employers, or you may have secured coverage through them. But for long-term planning, it will only help them in some situations. In the first scenario, if your parents have been long-term beneficiaries of their employer’s health insurance, there is a potential that the policy may no longer be enough, given current medical spending patterns. There is a chance that their health insurance plan does not include some essential coverage.

If you have them covered under your employer’s health plan, leaving your work will result in them losing the continuity benefit as well, forcing you to enroll them in an entirely new health insurance plan. A health insurance plan for parents with an individual sum insured basis is preferable to include them in an insurance plan since they require significantly higher coverage than the other family members.

Wrapping Up

Your parents need medical care more and more frequently as they get older. They require unwavering and top-notch medical care, whether for routine checkups or big or small surgery. Hence, it is vital to cover their medical costs in a way that ensures they never run out of money.

Most illnesses nowadays may be treated with advances in medical technology, but medical care prices are increasing daily. To cover the rising costs, you must have a solid financial strategy. You may protect your parents’ financial future and ensure they always receive top-notch medical care by purchasing comprehensive health insurance plans for parents. This will not affect their lifelong savings.

Kotak e-Term

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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