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Ensure That Your Parents Have The Right Health Insurance Policy

We’ll help you choose the right plan for your parents by explaining health plan components. As we study this material, let’s start with the basics and use more sophisticated terms.

What is health insurance, and why is it essential to have it?

A health insuraance policy covers medical expenses such as hospital bills, procedure payments, routine checks and treatment, and medications.

Why is health insurance vital?

  • It gives you Peace of Mind

When you have great insurance coverage, let the insurer take care of the medical bill. In exchange, you only have to pay monthly premiums far less than medical costs.*

  • Routine Checkups

When you buy health insurance online, your parents feel financially independent regarding their healthcare as it covers routine checkup, which is also accessible under most health plans.

There are two broad categories of insurance policies based on the number of persons covered by a single plan. Solo policies and family floater plans are available.

Both of them are described in detail below:

  • Individual Health Insurance: As implied by its name, individual health insurance covers a single individual who receives all benefits and medical coverage. If a policy contains a medical cover of Rs. 5 lakhs, then the entire sum can be used for the medical expenses of a single individual.*
  • Family Floater Health Plans: The family medical insurance plan provides coverage for a group of individuals, including elderly parents, with the type of coverage determined by the age of the oldest member of the family or group. If insurance in this category gives coverage of Rs. 5 lakhs, then this sum can be used to pay for the combined medical expenses of all family members.*

Although an Individual plan may sound better because only one person shares all the benefits, it comes with higher premiums. Still, the rates for a family medical insurance plan are more cost-effective than purchasing a separate plan.*

The Health Insurance Benefits When Considering and Comparing Plans:

We shall explain the numerous terms you encounter when searching for a health plan and how each phase affects a health plan’s quality:

  • Cover: The cover is the first term brought up anytime any insurance is discussed. Coverage denotes the maximum amount that can be claimed for medical expenses for the whole duration of the insurance coverage.
  • Premiums: Health insurance premiums are monthly payments or instalments made to the insurance provider in exchange for health insurance coverage. Generally, the more significant the coverage amount, the higher the premiums.*
  • Waiting Time for Pre-Existing Conditions: Before you may obtain coverage for your pre-existing medical condition, there is usually a predetermined waiting period. The best plans in this context will be those with a shorter waiting period for pre-existing conditions.
  • Significant Serious Illnesses Included: Critical illnesses include bypass surgery, organ transplants, diabetes, etc. As shown, no health insurance covers all primary critical conditions. You must understand your parent’s medical condition, the diseases they are most prone to get, and a plan that covers most of these crucial illnesses.*
  • Age of Renewal: Every health insurance policy has a maximum renewal age, after which the policy cannot be renewed. The majority of policies put this limit at approximately 80 years.*
  • Age Restriction: Earlier, we indicated plans designed exclusively for young adults and elderly parents. The crux is that you should only consider plans that cover your parents’ age. In this situation, you will be better off opting for a plan designed specifically for senior citizens.*


You can quickly get your parents the finest health insurance plan by comparing all plans and premiums, and also make sure to read the terms and conditions properly before signing up.

*Standard T&C Apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘


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