Can You Buy Health Insurance For Your Parents?

Is it better to include parents in existing policy or take a separate policy for them?

Health insurance premiums are calculated on the basis of age, taking the age of the elder member into consideration. The premiums increase steeply once you cross 55-60 years of age due to the high claims ratio in that age group. To maintain the loss ratio insurance companies charge high premium from the customers and this increases the health insurance premium. It is not advisable to include parents in your health insurance policy as the premium would increase steeply. For better premiums, two policies can be taken; one for family and the other for parents.

How to choose Health Insurance for Parents?

There are different health insurance policies for parents provided by different insurance companies Coverage, Flexibility, Co-Payments, Maximum Age to Renew,  Pre-existing Illnesses and Waiting Periods, Simple Claim Process, Day-care Procedures, Network Hospitals.

What are the Insurance Lists Can Cover Private Hospital?

The insurance coverage offered at private hospitals may vary depending on the specific insurance plan and provider. However, generally, health insurance plans may cover the following expenses at private hospitals:

• In-patient hospitalization
• Pre and post-hospitalization expenses
• Daycare treatments
• Emergency ambulance services
• Diagnostic tests
• Organ transplant
• Maternity and newborn care
• Additional benefits

How many times can I claim in a Health insurance policy?

You can claim any number of times in your health insurance policy as long as the sum insured is not exhausted. The sum insured in your policy is the maximum limit which can be utilised by you for claiming any number of times. There is no limit on the number of claims that can be made in your health insurance policy.

Can I transfer my health insurance policy from one company to another?

Yes. The process of transferring your health insurance policy from insurance company to the other is known as Portability. You need to submit an application to the target insurance company 45 days prior to the expiry of your health insurance policy for the company to act on your policy. The process of porting requires the new health insurance company to have the similar health insurance product and all the waiting period exemptions would also be applicable with the new insurance company.

What can be the maximum coverage in health insurance?

There is no limit on the maximum sum insured that can be opted in a health insurance policy. Many health insurance policies offer up to Rs.1 Crore coverage, there are instances where the coverage is extended beyond Rs.1 Crore depending on the client profile. Any request for sum insured higher than that available with the insurance company product will be referred to the underwriter who will examine the client profile and the need for such exorbitant coverage and decide on the insurability.

Can I change from group policy to an individual policy of new India at the time of renewal?

No. Group policy is different in terms and conditions when compared to the individual health insurance policy. Group policy is taken by the employer of a company for his/her employees and the premium is paid by the employer, but in case of individual health insurance policy the premium is to be paid by the insured customer. In short you cannot change from group policy to an individual policy at the time of renewal, but you can purchase a new individual policy at the time of renewal and opt out of group health insurance policy.