As your parents grow old, their health condition deteriorates and their medical requirements increase significantly, causing a financial burden on you.
With a health insurance plan for your parents, you get the necessary financial support to manage your parent’s high medical expenses. However, to get the required financial protection, you must know the right tips to file health insurance claims for parents.
This detailed guide will discuss the requirements of health insurance plans for parents and offer tips on how to choose the right plan. It will also provide a deeper insight into health insurance claims for parents.
Tips for Filing Health Insurance Claims for Parents
Maintain All Records
The first tip to ensure proper health insurance claims for parents is to maintain records of all medical expenses. From doctor reports and medical bills to prescriptions and other treatment documents, you must keep all of them together in a folder to file the claim with the necessary evidence to avoid delays.
Keep the Insurer Informed
Avoid delaying the intimation of the health insurance claim requirement and medical emergency to the insurer. Delays in notifying the insurance provider can result in longer wait times for claim settlements. Moreover, there are often preset deadlines for claim intimation, and non-compliance may result in claim rejections.
Keep Proof of All Communication
To ensure complete transparency throughout the claim process, keep a proper record of all the communication between you and the insurer regarding the claim request and settlement updates. This can include emails, notes from different customer support team conversations and reference numbers, if any.
Claim Form Accuracy
When filing for parents' health insurance claims, be very careful with the information you add to the claim settlement form. You must maintain proper accuracy of the information in all the required fields and cross-check them before attaching the necessary documents with the form for submission.
Types of Parents Health Insurance Claims
With most health insurance providers, there are only two types of claims available for parents’ health insurance plans.
Let us discuss them in detail below.
Cashless Claims
A cashless claim refers to a type of claim where the insurer approves and settles the medical bills on your behalf directly with the hospital. Thus, you do not pay or get involved in this claim process.
Initially, this claim type was only applicable to network hospitals. However, according to the new announcement from the Insurance Regulatory and Development Authority, cashless claims can be filed at any hospital of your choice all over India.
Reimbursement Claims
A reimbursement claim is a type of claim in which you are required to pay the medical bills upfront from your out-of-pocket expenses at the time of treatment. Once you settle the bills, you need to then submit all the invoices and bills to the insurer for evaluation to get the applicable reimbursement in your registered bank account.
Benefits of Health Insurance for Parents
Increased Access to Quality Healthcare
One of the most significant benefits of health insurance for parents is easy access to quality healthcare without increasing out-of-pocket expenses.
Often, due to the rising medical costs in the country, you may tend to limit your parents’ medical treatments based on your financial capacity. However, as the health insurance plan covers medical expenses, you have more freedom to get the desired medical service for your parents.
Reduced Financial Burden
With parents’ health insurance plans, your financial burden in times of medical emergencies is reduced significantly, as the insurer provides extensive medical support to cover the expenses.
Moreover, with the flexibility of cashless claims, your upfront out-of-pocket expenses are also limited to copayments or deductibles that are pre-decided at the time of policy purchase and renewals.
Cover for Specific Illnesses
Most health insurance plans for parents are designed carefully to cater to their specific needs. Thus, given the increased risk of critical or particular illnesses or diseases that can often occur with age in mind, investing in a health insurance plan for your parents is recommended.
This can benefit you with additional coverage for pre-existing conditions or diseases that might otherwise be excluded from standard plans.
Extensive Coverage for Medical Expenses
The standard inclusions in health insurance plans for parents include pre- and post-hospitalisation expenses, emergency transport expenses, ambulance charges, in-patient treatments, domiciliary treatments and more to provide maximum financial coverage in times of need.
Tax Benefits
Based on the type of health insurance policy you purchase for your parents, you can avail of a tax deduction for medical expenses of parents’ insurance premiums in one financial year.
According to Section 80D of the Income Tax Act, the 80D claim for parents has the following deduction limits -
For parents below the age of 60 years - up to ₹25,000
For parents above the age of 60 years - up to ₹50,000
Types of Health Insurance Policies for Parents
Type of Health Insurance Plans |
Ideal For |
Individual Health Insurance | Beneficial for parents below the age of 60 |
Family Floater Health Insurance | Beneficial for parents below the age of 60 and covers the entire family under a single policy |
Critical Illness Health Insurance | Beneficial for parents with severe diseases or critical illnesses |
Top-Up Health Insurance Plan | Beneficial for those whose parents require a higher sum insured |
Senior Citizen Health Insurance | Beneficial for parents above the age of 61 years |
How to Choose the Right Health Insurance for Parents?
Assess Parents’ Age
Before choosing the right plan for your parents, you must assess their age, pre-existing health conditions and lifestyle habits. This will give you a fair idea of what kind of plan will provide the best financial support for their medical needs.
Explore and Compare Different Plans
After assessing your needs, you must explore different plans available from various insurers to check their premiums, policy inclusions and terms. This will aid informed decision-making and help you choose the most appropriate plan for your parents based on their needs and your budget.
Review Waiting Periods
Most health insurance providers have a predetermined waiting period for general medical coverage, specific diseases and other conditions as per policy inclusions. You must review these periods when comparing different plans to choose the one that offers the lowest wait time.
Check Insurer Claim Settlement Ratio and Services
Along with the type of health insurance, you must also check the insurer’s claim settlement ratio to assess and pick the one that offers quick and efficient claim settlements. Moreover, read client reviews and check for the availability of customer support, as these two play a vital role in showcasing the insurer’s market image.
Assess Customisation Flexibility
For certain specific needs of your parents, you might require room for customisation to enhance the base coverage of your chosen plan with the necessary add-ons. Thus, you must check for availability with different plans to select the one that best suits your needs.
Conclusion
Knowing how to prepare for health insurance claims for parents is crucial to ensure timely claim settlements. Moreover, it allows you to choose between two types of health insurance claims as per individual preferences to maximise financial support for your parent’s medical needs.
Reliance General Insurance offers a range of
health insurance plans that are suitable for your parents. All these plans provide comprehensive coverage for pre- and post-hospitalisation expenses, treatment charges, ambulance fees and much more to keep your finances secure.
Some of our popular parent health insurance plans include
Health Infinity Insurance, Hospi Care Insurance, Health Global Insurance and Critical Illness Insurance.
Frequently Asked Questions
Can I buy an individual health insurance plan for my father, who is 70 years old?
Most health insurance providers who offer individual health insurance have an age limit of 65 years. However, you can instead opt for a senior citizen health insurance plan that offers extensive coverage that is more suitable for ageing parents.
Is illness or medical emergency due to frequent alcohol consumption covered in health insurance plans for parents?
No, none of the health insurance plans for parents cover expenses incurred from treatments and illnesses that are a result of alcohol consumption. This is one of the most common exclusions for all health insurance policies.
