It's not like buying insurance for yourself
Let's be real: health insurance for parents (especially above 60) is a different game entirely.
The rules change. The premiums jump. The fine print gets finer.
But it's also the most important insurance you can buy. Medical emergencies don't announce themselves, and hospital bills can wipe out years of savings.
Here's what you need to know.
The challenges you'll face
1. Higher premiums
Age means risk. Risk means higher premiums. A policy that costs ₹15,000 for a 30-year-old might cost ₹50,000+ for a 60-year-old.
No way around this one. It's just math.
2. Pre-existing conditions
Most parents have something.diabetes, blood pressure, thyroid. These conditions come with waiting periods of 2-4 years before they're covered.
3. Lower coverage options
Some insurers cap coverage for senior citizens at ₹10-15 lakhs. That's barely enough for one major surgery these days.
4. Stricter medical tests
Expect comprehensive health check-ups before the policy is issued. Some conditions might lead to loading (higher premiums) or exclusions.
What to look for in a policy
Entry age limit
Make sure the policy accepts your parents' age. Most senior citizen plans allow entry up to 65-70 years. Some specialized plans go up to 80.
Renewal age
This is crucial. Some policies stop renewing at 75 or 80. You want "lifetime renewal."
Imagine paying premiums for 15 years, then getting cut off when your parents actually need coverage.
Pre-existing disease coverage
Look for policies with shorter waiting periods. Some plans offer coverage from day 1 (at higher premium). Others have 2-year or 4-year waiting periods.
Room rent limits
Avoid policies with room rent sub-limits. These can significantly reduce your claim payout.
Example: Policy has 1% room rent limit on ₹10 lakh cover = ₹10,000/day limit.
Hospital room costs ₹15,000/day.
You pay the difference. Plus, the entire claim gets proportionally reduced.
Modern treatment coverage
Make sure robotic surgery, AICD (pacemakers), and other expensive procedures are covered. These are common for heart conditions.
How much coverage do you need?
Here's our recommendation:
- Tier 1 cities (Hyderabad, Bangalore, Chennai): Minimum ₹20-25 lakhs
- Tier 2/3 cities: Minimum ₹10-15 lakhs
One cardiac surgery can cost ₹10-15 lakhs. One cancer treatment can go above ₹30 lakhs.
Don't underinsure to save premium.
Our advice
Buy now, not later. Every year you delay:
- Premiums go up
- More conditions become "pre-existing"
- Fewer insurers accept you
The best time to buy health insurance for parents was 5 years ago. The second best time is today.
And don't try to navigate this alone. The terms, exclusions, and fine print can be overwhelming. That's what advisors like us are for.