Buy separate health plans for parents if the age gap is high1 min read . Updated: 17 Oct 2020, 12:45 PM IST
- Specifically for covid, you can evaluate individual Corona Kavach policies
- These are available for 3.5, 6.5 and 9.5 months tenure
My father is over 70 years old and has a pre-existing heart condition. I have taken a health insurance of ₹4 lakh each for my father and mother (58 years) along with my corporate health cover. Due to covid-19, I plan to increase this cover. Should I go for an individual cover or add to the corporate cover?
—Name withheld on request
If you can increase your parents’ coverage with your corporate health plan, that would be the best option. Group plans usually do not have a waiting period for pre-existing ailments. So, coverage would be effective immediately. Check with your HR if they allow a change, mid-term.
Specifically for covid, you can evaluate individual Corona Kavach policies. These are available for 3.5, 6.5 and 9.5 months tenure. This is a standard plan across insurers, and covers pre-existing conditions after a waiting period of 15 days with a maximum sum insured of R5 lakh. You can buy individually for both parents.
Two other alternatives to buy individual coverage would be a senior citizen health plan and a top-up plan. A senior citizen health insurance generally has a co-payment. Given your father’s heart condition, chances of underwriting acceptance will be higher for senior citizen plans than standard individual plans. Senior citizen plans will also cover covid after the initial waiting period of 15-30 days. A top-up plan provides additional coverage over and above a pre-defined threshold called the deductible. The policyholder or another policy needs to bear the cost up to the deductible. You can buy a top-up with a deductible of ₹4 lakh, the coverage in your group plan.
Buy separate senior citizen plans for your parents as that will be more cost-efficient given the differences in age and medical history. For top-up, consider a family floater, so that the claim of one could be considered against the deductible for the other person as well.
Abhishek Bondia is principal officer and managing director, SecureNow.in