Health Insurance for Parents with Pre-Existing Conditions

Your parents have been your pillars of support, and as they age, you want to ensure they receive the best medical care possible. However, with pre-existing medical conditions making it difficult to obtain health insurance, you may feel helpless. Don't worry, we're here to help. This article will guide you through the challenges and benefits of obtaining health insurance plans for parents with Pre-Existing Diseases (PED). We'll also discuss the different types of plans available and offer tips on choosing the right one.

Definition Of Pre-Existing Disease (PED)

A PED is a medical condition that exists before purchasing a health insurance plan. It can be anything from high blood pressure to diabetes, and the insurer needs to be aware of such conditions to provide the proper coverage.

Overview Of Health Insurance Plans For Parents With Pre-Existing Disease

In 2020, the Insurance Regulatory and Development Authority of India (IRDAI) updated the definition of a pre-existing illness. The circular defined a pre-existing illness as a medical condition, sickness, disease, or injury that an insured person has been diagnosed with before purchasing a health insurance policy.

Keeping this circular in mind, health insurance providers started offering health insurance plans for people (especially senior citizens) with pre-existing diseases to provide comprehensive coverage for various medical conditions.

Challenges Of Insuring Parents With Pre-Existing Disease

• Higher premiums and limited coverage

Insuring parents with PED can lead to higher premiums as there is risk involved. It can also lead to limited coverage, with some insurers not offering any coverage for PED.

• Waiting periods and exclusions

Waiting periods are a common feature of health insurance plans. Insurers may require a waiting period of up to four years for coverage of pre-existing diseases. Additionally, some insurers may have exclusions, such as no coverage for treatments related to pre-existing conditions.

• Limited options and availability

The options available for health insurance plans for parents with pre-existing diseases are limited. In addition, the insurance providers that do offer such plans may have a limited coverage range or high premiums.

Benefits Of Health Insurance Plans For Parents With Pre-Existing Disease

• Comprehensive coverage for pre-existing diseases

Health insurance plans for parents with PEDs offer comprehensive coverage for treating such conditions.

• Cashless hospitalisation and in-patient treatment

Most health insurance plans offer cashless hospitalisation and in-patient treatment, which makes it easier for senior citizens to get the required medical assistance.

• Coverage for OPD consultations and diagnostic tests

Health insurance plans also provide coverage for Outpatient Department (OPD) consultations and diagnostic tests, making it easier for parents to manage their pre-existing conditions.

• Additional benefits and services

Some health insurance plans come with additional benefits and services, such as health check-ups and healthcare services provided in the comfort of your home.

Types Of Health Insurance Plans For Parents With Pre-Existing Disease

• Standalone health insurance plans

Standalone health insurance plans are designed specifically for senior citizens and offer coverage for PEDs from day one.

• Family floater health insurance plans

These provide coverage for the entire family, including parents with PEDs.

• Senior citizen health insurance plans

Health insurance plans for senior citizens are designed specifically for senior citizens and provide coverage for PEDs.

How To Choose The Correct Health Insurance Plan For Parents With Pre-Existing Disease

Selecting the perfect health insurance plan that caters to your parent’s needs can be daunting. However, when selecting a plan, it is important to assess your parent’s healthcare needs along with your budget. It is also essential to compare plans and their benefits, and consider the insurer's reputation and financial strength.

Conclusion

In conclusion, obtaining health insurance for parents with PEDs can be challenging. However, careful consideration is the need of the hour to ensure that you are getting the best coverage for your money.

ManipalCigna's Prime Senior plan is designed to provide better coverage, control, and care for senior citizens. One of the leading experts in the healthcare insurance industry, ManipalCigna offers comprehensive health insurance plans with innovative features tailored to meet the needs of older adults.

FAQs -

Q. What is a pre-existing disease?

A. It is a medical condition that a person has before purchasing a health insurance policy. These conditions can include chronic diseases such as diabetes, heart disease, and high blood pressure, as well as other medical conditions such as asthma or cancer.

Q. What types of pre-existing diseases are covered under health insurance plans?

A. The types of PEDs covered under health insurance plans vary from one insurer to another. However, most health insurance plans cover a wide range of pre-existing conditions, including chronic diseases, heart conditions, and other medical conditions. Therefore, it is important to review the policy terms and conditions prior to purchasing the plan.

Q. How are premiums calculated for health insurance plans for parents with pre-existing diseases?

A. Premiums for such plans are typically higher than for plans that do not cover pre-existing conditions. The premium is determined by several factors, including the age of the insured, the type of plan, the amount of coverage, and the PED covered under the policy.

Q. Is there a waiting period for pre-existing diseases under health insurance plans?

A. Most health insurance plans have a waiting period before pre-existing conditions are covered. The waiting period can range from one to four years, depending on the policy. Some insurers may offer plans that provide coverage for pre-existing diseases from day one, but these plans typically have higher premiums.

Q. Can I switch to a different health insurance plan for my parents with pre-existing diseases?

A. Yes, it is possible to switch. However, it is essential to carefully review the terms and conditions of the new policy to ensure that it provides adequate coverage for pre-existing conditions and fits your budget.

Q. Is there any health insurance that covers pre-existing conditions in India?

A. Yes, there are health insurance plans in India that cover pre-existing conditions. However, coverage and terms of coverage can vary significantly between insurers and policies, so it is important to carefully review the policy terms and conditions before purchasing a plan.

Q. Which health insurance is best for pre-existing conditions?

A. It would depend on the specific needs and budget of the insured. It is essential to compare the terms and coverage of different policies, as well as the reputation and financial strength of the insurer, before making a decision.

Q. Do any health insurers cover pre-existing conditions?

A. Yes, most health insurers in India offer health insurance plans that cover pre-existing conditions. However, the specific pre-existing conditions covered can vary between policies, so reviewing the policy terms and conditions before purchasing a plan is important.