My father is 51 (has diabetes and hypertension) and my mother is 42 (she has her thyroid glands removed; she has to take pills daily). Can they get health insurance at this age and with these preconditions? If yes, do they have to undergo medical tests before they are offered insurance?

Ans: It is possible to cover parents in the same policy with individual sum insured. There are insurance companies who offers the option of enrolling multiple members in a single policy. However, you should check with your insurance company of availability of this feature and the process of enrolling e.g. clearance of medical check-up etc. However, do note that adding elder parents could increase the premium payable substantially.

You should also consider the other option of buying a separate policy for them after seeking quotes from a few insurance companies for both options.

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Ans: i Sedrick, yes your relative can buy a health insurance plan since specific insurers provide health insurance for the aged.

No PED will make the case stronger, however it will mostly be a co-payment policy, that is, the policyholder will have to bear a fixed percentage amount of the claim value at the time of claim settlement.

Ans: It's commendable that you're considering health insurance for your parents. It's a vital step towards securing their well-being.

Understanding your parents' health condition is crucial before purchasing insurance. Consider scheduling a comprehensive health check-up for them. This will help identify any pre-existing conditions they may have.

If pre-existing conditions are found, don't worry. Many insurance policies cover pre-existing illnesses after a waiting period. Disclose all relevant information to the insurer transparently to avoid claim rejections later.

Opting for a family floater health insurance plan can be beneficial. It covers the entire family under a single policy, including pre-existing conditions after the waiting period.

Compare different health insurance policies, considering factors like coverage, premium, waiting period, and claim settlement ratio. Choose a plan that suits your parents' healthcare needs and your budget.

Regularly review and renew the health insurance policy to ensure continuous coverage. As a Certified Financial Planner, I'm here to guide you through this process and address any concerns you may have.

Remember, investing in your parents' health is an investment in their happiness and well-being.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in