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

Ans: Health Insurance for Senior Citizens with Pre-existing Conditions

1. Availability of Health Insurance for Senior Citizens:

Coverage Challenges:

Health insurance for senior citizens, especially those with pre-existing conditions, can be challenging. Most insurers have strict underwriting guidelines for elderly applicants.
Pre-existing Conditions:

Existing conditions like CAD, elevated creatinine, and urea levels often lead to higher premiums or exclusions.
Policy Options:

Some insurers offer policies for senior citizens but with specific terms related to pre-existing conditions.
2. Insurer Considerations:

Age Limits:

Choose insurers that cater to elderly individuals. Many insurers have age limits that might exclude those above 70-75 years.
Pre-existing Conditions Coverage:

Look for insurers who provide coverage for pre-existing conditions after a certain waiting period.
Hospital Network:

Ensure the insurer has a broad network of hospitals, especially those known for treating cardiac conditions and renal issues.
Cashless Facility:

Verify if the insurer offers cashless treatment in a wide range of hospitals.
Premiums and Terms:

Compare premiums, policy terms, and sub-limits. Policies with higher premiums often offer better coverage for pre-existing conditions.
3. Recommended Insurers:

Leading Insurers:

Reputable insurance companies in India like Star Health, Max Bupa, and HDFC ERGO often provide policies for senior citizens.
Specialised Plans:

Some insurers offer specific plans designed for senior citizens, covering various medical conditions with benefits like no claim bonus and coverage for pre-existing conditions.
4. Steps to Take:

Consult Insurers:

Contact multiple insurers to discuss policy options based on your brother's health conditions.
Medical Examination:

Some insurers may require a medical examination. Ensure all relevant health information is disclosed.
Professional Help:

Consult a Certified Financial Planner or insurance consultant to get the best policy recommendation and to navigate the options available.
Policy Review:

Carefully review policy documents and terms before purchasing. Ensure that all pre-existing conditions and future medical needs are covered.
Final Insights

Securing health insurance for an 82-year-old with pre-existing conditions requires careful consideration. Look for insurers with policies catering to senior citizens and those that cover pre-existing conditions after a waiting period. Leading insurers like Star Health, Max Bupa, and HDFC ERGO might offer suitable options. Consulting a Certified Financial Planner can provide personalized assistance and ensure that you choose the best policy for your brother's needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in