Securing health insurance for parents is a thoughtful step. Here, understanding how your parents’ medical insurance premium is calculated can help you make better choices.
Several factors affect the medical insurance premium for parents. These include age, health conditions, lifestyle and more. Today, we will walk you through the details of calculating parents' medical insurance premiums.
Factors that Affect Parents’ Medical Insurance Premium
Age
Age is a significant factor in deciding the health insurance premium. The older your parents are, the higher the premium. This is because the risk of health issues increases with age. Insurance companies charge more to cover potential medical expenses.
Pre-Existing Health Conditions
Your parents’ health condition plays a crucial role. Pre-existing conditions like diabetes, hypertension and heart disease increase the premium. A medical examination determines the presence of such health conditions.
Coverage Type
The type of coverage you choose for your health insurance impacts the premium. Comprehensive parents’ health insurance plans with extensive coverage cost more. These plans cover hospitalisation, surgeries and critical illnesses, hence, the higher medical insurance premium for parents.
Sum Insured
The maximum amount an insurance policy pays for claims is called the sum insured. If you choose a higher sum insured, it will have a higher premium. You may choose to balance coverage with affordability.
Policy Tenure
Longer policy tenure usually results in a lower annual premium. Insurers offer discounts for longer commitments, making medical insurance for parents premium a cost-effective option in the long run.
Day-Care Treatments
Surgeries that are minimally invasive, cataracts, chemotherapy, dialysis and similar procedures fall under this category of treatments. Choosing a policy that offers extensive coverage is a smart decision. However, it may have a higher premium.
Lifestyle Choices
Lifestyle choices, including smoking and alcohol consumption, impact the medical insurance for parents premium. People with unhealthy habits might face higher premiums.
Additional Benefits
Plans offering additional benefits such as annual health check-ups or wellness programmes and
healthy heart exercises for parents, may cost more. However, these benefits can be valuable in the long run.
How to Calculate Parents’ Medical Insurance Premium
Manual Health Insurance Premium Calculation
Calculating the medical insurance premium dependent parents can be done manually. You need to understand the various factors that influence the premium. Here is how you do it.
- Gather Information: Know your parents’ age, health conditions, lifestyle habits and the desired coverage details for accurate premium calculation.
- Understand the Factors: Know the key factors affecting health insurance premiums:
a. Age: Older age generally leads to higher premiums.
b. Health Conditions: Pre-existing conditions and medical history impact premium.
c. Lifestyle: Habits like smoking and alcohol consumption increase premium.
d. Coverage Type: Comprehensive plans with more extensive coverage cost more.
e. Sum Insured: A higher sum means higher premiums.
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Check Details of the Plan: Check the details of the plan, including benefits, exclusions and premiums, to find a cost-effective solution.
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Calculate Add-Ons: If considering add-ons like critical illness cover or personal accident cover, add their additional costs.
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Check for Discounts: Look for discounts offered by insurers, such as no-claim bonuses and long-term policy discounts, to reduce the premium.
Online Health Insurance Premium Calculator for Parents
Open the Online Calculator: Go to the health insurance premium calculator for parents offered by Reliance General Insurance
Enter Details: Input your parents' age, health conditions, lifestyle habits and coverage preferences into the health insurance premium calculator.
Instant Estimate: The calculator quickly provides an estimated premium based on the details provided. This estimate is usually accurate and helps you understand the potential cost.
Adjust Coverage Options: Our online calculator lets you adjust coverage options, add-ons and sum insured to see how these changes affect your premium.
Finalise the Plan: Once you have an estimated premium, you can fix the plan and make the payment to start your coverage.
Reliance General Insurance for Senior Citizen Health Insurance Plan
Choosing Reliance General Insurance for parents’ health insurance is wise due to its low premium, which starts at ₹243 per month, and an enhanced sum insured ranging from ₹3 lakhs to ₹5 Crore.
The policy is available for individuals, families and groups. It offers cashless hospitalisation to minimise out-of-pocket expenses, a 100% claims settlement ratio and a cumulative bonus of up to 100%.
With over 10,000 network hospitals, our
health insurance covers hospitalisation expenses up to 90 days before and 180 days after discharge. COVID-19 coverage is included and no paperwork is required for easy online purchases.
Enjoy parents medical insurance tax exemption up to ₹1 Lakh under Section Section 80D, with co-payment options and valuable add-ons available.
Concussion
Understanding the factors and methods for calculating your parents' medical insurance premium is essential. Factors such as age, health conditions, lifestyle and coverage type play a significant role in determining the premium.
Use the online health insurance premium calculator to find out the premium before purchasing a policy.
Reliance General Insurance offers a comprehensive Senior Citizen Health Insurance Plan with low premiums, extensive coverage and additional benefits. This ensures your parents receive the best care without financial stress.
Choose wisely to secure their health and peace of mind.
Frequently Asked Questions (FAQs)
Does choosing cashless hospitalisation affect my premium?
While choosing cashless hospitals may not directly affect premiums, it ensures a hassle-free claim process by allowing the insurer to settle the bills directly with the hospital and reducing out-of-pocket expenses.
Can I purchase a health insurance policy without paperwork?
Yes, Reliance General Insurance offers the option to purchase health insurance policies online without any paperwork.
How does the sum insured affect my premium?
The sum insured is the maximum claim amount an insurer pays. A higher sum insured generally leads to higher premiums, as it provides more extensive coverage.