Health Insurance…for myself or Parents ?

POSTED BY Alok Sharma ON July 12, 2013 3:36 pm COMMENTS (3)

There is no doubt that one needs to have an Health Insurance in place to manage the ever increasing health related expenses.

My dilemma is whether to buy an Health Insurance for myself or Parents or both.

Below are further details:

I am married and have a 4 year old daughter.
Stay with may parents aged 64 & 60.
I have a Health cover from my Employer for Rs. 3 Lakhs. This covers myself, spouse, daughter & both the parents.

Can you pls guide me with the type and amount of cover required for me to adequately insure against any health related eventualities.

Thanks in anticipation.

3 replies on this article “Health Insurance…for myself or Parents ?”

  1. healthinsuranceshoppe says:

    Dear Alok,

    Go for a health insurance for parents on top priority.

    Royal Sundaram , Apollo munich , future generali, Tata Aig , HDFC Ergo , Icici Lombard and religare allows entry after 60 very easily.

    Sumit Bhandari

  2. Nikhil Verma says:


    I have taken L&T Medisure Classic Insurance for my father who is 64 years of age and taking the policy was not that difficult considering his age and also he has High BP. I had taken the waiver of Room rent limit which is useful. You can check details from their site:


  3. BanyanFA says:

    I would suggest to have atleast 5 lacs cover for Health insurance. you could ask your existing insurance company to check for the additional premium which you may have to pay to increase the level of cover.

    For your parents, unfortunately in India the health insurance criterias for senior citizens are not fair and even more unfair if they are 65 and above. Not only they are expensive, but they have a copay ratio of around 20-30% which defeats the purpose of Insurance. In such a case I would rather suggest you to create a provision for the health treatment of your parents in case you are responsible for their health.

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