While there are a host of options with varying degree of cover benefits, you can consider the below mentioned options that will as well not be heavy on your pocket.
1. Add on to your working child's group health cover: This can be a good option given the fact that all pre-existing diseases are covered from the day insurance premium is paid i.e comes with no waiting period ie usually between 1 and 3 years in other general health care policies.
But, remember herein the cover shall cease to exist as and when your daughter or son leaves the organization. Though the cover comes at a reasonable cost you cannot ignore this important aspect as well.
2. Bank insurance: If you happen to be a privileged customer of some of the PSB then they provide healthcare policies in tie-up with general insurers namely United India, New India Assurance. Some also have links with other private players in the domain.
The cost efficacy as well as high-entry age is crucial in these plans. In general, the entry age of 65 years with a premium pay-out in the range of Rs. 10000- 20000 is charged for a sum assured value of Rs. 5 lakh.
The renewal in these policies is allowed till the attainment of 80 years of age.
But unlike, the group health cover of your child, here in there is a waiting period for a pre-existing ailment. Also, cashless treatment is provided at the insurer's network hospitals.
Such covers also come with some restrictions in respect of claim. In some of the cases, company can also ask you to pay some co-payment charges for a specific treatment and the rest shall be settled by the insurer.
3. Dedicated senior citizen health policies: In most cases, the premium payment is high and can be anywhere in the range of Rs. 20,000-Rs. 40000 for a sum assured value of Rs. 5 lakh. Plus before accepting your proposal, the insurers ask you to go through rigorous health check-ups.
There are some limits and sub-limit in respect of claim extended for a particular treatment or cause. Also, in some of the cases, the company can ask you to pay some amount of co-payment charges towards the treatment.