Employer's group scheme that provides floater family cover for your parents illness as well may be a source of comfort for you but in today's time when the cost of healthcare has surged heavily it may not prove to be sufficient when the sum assured in the floater scheme is merely Rs. 2-3 lakhs.

So you can consider taking:

1. Senior Citizen Policy : Deemed to be one of the best policy cover for senior citizen. The policy provides cover against pre-existing ailments with a lower waiting period of just one or two years. This is one of the major advantage of these policies as otherwise regular policies come with a waiting period of upto 4 years time.

However, there is a dull side to the policy by way of co-payment clause which means that when the claim is made for any reason, the insurer is liable to pay just half the amount and the remaining amount has to be borne by the insured.

2. Health insurance: In times, when cost of healthcare has escalated enormously, not only critical illness cover can be taken. But some special covers that provide for periodic health check ups. Seeing the cost involved in OPD, medication and other diagnostic test when it comes to some medical condition, OPD is now being also under consideration to be offered as a standalone health insurance product. But, nonetheless, considering the age of your parent and other illnesses, this comprehensive package can prove to be hard on your pocket. So you have yet another option.

3. Top-up policy: As a top-up to your existing group cover provided by your employer, you can insure parents with this policy. Usually, such a policy provides for a higher sum assured value than in a senior citizen policy i.e. maximum sum assured value that can be taken under this policy is on the higher side. So higher claims can be well taken care of with this top up plan at a lower cost.

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