Your parents are your world, and there’s nothing that you would not do for them. But financially, you need to cater to a lot of expenses from your child’s education to home loans and EMIs. The list seems never-ending, but there’s always a financial plan that can help you give your best to each of these.
Your parents ageing might be a rising concern for you if your employer doesn’t cover dependent or non-dependent parents in your health insurance coverage. It takes just a few visits to the hospital to wipe out an average family’s savings in India, thanks to the ever-increasing healthcare inflation.
Getting your parents a comprehensive insurance cover can always be beneficial in ensuring that they get the best of care they deserve.
How to Pick a Health Insurance Plan for Your Parents?
The older they get, the higher premiums you pay to get a good sum insured. The prices for the premium rise with age as a person is more likely to fall ill as they get older. When you start looking for health insurance for your parents, you need to understand the following to be able to decide what would give them the best coverage.
Entry Age: Generally there are two categories: Age 46 to 60 and 60 to 80, who are senior citizens. The entry age for many plans is a minimum of 40 or 46 years, and for senior citizen plans, minimum age is 60 years. There are general health insurance plans that cover your parents for a sum insured of your liking and can be renewed as long as they live. And there are more specific plans for those ageing 40 and above. These plans are more comprehensive and give your parents a better cover.
Family Floater Plan or Individual Insurance: If your parents already have their own health insurance but you want additional cover, you can include them in a family floater plan as extra protection. This depends on how healthy your parents or how likely they are to fall sick. Diabetic patients with multiple issues or arthritis are suggested to take individual health insurance plans. They will need regular checks, and that may drain the family’s sum insured, which leaves the rest of the members with no cover.
Waiting Period: Some plans come with a specific waiting period to cover your parents in case the illness diagnosed is related to an existing condition. Others usually have a 90-day waiting period to lapse from the inception of the insurance before it covering for any medical expenses. Read these carefully and weigh your options before picking an insurance plan for your parents. Some policies cover pre-existing illnesses while others don’t.
The Panel of Hospitals: To give your parents the best health facilities, you need to check what hospitals are there as a part of your insurance company’s panel so that you know you have access to the best if you need it. It is also better to know what hospital is closest to your home and check if the insurance covers that hospital. Do your research regarding the best doctors, check reviews, and understand which hospitals the insurance covers. In case you admit your parent in a hospital that isn’t included in the panel, you might get a lower percentage of the claim for their treatment.
The Benefits of Health Insurance for Senior Citizens
Senior citizen health insurance plans offer critical illness cover, cashless hospitalisation, pre-existing disease cover, and a higher sum assured for higher premiums as well.
Pre-Existing Conditions: Some policies cover illnesses or conditions that exist even before the health insurance policy is taken. However, they might have a waiting period clause to cover you for any medical expenses in this regard. You need to be wary of whether the person being insured is exposed to heavy smoking or drinking. The proposal for insurance may be rejected on such grounds. Always read all the terms of the policy before taking one.
Automatic Recharge: If you made multiple claims in a year and your sum insured is exhausted, it will be automatically recharged upon completion. And this is done at no extra cost!
Tax Benefits: You can pay premiums for your parent’s insurance and in turn claim deductions under section 80D for the same. Tax saving is another excellent aspect of buying health insurance for parents. The amount of taxes you pay can be put to better use by purchasing a good insurance plan for your parents.
Critical Illness Cover: This can be taken as an add-on to the existing plan. Always check if health insurance for senior citizens covers critical illness as a part of the policy. A critical illness cover usually has a higher sum insured, which means that is a critical illness is established, their insurance can provide complete coverage through the financial outlay.
Money should never be a constraint when it comes to taking care of your parents’ health, and insurance is a sure shot way of giving them the best of health facilities. Remember to perform ample research before picking a plan. It is always better to compare different policies and see which one would suit them better.
About the author:
Tejas Maheta is the Founder of techiemates.com and a tech geek. Besides blogging he love reading books, Learning new things, and Hanging out with friends.
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