Get Health Insurance for Your Parents Today

Health Insurance for Parents

Insuring parent’s health and looking after them is one of your prime responsibilities as a child. You can ensure safe and healthy retirement for your parents, by keeping them in good health. Health insurance is the best gift you can give parents to show them, you care. Health-related problems can lead to emergency hospitalization, which not only disturbs finances, but can also derail them.

Health insurance plan ensures parents get adequate and quality medical care in their golden years. A health insurance plan helps parents lead a stress-free and dignified life, without having to depend on anyone for medical expenses.

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What You Should Look For?

Explore coverage options: Generally, senior citizens seek high cover for various ailments and hospital-related expenses. Look if your policy covers hospitalization expenses, daycare and domiciliary expenses, pre and post-hospitalization costs, critical illnesses and so on.

See Also: Health Insurance Benefits

Check the entry age: Check the entry age and choose a policy which offers maximum coverage. A suitable health insurance plan for parents offers maximum coverage for a longer tenure, by allowing entry even at an advanced age.

Compare the available plans: Explore all the options available in the market. Look for a policy which has low waiting period. Compare all the existing options and choose the one which suits parent’s requirements.

Network hospitals covered: Check if the health insurance policy covers network hospitals in your city and the ones close to your parent’s home. Opt for a policy which covers a large number of network hospitals and offers cover for an array of treatments.

Read the terms carefully: Read the policy documents carefully before signing to avoid any issues. Understand the policy terms and conditions to avoid rejection of claims or any misunderstanding with the insurer.

See Also: Family Health Insurance Plan

Features of Health Insurance for Parents:

Listed below are some of the key features of health insurance for parents:

• Health insurance offers health cover for dependents who are below or above 60 years of age. Dependent parents can be included in a family floater health insurance plan or can be enrolled under a separate senior citizen health policy.
• These health insurance plans have a waiting period post which the claims for critical illness and pre-existing diseases are covered.
• Generally, health insurance policies for parents contain features like lifetime renewal.
• Health insurance for parents are offered with the flexibility of choosing the sum assured, based on which the policy premiums are determined.
• These insurance plans provide the policyholder with the facility of adding spouse to the same policy.
• Some policies offer the co-payment facility, helping the policyholder avail plans at lower premium rates.

See Also: What Is Health Insurance?

How Health Insurance for Parents Benefits You?

Insurance cover: The health insurance cover takes care of the medical expenses of parents and covers pre and post hospitalization expenses, daycare costs, domiciliary expenditures and ambulance charges.

Financial independence: In case of a medical emergency, which is quite common in old age, your parents can avail quality treatment without having to depend financially on anyone. This also helps them maintain stable finances.

Cover against pre-existing medical conditions: Health insurance will cover your parents for existing medical conditions as well as hospitalization costs and other expenses related to treatment. Health insurance helps them lead a dignified and stress-free life. 

Cover against rising health care cost: The rise of medical and healthcare costs can only be hedged by availing a health insurance plan. Inflation and other factors lead to a significant rise in the cost of treatment in the coming years. Health insurance helps avail quality treatment without having to break fixed deposits or spending retirement corpus.

Tax benefits: Availing health insurance for parents (above 60 years of age) fetches added tax benefits of Rs 50,000 a year along with existing tax benefit of Rs. 25,000 a year, paid for self, spouse and children.  

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