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.
Want to know more on Health Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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
Listed below are some of the key features of health insurance for parents:
See Also: What Is Health Insurance?
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.
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.