Taking care of your parents is a duty you just cannot forget. Your parents have done so much for you. The least you can do is make sure they enjoy their retirement years. Health costs and quality medical treatment go up as your parents grow older. The small niggles and injuries which heal in no time, take much longer in old age. Medical treatment and hospitalization is very expensive and more so for senior citizens.
There’s also the general trend of not availing health insurance, as Generation X preferred to live healthy and always believed that nothing serious like a major disease would strike them. This doesn’t hold true in old age. Anyway, why take the chance?
Your parents need health insurance and it’s your duty to choose health insurance for your senior citizen parents. Want to know more on Health Insurance Plans? 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.
Take a health insurance plan for your parents, where the entry age is 60 years or more. Some health insurance plans allow entry at 60 years, right up to 80 years and then there’s guaranteed renewability if you opt for it. Insurers may not allow renewal of the plan after a certain age (This may be 90 years). Always opt for lifetime renewability when choosing a senior citizens health insurance plan.
The new IRDA guidelines mandate that the insurer must allow citizens to purchase a new senior citizen health insurance plan, up to 65 years of age. There are plenty of insurers who offer health insurance cover for senior citizens. You must choose the right one.
Select the health insurance plan which allows you to renew the plan till the maximum age.
Make sure the health insurance plan covers pre-existing diseases and critical illnesses. Select a health insurance plan which has the lowest waiting period for pre-existing diseases. Senior citizen health insurance plans cover pre-existing diseases, subject to certain terms and conditions. Very few health insurance plans cover all pre-existing diseases. There are always some clauses which exclude certain pre-existing diseases.
Make sure that all pre-existing diseases are covered, after the waiting period is served.
Very few insurers insure senior citizens, unless they opt for co-payment. Co-payment means a certain percentage or a certain fixed amount of the claim must be paid by the insured. (Senior Citizen Himself). The insurer insists that co-payment is compulsory for senior citizens above a certain age. So, the premiums are quite low on the senior citizens health insurance plans, because of the co-payment clause.
Do not opt for a very high co-payment, just to get discounts on the premiums in the senior citizens health insurance plan. In case of a claim, (these can be very high in the case of senior citizens), you would be paying most of the hospitalization bills.
Pick an insurer who asks for the lowest possible co-pay even though premiums on the senior citizens health insurance plan might be slightly high.
As you age, chances of suffering from diseases like diabetes, hypertension, heart problems are pretty high. When you avail a senior citizens health insurance plan, make sure all major diseases on your priority list are covered under this plan.
Do remember that if you avail a senior citizens health insurance plan for senior citizen parents, you get a maximum tax deduction of up to Rs 50,000 a year under Section 80D. know more about tax planning
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