It’s your duty to take care of parents as they grew old. As parents grow old, they are prone to diseases and hospitalization can be very costly. This is why your parents badly need health insurance. If your parents are senior citizens, make sure there’s health insurance to protect them from very high hospitalization bills.
This is why your parents need health insurance
- High medical costs make quality healthcare almost unaffordable.
- With rising life expectancy (average life expectancy is 66 years for men and 69 years for women in India), diseases must be kept far away to enjoy a peaceful life. Diabetes, Osteoporosis are diseases which plague the old, especially elderly women.
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What Are The Best Insurance Plans For Parents?
Things that are covered in health insurance policies:
- Hospitalization cover includes medical bills and hospital room rent up to a limit called sub-limits.
- Cashless Hospitalization if you opt for it.
- Ambulance Charges are covered.
- Pre-existing diseases may be covered after a waiting period like 2-4 years.
SEE ALSO: Advantages Of Buying An Health Insurance Plan
Things to be considered while buying a health insurance policy:
- No claim bonus: Insurers offer you a no-claim bonus, if there’s no claim by the insured in that particular year. In such cases either the premium on the health insurance plan reduces or the sum insured increases in the following year.
- Pre-Hospitalization/Post-Hospitalization expenses: These are the medical expenses that are incurred before/after hospitalization. You need to check if the insurer covers you for this.
- Premium factors: Senior Citizens health insurance plans have higher premiums due to the risk associated with age.
- Free Medical Health Checkups: Select the insurer who offers free health checkups with the health insurance policy.
- Network Hospitals: Make sure your hospital is covered under the network hospitals.
5 Factors to be considered while comparing health insurance plans:
- Cover: Make sure the sum assured in the health insurance plan is sufficient for you/family.
- Co-payments: Many insurers cover senior citizens, but insist on a Co-payment. Co-pay is the part of the claim amount in the health insurance plan, which the insured bears from his own pocket.
- Waiting periods: A health insurance plan covers you only after a month’s waiting period.
- Free look period: If you do not agree to the terms and conditions of the health insurance policy, you can always return it within 15 days of receiving the policy documents called the free look period.
- Coverage of certain diseases: Many insurers cover pre-existing diseases after 2-4 years.
Tax benefits for a health insurance plan:
You get a tax deduction up to Rs 25,000 a year on premiums you pay for health insurance plans for self + spouse + kids, under Section 80D. If you avail health insurance for parents who are senior citizens, the maximum deduction on premiums under Section 80D is Rs 50,000 a year. Be Wise, Get Rich.