Senior citizens need more coverage, flexibility, and support. In this context, they need health insurance that has many facilities. And that is why you should consider buying health insurance for parents. Medical services are an essential lifeline for senior citizens, who are constantly in need of it as they grow older.
However, according to a recent study, external medical expenses for aged people may increase significantly over the next two decades. In view of the current inflation of medical services in India, it is extremely important for every person to have adequate health insurance for parents.
If you also have elderly parents, then it will be more important for them to buy senior citizen health insurance. We all have to accept the fact of life that with increasing age, not only our experience increases but also the number of diseases increases significantly.
What Is Health Insurance For Parents?
We as a whole realize that growing up is a troublesome and capable undertaking and with expanding age it turns out to be increasingly hard to satisfy our duties. Arriving at your 60s is consistently a defining moment and a noteworthy accomplishment in everybody’s life. Have you at any point contemplated what amount your parents have endured causing you to grow up?
On the off chance that you are perusing this article, at that point, you ought to be in the classification of monetarily autonomous grown-ups with parents who resign or are going to resign. With expanding age, it ends up important for them to be available in a compelling form of health insurance.
Normally, individuals believe that a restorative crisis is a thing that happens to other individuals, maybe in light of the fact that it is too discouraging to even consider thinking. In any case, everybody knows about reality and it is in every case great to have it prepared ahead of time.
So you can without much of a stretch beat undesirable circumstances that can transpire unfortunately and particularly if our friends and family are in question. There is some health insurance for parents that are intended to completely deal with parents and give a chance to live a progressively serene and safe life.
A large portion of us doesn’t consider this circumstance and our parents however the truth of the matter is that we ought to consistently be aware of parents’ health and care. We ought to guarantee our parents’ health every which way and it is the best alternative for parents to put resources into a health insurance plan. It is our obligation to deal with them and we need to design very well for that.
Try not to delay – see successful health insurance for parents and get it for your parents today. It is the main instrument that will enable you to carry on with an upbeat and serene life and simultaneously, you will give a money related calm retirement to your parents.
What Does The Health Insurance For Parents Cover?
There are things that generally more or less every health insurance for senior citizen covers. The coverage may vary depending on the company who is providing you the health insurance for parents. So, here the most common coverage that a health insurance company will provide you:
Expenses of hospitalization will get coverage after parental admission for more than 24 hours. Under the same, you will get coverage against room fee, doctor fee, nursing fee, cost of medicines, etc.
The daycare expenses that occur through the use of specialized equipment or procedures such as chemotherapy, dialysis, etc. will get coverage under the plan
The medical expenses after and before hospitalization will also be responsible for getting the necessary expenses.
The scheme will also provide cover against ambulance charges of your parents.
Other Coverage Of This Plan:
- All pre-existing diseases shall be liable to be covered from the first year, except those to whom treatment or advice was suggested during the course of treatment immediately before 12 months from the date of the offer.
- Diseases for which treatment or advice was suggested or received immediately before 12 months from the date of the offer will be covered from the second year.
- This plan provides cashless treatment in networked hospitals only
How To Choose Health Insurance For Parents:
For those who are thinking of buying health insurance for parents, a family floater healthcare plan may be a good option. The condition for this will be that your parents are not very old. And thus they do not have any disease beforehand.
Family floater health plans are specially designed to provide insurance cover to the entire family. Including the parents dependent on the policyholder. While some such health insurance cover sets the age limit of the policyholder’s parents. In some other insurance companies charge a large premium amount.
The good thing is that the Indian insurance market had flooded with a lot of health insurance plans. These are especially focused on older citizens, and those who already have a disease. It has strongly advised that instead of a group policy; buy an independent policy for your parents as the group cover does not guarantee protection for pre-existing diseases.
However, an independent policy provides protection for most pre-existing diseases. And thus this is also the most likely to get a claim approved. You can avail tax exemption of up to INR 25,000 on health insurance premium paid for yourself, your spouse, children and parents under Section 80D.
This tax exemption can go up to 50000 rupees after the new amendment in the tax slab. If there are more elderly parents (69 years of age). Keep these things in mind when taking health insurance for senior citizens.