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Health Insurance for Parents in India


Health-Isnurance-for-parents-in-india

Good health of our parents is a major concern for most of us as we see their age advancing. Health insurance for parents must not be avoided in current times with the increasing dependence on private hospitals for quality treatment and rising medical costs. By getting the best health insurance policy for your parents you can give them a secured and worry-free life in their retirement days. Let’s look at some of the options available for health insurance for parents in India.

Employer’s Group Health Insurance Policy

Many of us depend on the insurance cover provided by our employer for ourselves as well as health insurance of our parents. If your employer’s insurance plan includes your parents, it’s a great option as it covers even pre-existing diseases and has no waiting period. Even though it makes sense to cover your parents under this policy, it is not advisable to solely depend on this cover. You must opt for an individual health insurance plan for parents to ensure their health is taken care of in the long term even if you switch jobs. Also, due to rising claims more and more employers are opting out of parent’s insurance schemes so you would want an individual health insurance plan for your parents to ensure a continued healthcare plan for them.

Individual Health Insurance Policy for Parents

There are many options available for health insurance for senior citizens. However, the premium for health insurance for senior citizens is definitely going to be more than that what you may be paying for yourself. If your parents are already suffering from any medical condition for e.g. diabetes, hypertension then there is a specific waiting period which spans from 2-4 years before that disease can be covered in the policy. Some insurers also give you an option to waive off the waiting period by paying an additional premium. Most health insurance plans for senior citizens can be availed upto a maximum age of 65 years. However, some insurers also cover people beyond 65 years of age for instance Bajaj Allianz Silver Health Plan.

To get an individual health insurance plan for your parents, they will have to undergo a medical check-up. It is advisable to disclose their medical history so the insurer can calculate the correct premium for their policy. An honest declaration will also ensure no hassles at the time of claims.

Finding the best health insurance policy for your parents can be a little tricky, it is advisable to review different plans available online and weigh in the coverage vis-à-vis the premium. You can read up on things you should keep in mind while purchasing health insurance for parents to help you make an informed decision.

Apart from the mental satisfaction, paying the premium of health insurance for parents gives you an option to claim an additional tax benefit up to Rs.15000 under the provisions of Section 80D. If your parents are senior citizens (aged 60 years and above), the benefit goes up to Rs. 20000. Of course, this alone should never be the motivation for securing your parents’ health with a health insurance. Gift them a stress free retirement age with the best health insurance policy for parents.

Good health of our parents is a major concern for most of us as we see their age advancing. Health insurance for parents must not be avoided in current times with the increasing dependence on private hospitals for quality treatment and rising medical costs. By getting the best health insurance policy for your parents you can give them a secured and worry-free life in their retirement days. Let’s look at some of the options available for health insurance for parents in India.

Employer’s Group Health Insurance Policy

Many of us depend on the insurance cover provided by our employer for ourselves as well as health insurance of our parents. If your employer’s insurance plan includes your parents, it’s a great option as it covers even pre-existing diseases and has no waiting period. Even though it makes sense to cover your parents under this policy, it is not advisable to solely depend on this cover. You must opt for an individual health insurance plan for parents to ensure their health is taken care of in the long term even if you switch jobs. Also, due to rising claims more and more employers are opting out of parent’s insurance schemes so you would want an individual health insurance plan for your parents to ensure a continued healthcare plan for them.

Individual Health Insurance Policy for Parents

There are many options available for health insurance for senior citizens. However, the premium for health insurance for senior citizens is definitely going to be more than that what you may be paying for yourself. If your parents are already suffering from any medical condition for e.g. diabetes, hypertension then there is a specific waiting period which spans from 2-4 years before that disease can be covered in the policy. Some insurers also give you an option to waive off the waiting period by paying an additional premium. Most health insurance plans for senior citizens can be availed upto a maximum age of 65 years. However, some insurers also cover people beyond 65 years of age for instance Bajaj Allianz Silver Health Plan.

To get an individual health insurance plan for your parents, they will have to undergo a medical check-up. It is advisable to disclose their medical history so the insurer can calculate the correct premium for their policy. An honest declaration will also ensure no hassles at the time of claims.

Finding the best health insurance policy for your parents can be a little tricky, it is advisable to review different plans available online and weigh in the coverage vis-à-vis the premium. You can read up on things you should keep in mind while purchasing health insurance for parents to help you make an informed decision.

Apart from the mental satisfaction, paying the premium of health insurance for parents gives you an option to claim an additional tax benefit up to Rs.15000 under the provisions of Section 80D. If your parents are senior citizens (aged 60 years and above), the benefit goes up to Rs. 20000. Of course, this alone should never be the motivation for securing your parents’ health with a health insurance. Gift them a stress free retirement age with the best health insurance policy for parents.

 

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Published on:11 Aug, 2015

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