It is pure bliss to have ageing parents at home and gain the blessings they shower upon us. There is no denying that parents brave all challenges to shape our life, guiding us through various phases. They gave us the best of everything, even before we could ask for it. Now, as they step into the golden years, it is our foremost responsibility to give them the medical attention they deserve, as ageing catches up and brings unavoidable health issues. Therefore, investing in health insurance for parents will keep them financially safe during their retirement years and give you peace of mind.
Senior citizens now have access to various government benefits to ensure financial security. They also get a higher Section 80D deduction limit on the health insurance premium they pay, up to Rs 50,000 per year, and a total deduction up to Rs 1 lakh, if the proposer and insured in a floater plan are above 60 years. Indeed, old age is a crucial stage when your parents need the utmost care and financial support. That is achievable if you choose a health cover or mediclaim for parents specifically designed to cover the hefty hospital bills they are likely to incur due to an ailment, injury, or an existing condition.
The ever-increasing healthcare costs and the growing health risks due to the ageing factor all suggest that the expenses you would incur for your parents could be higher than what your present savings could meet. Opting for the best health insurance plan for parents is the right approach towards ensuring a secure future for your elderly parents. Moreover, with cashless treatment and additional benefits like alternative treatment and annual health check-ups, your parents can concentrate on leading a healthy life.
For availing health insurance cover for your parents, you have different options to choose from, depending on their specific healthcare requirements and insurance needs:
Seeing parents grow older is bound to have an emotional impact on most of us. It also comes with a realization that they require constant support and timely care for a happy life during old age. While we manage to provide them with abundant love and care, offering financial support can become challenging especially during medical emergencies. Your parents may be dependent on you monetarily. Besides, getting quality medical treatment in India is an expensive proposition. This is why you need a support system to safeguard your family’s future in times of adversity.
Health insurance policy for parents acts like a safety cushion that lets your loved ones manage a health crisis without worrying about expenditures. It also enables you to get quality medical care to treat your parent's illnesses in the most affordable way. This is true since the risks of having illness increases as a person ages. Moreover, the chances of hospitalization due to a worsening pre-existing medical condition, chronic ailments, or surgeries are higher in old age. These health insurance plans offer a variety of financial benefits and thus let you focus on delivering care and comfort to your parents.
There are different health insurance plans you can get for your parents. However, a suitable health insurance policy is the one that must include coverage for pre-existing diseases, cashless hospitalization, and a higher sum insured. Here are some pointers to consider when buying a health insurance plan for your parents:
So, look for a good mediclaim policy for parents by considering various factors such as low co-payment amount, age, policy inclusions, exclusions, waiting period, and the premium. Make a selection of the plan that best suits your requirements and also has add-on benefits. Secondly, know about the payment mode and claim settlement process. Thirdly, submit the essential documents and complete the formalities.
The insured person should be:
The vital documents that need to be submitted to your insurer in order to avail the plan are mentioned below:
Section 80D of the Income Tax Act specifies that individuals can avail tax deductions for the medical expenses incurred by them on behalf of their parents. Moreover, they are eligible for tax deductions of up to Rs 50,000 in a financial year for the premium paid towards their senior citizen parent.
Conditions for Claiming the Deductions
For availing the income tax deductions on the premium paid towards a family floater plan covering you and your family members, including parents, you can avail:
In case of availing Section 80D deductions for medical expenses, the conditions that must be fulfilled include:
You can now provide the best medical care for your ageing parents without facing any financial hurdles. The high-risk factor due to coronavirus and medical inflation are some challenges we might have to face. Thus, pick the medical insurance for parents that would offer the following benefits:
Avail health cover for your senior citizen parents so that they can access the best medical facility during any emergency hospitalization. You get the choice to pick an individual or a floater option, and get the following coverage and benefits:
Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.
A affordable health insurance plan makes sure that financial crisis is not an issue during a medical emergency.
With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a smart decision for the safety of the individual and family as a whole.
Cashless Healthcare Provider
23 Lacs +
In-house settlement for better management
Industry best claim settlement ratio*
Less grievance ratio per 10,000 claims
Buying mediclaim for parents is a smart decision as you have ensured that you get the possible medical facility for them without causing a burden on your pocket. When reviewing an option, remember to check the various scenarios, also called exclusions, which mention the expenses the policy will not cover. They are listed below:
Your elderly parents would surely know the secret of ageing gracefully, yet there are some aspects of health that need more focus so that health risks are taken care of, and they are able to easily cope with the biological changes that are beyond one’s control. Here are some health tips for senior citizens:
Yes. You can avail medical insurance for parents above 60 years. According to the guidelines by the Insurance Regulatory and Development Authority, individuals up to 65 years of age are covered under health insurance plans. It is always advisable to buy these plans at an early stage.
While certain pre-existing conditions are covered after completion of a specified waiting period, there are a few illnesses that may not be covered at all. Those are specified in the exclusions in your policy documents. They may include diseases like congenital diseases.
It is not advisable to include senior citizen parents in a family floater plan. This is because the premium in family floater policies, as well as the renewability, is based on the age of the eldest family member. So, covering a senior citizen parent in a family floater plan will burden you with higher costs.
Yes, you can get mediclaim for parents by opting for an individual health cover that will give adequate coverage and protection against medical expenses. CHI offers a customized health cover, Care Freedom, for those having diabetes/hypertension.
You can renew the health insurance for parents online. Here are the steps to follow:
You can get a claim for parents under the mediclaim policy in two ways - cashless claim and reimbursement claim.Here are the steps to avail of the cashless facility:
Here are the steps to avail of the reimbursement claim facility:
There is no pre-policy medical check-up required for choosing a medical policy for senior citizen parents. However, the underwriter may recommend a pre-medical check-up in some cases.