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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 lives, 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.
Having medical insurance entitles your ageing parents to secure their savings by availing of tax benefits. Besides, if they are above 60 years, they can get a higher Section 80D deduction limit on the health insurance premium, 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.
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Growing age-related health issues and medical inflation hint at the importance of medical insurance cover. Health insurance for parents is a separate health cover you can get for your ageing parents and get high coverage for various medical treatment expenses. It provides many benefits, including cashless hospitalization, day care treatments, annual health check-up, and alternative treatment, while giving overall financial protection during unforeseen medical emergencies.
You can opt for an individual plan, family floater cover, and senior citizen health insurance if they are above 60. Prior planning and research will help you find the best health insurance plan for parents in India for ensuring a secure future for your elderly parents.
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:
There are different health insurance plans you can get for your parents. However, a suitable health insurance policy must include coverage for pre-existing diseases, cashless hospitalization, and a higher sum insured. Check these 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.
For availing health insurance cover for your parents, you have different options to choose from, depending on their specific healthcare requirements and insurance needs:
Look for best health plan that suits your need!
Seeing parents grow older is bound to have an emotional impact on most of us. It also comes with a realisation 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. That is why you need a support system to safeguard your family’s future in times of adversity.
A 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 most affordably. It 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 various financial benefits and thus let you focus on delivering care and comfort to your parents.
The insured person should be:
Mentioned below are the vital documents that need to be submitted for availing of a mediclaim policy for parents:
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.
An 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.
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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 some aspects of health need more focus so that health risks are taken care of. Here are some health tips for senior citizens:
^Applicable on 3 years policy
*IBAI Claims Handbook for FY 19-20
Getting insurance for your parents is now only a few clicks. You can reach out to us, and our health experts will assist with the overall buying process digitally.
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 customised 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
Yes, the premium paid towards health insurance for parents is eligible for tax deduction under section 80D. With a senior citizen mediclaim policy, a person can avail a deduction of Rs 50,000 in a year and a maximum deduction up to Rs 1 lakh if the proposer and insured are senior citizens. The tax exemptions are subject to the rules and regulations of the Income Tax Act.
There is no maximum limit on the entry age to get health insurance for parents. It provides the lifelong renewability option, and one can get continuous coverage through regular policy renewal.