Health Insurance for Parents
Health insurance is a must-have tool irrespective of your age. Purchasing proper health insurance for parents is essential. If your parents are above 60 years of age, you can opt for health insurance for senior citizens, which is very well-rewarding. To help you understand better, here are the key factors to consider while buying health insurance for parents. Keep reading to know more!
- Existing illnesses should be covered
The thought of getting older is scary for some people. They realise that they may have some health problems that they’ve never had before. Existing disease claims are one of those points that one should carefully check while selecting health insurance for parents. Some insurance plans do not provide coverage for existing illnesses. So, make sure to check well before opting for it. You need to find the best plan with the lowest cost and the most coverage. However, some policies don’t cover pre-existing illnesses, so we should find one that does cover ailments. If not, they must pay for the treatment out of their pocket.
- Confirm that the insurance company is reputed
It is essential to seek health insurance for parents. The key to get the best health insurance for parents is to look for the best provider that offers prompt services. Services that are prompt mean that you can quickly receive hospitalisation and other health insurance coverages. This is very important because some health insurance for senior citizens will require you to be hospitalised before you can be covered. These should be kept in mind while selecting health insurance for senior citizens.
Insurers must be ready to provide the necessary support to policyholders, especially regarding the claim process, which usually takes time and effort. The insurer should be able to provide the necessary assistance at the right time and in the right way. One of the easiest ways to check the authenticity of your insurance provider is to check for a higher Claim settlement ratio. It proves the reliability and genuineness of the health insurance provider.
- Cost effectiveness of the premium
You see commercials for insurance companies that seem to offer the same coverage for health insurance for senior citizens at a fraction of the cost, and you wonder how they can afford to do that. There’s an ever-increasing demand for better health insurance plans. Make research among different companies that provide health insurance, and grab the best one which suits your budget. Make sure to opt for a health insurance plan that offers extensive coverage which is worthy of the money you pay for.
- Look for some extra benefits with insurance
Most health insurance plans for senior citizens come with a standard set of benefits. You can’t add or remove the benefits, and you can’t customise the plan. Today, some health insurance plans offer you the option to add on various benefits that can help you get better healthcare. A few add-ons can help you avoid the high price of health insurance for a small extra cost. Health insurance add-ons are the best way to make your existing health insurance policy more comprehensive.
Room Rent Waiver, Critical Illness Insurance, Outpatient Department (OPD) Cover, and Hospital Cash Cover are some major add-ons provided by the insurers, which you can choose among the different health insurance for parents.
- Claim process should be easy
Buying health insurance for your parents and other seniors can be tricky. It can be challenging to understand all of the insurance terms and what might be covered by your parent’s policy. If you are looking to simplify the process, here is everything you need to know about your parents’ claim process for health insurance.
Make changes to your parents’ claim process, so you can make sure it’s easy for them to get the care they need. You need to be able to track their claims easily and get their money back quickly and easily.
Anyways, it should be the duty of insurance providers to provide easy claiming health insurance for senior citizens.
- Tax relaxation
Being a parent comes with a lot of responsibility, and one of the most critical tasks is buying health insurance for senior citizens. But, in India, you can avail of tax benefits if you plan to buy health insurance for parents. You can claim the amount paid for the health insurance premium for yourself and your parents if you have paid for their health insurance premiums during the financial year.
This deduction is applicable for both self-employed and salaried individuals. The premium paid for the children is also included in the parent’s taxable income. Individuals who have a health insurance plan can be eligible for a tax deduction of Rs. 25,000 whereas senior citizens can score up to Rs. 50,000 in tax exemptions.