Tuesday, October 26 , 2021

Should I Buy A Separate Health Insurance Policy For My Parents?

Choosing the right health insurance for your old age parents’ policy can get quite tricky. 

Thus, it is advisable to buy a separate health insurance policy for your parents with multiple add-on covers that cater to their healthcare needs. It protects them from the age vs. health metrics they face due to old age or any critical illness.

Benefits of Buying Senior Citizen Health Insurance

Here are some benefits of buying senior citizen health insurance for them: 

Financial Cushion: 

It is unlikely that senior citizens are active earning members of the family. For their treatment, they have to rely on their pension or savings, or even children that might come as a financial burden. Therefore, the best possible way to protect their financials is to invest in health insurance for parents. It helps to get the best possible treatment and financial cushion during a medical emergency.

Extensive Coverage:

The rising medical inflation has resulted in sky-rocketing medical costs. It makes it difficult for anyone (Especially retired people) to avail good medical services at a reasonable price. Senior citizen health policy covers in-patient hospitalization, pre and post hospitalization expenses, and AYUSH treatment to stay healthy without financial implications.

Coverage for Pre-existing diseases: Pre-existing diseases require regular doctor visits, medication, therapies, etc., which, of course, include a considerable cost. Companies like Care Insurance, HDFC Ergo, ICICI Lombard, etc., offer coverage for pre-existing diseases. 

Cashless Hospitalization:

It is one of the seamless benefits that your parents can avail under the policy. During an emergency or planned hospitalization, they do not need to arrange cash for their treatment. They get the best treatment in the network hospital, and the health insurance company will bear their medical expenses.

Additional Benefits: It offers some significant additional benefits, such as no claim bonus, second opinion, lifelong renewability, automatic recharge, domiciliary hospitalization, etc., to enhance senior citizen health insurance coverage. 

Tax Benefit:

Avail tax benefit under section 80D of the Income Tax Act of India 1961. The premium paid for senior citizen health insurance is entitled to tax exemption. 

Things to Keep in Mind While Buying Health Insurance for Parents

Senior Citizen health insurance comes with a bunch of benefits for old age parents. It is wise to keep a few things in mind while buying it: 

Entry Age:

Every health insurance plan for senior citizens has an entry age. It is the basic criteria to look at when picking up the medical insurance plan for them. So, check the eligibility criteria before making your final decision.

Renewal age:

Different policies have different renewal ages. Compare policies and pick the one that caters to their healthcare needs at the most.

Coverage:

Ensure that you pick a plan with extensive coverage, including pre-existing, chronic diseases, and critical illnesses.

Sum Insured:

Do not compromise on a sum insured. Opt the amount according to their health conditions and medical history that give sufficient coverage to them.

Premium:

It goes without doubt that your parents’ health insurance is likely to be more expensive due to the old age factor. So, compare the policies offered by different health insurance providers, look for Care insurance plans or GoDigit plans for discounts, and go for the premium that does not overburden your pockets.

Network hospitals:

Ensure that the plan you choose covers a maximum number of network hospitals. 

Top Senior Citizen Health Insurance Plan

Health Insurance CompaniesSenior Citizen Plan NameSum InsuredEntry Age
HDFC Ergo Health Insurance Health Optima Senior2 Lakh to 5 Lakh61 Years and above
Aditya Birla Health InsuranceActiv Care Senior Citizen Health Insurance10 Lakh to 25 Lakh55-80 Years
Bharti AXA Health Insurance Bharti AXA Senior Citizen Health Plan5 Lakh to 1 Crore65 Years
Care Health Insurance Care Senior3 Lakh to 10 Lakh61- Lifelong

 

Takeaway!

So, opting for health insurance for parents is altogether giving them a healthy and stress-free life. However, at this point, if you feel like the sum insured is not sufficient to meet their healthcare needs in the future, opt for top up health insurance. It helps you enhance the coverage so that your parents do not face any financial crunch during medical emergencies.

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