Our parents have been our support system all our lives. Whenever we have fallen ill or needed their support, they have been there for us to provide guidance forever. That is why during their time of urgency, it is our responsibility to do the same.
Health insurance for parents has become more common today as they provide numerous benefits to the policyholders. With hands-down coverage, adequate sum assured amount and tax benefits, you can safeguard your parent’s financial future without any hindrance.
Let us look at more about this type of health insurance for your convenience!
What Is Health Insurance for Parents?
Today there are several health insurance policies available for people above the age of 60. These senior citizen insurance policies allow protection covers to help secure their financial future and provide aid during requirement. Health Insurance for parents is like that.
After a certain age, your parents might become dependent on you for financial support, medical support and more. Although you may help them, what if you aren’t financially stable enough to take responsibility? That is when health insurance for parents comes to play. With such insurance at hand, you can quickly get cover from the insurance company for your parent’s future medical and financial assistance. So, you can take care of your parents without any financial crunch from your end.
Features of Health Insurance for Parents
Health Insurance Cover
If you buy health insurance in India, this policy can help cover your parent’s pre and post hospitalization charges, critical illness, and even day-care procedures for best support. They may also get cover for domiciliary hospitalization and more.
Pre-existing disease cover
If you buy health insurance in India, you may also get your hands on pre-existing disease cover for your parents, which will help cover their pre-existing disease only after completing specific years. The waiting period differs in several companies so you might have to check with yours for the best idea.
The premiums you pay for this type of health insurance is eligible for tax exemption under Section 80D. If you pay taxes when your parents are below the age of 60, your total tax benefit limit may be Rs.50,000. But if your parents are above the age of 60, then it is Rs75,000. However, this may vary with the applicable tax limits.
Adequate Sum Insured Amount
Consider your parent’s age and opt for a sum insured accordingly. If they are old enough and more vulnerable to health risks, make sure you order a higher sum insured amount and vice versa. If you have any confusion regarding the same, speak to your insurer right away to resolve your problem.
Many companies also provide lifetime renewability for your parent’s health insurance to render utmost comfort. So, once you get yourself secured with a hands-down insurance plan, you do not have to buy a new policy again. Ask your insurer if they allow this type of policy. It is highly beneficial as it provides minimal inconvenience of restoring the policy now and then.
A few insurance companies reward you with an additional sum insured when you do not make a policy claim the following year. So, these are other benefits that you can enjoy by getting your hands on the right insurance company for the same.
The Bottom Line
Health Insurance for parents is vital in today’s day and age as they are more susceptible to health risks. Make sure you opt for a hands-down insurance policy from a potential insurance company today. Do not forget to analyses every factor properly before you make your decision. After all, health is wealth. So, make your choice wisely.