What is the age limit to buy a health insurance plan for parents?

There are many health insurance plans available for your elderly parents, and it is easier to find the right plan based on your requirements. As the age of your parent increases, the risk factor and the odds of filing a claim also rises. Read more to know about the age limit to buy a health insurance plan for parents.

As you grow older, you are more likely to suffer from severe medical conditions. Treating such ailments is becoming costly with rising inflation. Securing your financial stability, especially during later years of life, is crucial. Availing health insurance plan for parents is recommended, and you may opt for a comprehensive cover available for parents and senior citizens. This ensures that you do not face a financial crisis and if a sudden medical emergency strikes. Although insurance companies offer health plans for people at any age, it is better to avail health cover at an early age. Here are three primary benefits of buying health insurance at an early age.

Lower premium: When you are young, the odds of suffering from serious ailments is lower. Hence, insurance companies offer health cover at a lower premium as lower risk is associated.

• Medical examination: Most health insurers do not require you to undergo the medical examination for buying health insurance when you are young.

• Waiting period: Almost every health insurance company includes a waiting period in its health plans. This is the period when you cannot claim policy benefits in case you are hospitalized for treatment of any pre-existing diseases or ailments. Availing a health plan early ensures the waiting period is over before you may suffer from any of the health conditions.

Remember, the earlier you buy a health insurance plan for parents, the better will be the benefits. Some insurance plans have restrictions in coverage if the individual enters into the policy at a higher age. Many insurance companies have a mandatory co-payment clause if the age of the applicant is higher.

You can buy health insurance for your parents up to a maximum age of 75 to 80 years, however, this maximum age limit varies from one insurer to another. Here are some reasons why you should avail health insurance plan for parents.

• Hospitalisation cover: With rapidly increasing healthcare expenses, every individual must buy comprehensive health insurance to be able to meet unplanned and planned hospitalisation in the future. Besides, your healthcare needs are going to rise with age, while your source of income may reduce drastically. Therefore, it is recommended to be financially prepared in advance. A health insurance policy protects you from the physical and mental hassle of arranging funds when the need arises.

• Pre and post hospitalisation cover: Health insurance plan for parents cover pre and post hospitalisation expenses depending on certain terms and conditions.

• Cashless hospitalisation facility: Most insurance companies offer cashless hospitalisation benefit at network hospitals. This benefit makes the insured person eligible for cashless hospitalisation when he/she undergoes any covered medical treatment at a network hospital. This features especially proves beneficial in case of planned hospitalisation and treatments, enabling the insured to incur minimum charges at the time of hospitalisation.

• Tax benefits: Premium payments towards health insurance plan for parents are eligible to tax benefits under Section 80D of the Income Tax Act, 1961. In case your parents are senior citizens, you can avail tax benefit of Rs. 50,000, apart from your tax saving of Rs. 25,000. If you insure your parents, you can avail a tax benefit of total Rs—75,000 in a financial year.

• Bonus and discounts: Insurance providers usually offer attractive discounts for choosing a higher sum insured. They also offer a discount when the policyholder has not made a claim in a policy year. Insurance companies may also offer bonus by making the insured eligible for a higher sum insured in the next policy year at the same premium as a bonus.

• Cover for pre-existing ailments: Health insurance plan for parents may or may not include coverage on pre-existing diseases immediately or after the completion of the set waiting period.

Here are some conditions that are not included in a health insurance plan for parents.

• Medical history of pre-existing conditions until the completion of the waiting period.

• Ailments diagnosed or contacted within 30 days of buying health insurance policy for parents.

• Any non-allopathic treatment may not be included in a health plan for parents.

• Expenditure incurred to cure self-inflicted injuries

• Expenditure incurred to cure drug abuse

• Expenses for dental treatment, lenses and spectacles, except caused or followed by an accident.

• Injuries caused due to war, etc.

• Medical expenses for the treatment of HIV/AIDS

• Medical expenses for cosmetic surgery

As mentioned earlier, the medical costs are growing due to inflation and other reasons. The funds your parents have at their disposal now is not going to be adequate for them in the next five years. Health insurance plan for parents will ensure that they are getting quality medical treatment when they need it.

Health insurance plan for parents is a smart decision that is essentially customised to suit the different medical needs of senior citizens. Health plan financially protects them against medical treatments and illnesses that often occur to individuals due to increasing age. Moreover, it offers better medical coverage than health plans designed for all. What's more, these health plans are available at a lower premium than other health plans, emphasising on why it is essential for every senior citizen.

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