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As our parents age, they suffer because of several medical ailments caused due to old age. They have to go through certain treatments quite regularly. They are also more likely to get multiple medical problems.
The treatment expenses for such ailments is also very expensive. A health insurance plan for parents pays for nearly 70% of the medical expenses when our parents get hospitalized for any treatment.
Health insurance for parents is quite important because it pays for;
Health insurance for parents is quite important because it pays for;
Here are the facilities that have not been included in health insurance plans for parents
There are mainly two ways through which you can make a claim. One is a cashless claim & the other is a reimbursement claim.
Deduction on annual health check-ups:
Tax exemption benefits provided on OPD consultation fees & diagnostic tests. You can get tax benefits even when you pay in cash.
Deduction on the premium paid for health insurance for parents:
Expenses due to annual health check-ups are entitled for tax benefits. The tax exemption limit here is 5,000/-.
Tax Benefit is higher on Health Insurance for parents:
Premium can be claimed for a tax deduction of up to 50,000/-. Tax deduction limit for costs related to specific illnesses of parents is up to 1,00,000/-.
Tax Benefits provided on Single Premium Health Insurance Plans:
As per IT laws, the health plan premium you pay for a multi-year plan as a lump sum amount is entitled for a tax deduction. This happens under Section 80D. The tax-deductible amount is completely based on the total premium amount paid for the policy term. This is subjected to the limits of 25,000/- or 50,000/-.
Please note: (Source: that the above-mentioned benefits are as per the current tax laws prevailing in the country. Your tax benefits may change subject to tax laws. It is advisable to reconfirm the same with your tax consultant. This is independent of your health insurance premium value.)
Why can't I simply include my parents in a family floater plan?
Technically, you can. However, if your parents suffer from any medical conditions, the premium of the entire plan can hike up. Besides after a certain age, the person requires more than what you would. The sum insured offered by family floater is not enough. If you notice, there isn't much difference in the yearly premium.
Why should I buy a separate health insurance plan for each of my parents?
One policy may not cover them both. Both your parents may have different sets of requirements and one sum insured may not be enough. Buying two different health insurance policies for each parent is the most efficient thing to do.
What is not covered in Parents Health Insurance?
Critical illnesses such as cancer, organ failure etc, cosmetic procedures, procedures that are not diagnostic or medical in nature, injuries caused by adventure sports and so on. Take a close look at the list of exclusions in your policy wordings.
Health Insurance For Parents Gives Tax Benefit?
Under the Section 80D of the Income Tax Act 1961, you can avail tax benefits on health insurance policies. Senior citizens can avail tax benefit of total INR 30,000 for one year. If you are buying this for your parents, you stand to claim this benefit of Rs. 30,000, plus the tax benefit of INR 25,000 for your own health policy. So a total of 55,000 tax benefit can be availed. Thus your policies pretty much pay for themselves.To know more about tax benefits on health insurance click here.
Can I get a single health insurance floater policy which can cover my parents or in laws too?
Yes. There is health insurance plan like Heartbeat family first which covers 14 relations including in-laws and parents.
Which is the best health insurance for parents?
A number of general insurance companies offer medical insurance for senior citizens in India. Below is the list of the most known plans available.
How to choose the best health insurance for parent?
We all know that health risks keep increasing as your age increases. Having a health insurance policy nowadays is a blessing in disguise. There are many insurance companies offering different senior citizen health insurance plans as per your requirements. The insurance market is filled with various plans where opting for a particular plan becomes challenging. To add to it, reading and understanding the fine lines in the policy documents can get more confusing since there are many insurance jargons like day limits, sub-limits, exclusions etc. that are hidden in the fine print of the insurance policy.
Because of this, we end up buying an inappropriate policy while considering only the cost of the insurance policy. Besides, this could even lead to rejection of claim settlements.
And the worst part is, it becomes even more risky for senior citizens since income stops after retirement in the midst of the consistently rising healthcare costs.
The following are the thoughts to be borne in mind when buying a senior citizen health insurance plan:
Waiting period: Every health insurance plan comes with a waiting period for pre-existing diseases and for specific illnesses. Usually, the initial waiting period is the first 30 days from the policy issuance date. This, however, does not apply in the case of accidental injuries or hospitalization.
Many insurers have a waiting period of 2 to 4 years, whereas for the waiting period for specific diseases is 2 years.
Age: Every health insurance policy has an age limit. Usually, senior citizen health insurance policies are continuous till they reach 90 years. However, off late, there are certain health insurance companies offering life-long renewal. These are beneficial for those policies having specific age limits. It is recommended to purchase a senior citizen health insurance policy at the earliest since premiums also tend to increase with increasing age.
Network Hospitals: There is a certain list of network hospitals where the policy holder can avail a cashless treatment or pay the medical bills and have it reimbursed by the insurance company post-discharge from the hospital. This benefit can only be enjoyed at the listed network hospitals tied up with the insurance company. You need to inform the insurance company in advance to avail this facility. It is recommended to check the list of network hospitals in your vicinity to ensure you don’t go through any hassles.
If you are above 60 years of age and you plan to buy a medical insurance for yourself, there are a few things you should keep in mind.
Which health insurance is best for parents?
The best health insurance plans for parents are
|Star Health||Red carpet|
|Bajaj Allianz||Silver plan|
|Apollo Munich||Easy health|
Do health insurance plans for parents cover critical illnesses?
Yes, the basic health insurance plans for parents generally include a cover for critical illnesses but only up to the sum insured amount with limitations that vary from plan to plan and insurer to insurer.
What should I keep in mind while purchasing health insurance for parents above 50 years?
Here are the factors you should consider while purchasing health insurance for parents:
Entry Age – Health insurance plans for parents are usually applicable for individuals between the age of 55 years and 80 years. However, there are certain health insurance plans for parents that offer coverage for individuals only above the age of 60 years. It is recommended that you purchase a plan that allows entry at an older age, along with lifelong renewability.
Check for the Coverage – Go through the document of the health insurance for parents and check for its features and benefits. Since your parents are above the age of 50 years, there is an increased chance of them being diagnosed of certain illnesses that are typical to old age. Therefore, ensure that the health insurance for parents that you buy has wider cover for critical illnesses.
Waiting Period – Pre-existing illnesses are covered by health insurance plans for parents, though after a lengthy waiting period. Purchase a plan that not only offers a lower waiting period but also offers coverage to a wide range of illnesses like diabetes, heart ailments, etc.
Network Hospitals – The document for health insurance for parents will comprise of the list of network hospitals where the benefits of the policy can be availed by the insured. Network hospitals are those that the insurance company has collaborated with. Make sure that renowned hospitals in your locality and its vicinity is a part of the list, so that they are easily accessible to you when the need arises.
Insurance Premium - The premium that you will be eligible for is determined by parameters like the age of your parents, add-on covers being opted for, etc. The higher the age of your parents, the higher will be the premium quoted to you by the insurer.
Is it possible to get medical insurance for parents above 60 years?
Health insurance plans for parents are generally applicable for those between the age of 55 years and 80 years. There are also specific health insurance for parents that offer coverage to individuals over the age of 60 years.
Can I add my parents to my health insurance plan?
You can include your parents in a Family Floater health insurance plan, irrespective of their age and whether or not they are dependent on you. However, the premium for such plans is generally higher than senior citizen health insurance plans.
What is parental insurance? Which illnesses are covered under such health insurance for parents?
Parental insurance are specifically designed for individuals between the age of 55 years and 80 years. Some of these plans are also applicable for individuals above the age of 60 years. The premiums payable on such plans are lower than general health insurance plans that extend to the entire family, like a Family Floater plan.
What is the maximum age limit for health insurance for parents?
The maximum limit generally applicable on health insurance for parents is 80 years.