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Health Insurance for Parents

Religare Health Insurance

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7.5% Discount
10% Discount

Your premium is Rs.

Above Premium includes 18% GST

I

94%

Claim Settlement Ratio (OND 2018)

II

8100 +

Network Hospitals across 500 cities

III

400 Lacs+

Lives covered

About Health Insurance for Parents

As children, we always want the best for our parents, be it living conditions, food, or healthcare. This is all the more true as they get older and begin to face age-related health issues. A healthcare plan acts as a financial security against unforeseen illnesses and is something that every individual must purchase.

Selecting Mediclaim Policy for Parents

When considering any kind of healthcare plan the first priority should be to thoroughly understand your parent's health history. This would help in narrowing down the right kind of coverage that would benefit your parents.

Here are some factors to take into consideration when looking at a mediclaim policy for your parents:

  • Cost-effectiveness: As compared to other types of health insurance plans, a mediclaim policy is more beneficial for the elderly, who may not always have cash ready at hand. They are likely to have conditions that are expensive to treat, and a mediclaim policy can be a lifesaver.
  • Low premiums: Since the risk levels are higher, medical insurance does not come cheap for senior citizens. It is better to go for a policy that has low premiums, while still offering all the benefits of a full-fledged insurance policy.
  • Specific treatment coverage: When dealing with the elderly, the policy should cover the kind of medical conditions your parents have. At the very least, it must provide a waiting period for these pre-existing conditions, after which the coverage kicks in.
  • Maximum Coverage: A mediclaim policy should cover a larger sum and insure against a host of diseases, since older members are more likely to suffer from various ailments.

How to Select the Best Health Insurance for Parents?

Here are some pointers to consider when buying a health insurance plan for your parents:

  • Buy now: The sooner you get on-board an insurance plan, the better. This applies specifically to your parents, since the premium increases with age, and the sum covered reduces.
  • Be aware of existing medical conditions: Coverage for certain ailments are excluded, thus knowing the medical conditions that your parents have can help you zero in on an appropriate plan.
  • Single or floater: As the elderly are far more susceptible to risks, it is always a good idea to opt for a single plan rather than a floater policy.
  • Co-payment: This term refers to the percentage of the hospital bill that has to be paid. Typically, for senior citizens, a certain co-payment amount is compulsory. When looking at Medical insurance for parents, you should opt for plans that have a lower co-pay amount.

Medical Insurance for Parents Above 60

From waiting periods for pre-existing illnesses to higher premiums, medical insurance for people above the age of 60 have numerous factors that must be taken into account.

Here are some of the factors to be considered:

  • Entry Age: Not all healthcare plans allow entry after a certain age. Ensure that you choose a plan that is tailored for those above the age of 60 and offers lifelong renewability.
  • Maximum Coverage: The health insurance plan must offer coverage against a wide range of diseases. Critical illnesses and ailments are also something that should be covered.
  • Lower Waiting Periods: Pre-existing illnesses are very rarely covered in an insurance plan without a waiting period. Choose a plan that has a lower waiting period for pre-existing medical conditions.

Can I Add my Parents as Dependents for Health Insurance?

Yes. A majority of insurance policies allow you to add your parents to the existing family plan. The requirement is that your parents should be dependant. The same premium that you are currently paying allows your parents to also access your health insurance. Even if you have taken a single insurance plan for yourself, your parents are allowed to utilize the insurance coverage. This often translates to you taking a better insurance policy in order to provide a good medical insurance policy for your parents. 

Save Tax on Your Parents' Medical Bills

Under the new section 80D in the 2018 Budget reforms on income tax, an individual can avail tax deductions by showing the medical expenses that were incurred on behalf of their parents. Here are some of the common questions that come up when saving taxes:

What are the conditions for claiming the deductions?

One of the conditions is that the medical expense should be for a family member over the age of 60. The second condition is that the person for whom the expense has been incurred should not have medical insurance.

How can you claim the deductions?

There are no particular specifications. However, it is recommended that you carry medical bills, receipts, test reports, and other documentation.

What are the modes of payments included?

The only exclusion is that the medical bills should not be paid in cash. Any other mode of transaction qualifies and allows you to avail the deduction.

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