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