Best Medical Insurance for Parents above 60 years
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Health insurance for parents is a blessing in today's times. Taking care of the elderly at home can be challenging - emotionally, physically and financially. Moreover, the occurrence of age-related illnesses is inevitable. By choosing the best health insurance plan for parents, you ensure financial security during any unforeseen medical emergency that can result in high-scale expenses for your family. 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 that may result in hospitalization. Therefore, choosing to buy medical insurance for parents or a mediclaim for parents helps you fulfill your responsibilities much easily and without financial worries.
Steady rise in medical costs and the possibilities of age-related diseases, especially when having elderly members at home, pose hurdles in front of us that could be overcome by opting for the best health insurance plan for parents. This mediclaim for parents is designed to offer specific coverage with due consideration for the high health risks that come with old age.
Thus, buying medical insurance for parents must be a priority. That way you can rest assured as unexpected expenditures will be taken care of, with cashless and quality treatment for any medical ailment for your parents. Also, some additional benefits await you that include domiciliary hospitalization cover, health check-ups, life-long renewability of policy as well as tax benefits on the premium - that makes your investment worthwhile.
The insured person should be:
The vital documents that need to be submitted to your insurer in order to avail the plan are mentioned below:
The important benefits of medical insurance for Parents are:
Avail health cover for your senior citizen parents to get protection when facing a medical emergency. Keep financial distress at bay as the plan takes care of all the expenses incurred by you during hospitalization or medical treatment of your parents. Get individual and floater cover options and the following features in the plan:
Buying mediclaim for parents is a smart decision as you have ensured that you get the possible medical facility for them without causing a burden on your pocket. However, it is advisable to always check with your insurer about the cases or exclusions when you cannot make a claim on the policy. They are listed below:
Seeing parents grow older is bound to have an emotional impact on most of us. It also comes with a realization that they require constant support and timely care for a happy life during old age. While we manage to provide them with abundant love and care, offering financial support can become challenging especially during medical emergencies. Your parents may be dependent on you monetarily. Besides, getting quality medical treatment in India is an expensive proposition. This is why you need a support system to safeguard your family’s future in times of adversities.
Health insurance for your parents acts like a safety cushion that lets your loved ones manage a health crisis without worrying about expenditures. It also enables you to get quality medical care to treat your parent's illnesses in the most affordable way. This is true since the risks of having illness increases as a person ages. Moreover, the chances of hospitalization due to a worsening pre-existing medical condition, chronic ailments or surgeries are higher in old age. These health insurance plans offer a variety of financial benefits and thus let you focus on delivering care and comfort to your parents.
Here are some pointers to consider when buying a medical insurance plan for your parents:
The Section 80D of the Income Tax Act specifies that individuals can avail tax deductions for the medical expenses incurred by them on behalf of their parents. Moreover, they are eligible for tax deductions of up to Rs 50,000 in a financial year for the premium paid towards their senior citizen parent.
For availing tax deductions on the premium paid towards a group health insurance covering your family including senior citizen parents, you additional deduction of Rs 50,000 if you, your father or mother is a senior citizen.
In case of availing deductions for medical expenses, the conditions that must be fulfilled include:
There are no particular specifications. However, it is recommended that you carry medical bills, receipts, test reports, and other documentation.
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.
Yes. You can avail medical insurance for parents above 60 years. As per the Insurance Regulatory and Development Authority, individuals up to 65 years of age are covered under health insurance plans. It is always advisable to buy these plans at an early stage.
Firstly, look for a good health insurance plan for parents by considering various factors such as low copayment amount, age of your parents, the policy inclusions and exclusions, waiting period and the premium to be paid. Make a selection of the plan that best suits your requirements and also has add-on benefits. Secondly, approach your insurer to know about the payment mode and claim settlement process. Thirdly, submit the essential documents and complete the formalities.
While certain pre-existing conditions are covered after completion of a specified waiting period, there are a few illnesses that may not be covered at all. Those are specified in the exclusions in your policy documents. They may include diseases like AIDS and congenital diseases.
An individual cannot include his or her senior citizen parents in a family floater plan. This is because the premium in family floater policies, as well as the renewability, is based on the age of the eldest family member. So, covering a senior citizen parent in a family floater plan will burden you with higher costs.
Yes, the minimum age of your parent(s) to cover them under the plan medical insurance for parents is 61 years.
The health insurance policy that offers maximum financial benefits is the best for your parents. This means the policy should have minimum co-payment amount, less waiting period for certain diseases, free annual medical check-ups as well as add-on benefits like alternative treatment cover, domiciliary hospitalization cover, no claim bonus, etc.
Yes, medical insurance for parents also covers critical illnesses.
An individual is eligible for tax deductions under Section 80D of the Income Tax Act if he or she pays the premium to buy Medical Insurance for Parents.