The development of age-related health issues and the simultaneous rise in medical expenses elevates the importance of health insurance for parents. As your loved family members get older, their exposure to health complications and illnesses increases. Health insurance for parents allows you to plan for these complications in a stress-free manner by availing financial benefits.
Here are some of the different types of health insurance for parents you can explore –
- Individual Health Insurance For Parents – This is a great option for senior citizens with specific medical conditions. The essential feature of this insurance is that the individual is insured up to the coverage amount in the policy instead of sharing that amount in the policy instead of having to share that amount with anyone else.
- Family Floater Health Insurance For Parents – In case you have your elderly parents staying with you at home or in the same city/region, a Family Floater Health Insurance for parents is a great option. These plans offer comprehensive coverage for all family members and are quite affordable compared to Individual Health Insurance.
- Senior Citizen Health Insurance For Parents – For individuals above 60, this is the standout option. The coverage is comprehensive with a lower premium amount, along with an array of unique benefits designed for the elderly. These include annual checkups, low premium amounts, free AYUSH treatment, and customisation features.
- Super Top-Up Health Insurance – It is a form of health insurance that can be considered as an add-on to increase an existing coverage. It works on a deductible principle and is applicable for multiple claims in one year.
While you now have a clear idea of the different health insurance options, here are the clear benefits of health insurance for the elderly –
- Cashless Coverage – Leave behind your parents’ hassle of arranging liquid funds in the case of an emergency medical requirement. As long as you visit a hospital that is a part of the health insurance company’s network, you can enjoy cashless settlement benefits. Do ensure you study policy terms and conditions so that you’re aware of the network of hospitals. This is an important point to watch out for when evaluating different policy options.
- High Coverage Amounts – It goes without saying that the risk of hospitalisation increases during old age. The right health insurance for parents is designed to offer sizeable insurance coverage for this very reason.
- Pre-Existing Illnesses Coverage – There is always a slight possibility that senior citizens may have pre-existing illnesses such as diabetes, heart problems, etc. Evaluating different health insurance plans covering such illnesses, subject to a waiting period, will guarantee comprehensive protection against an array of different expenses.
- Covid-19 Coverage – The elderly are more at risk of coronavirus-related difficulties. Health insurance for parents with coronavirus cover is more like a financial necessity in times of uncertainties. These plans cover any unforeseen hospitalization-related expenses, thus safeguarding your parents’ health during the pandemic.
- Tax Benefits – Individuals can avail of tax savings by claiming a deduction of up to Rs 50,000 on the health insurance premium paid, as per Section 80D of the Income Tax Act. This is another key factor in how health insurance for parents can lead to different benefits in the long run.
Care Health Insurance is one of the leading health insurance providers in the country, offering dynamic solutions for the elderly. Evaluate the Individual/Family Floater/Senior Citizen health insurance for parents to make your final decision in a smooth and hassle-free manner. This can be done with the help of the company’s website that offers all the necessary information and payment support. Enjoy all the diverse benefits listed above and take one huge step towards financial independence and freedom.