If you are planning to buy a health plan for your parents, then check these 4 crucial factors.
Plan for an independent policy rather than a family floater as the group cover does not include pre-existing diseases.
Even if your parents are adequately covered under a corporate health insurance policy by your employer, the cover provided by your employer would cease to exist post-retirement.
Health insurance has become a must to have for each and every individual. You need to buy a senior citizen health insurance plan for your parents. There are numerous health insurance plans that specifically made for senior citizens and even those with pre-existing diseases.
The health insurance plan helps you with the major part of medical expenses, when your parents fall ill and required hospitalisation.
A family floater health plan can be a good option if the age of your parents is not too much and they do not have any pre-existing diseases. These health insurance covers impose a limit on the age of the parents, other insurers charge a high premium.
It is better to go for an independent policy as group policies may not include pre-existing diseases. In an independent policy, most of the pre-existing diseases are covered and there are chances for highest claims.
By taking health policy, you can avail a tax benefit of up to Rs. 25,000 under Section 80D of Income Tax Act on health insurance premium paid for self or spouse or children or for parents. And the tax benefit goes up to Rs. 50,000 with the latest amendment in tax slabs, in the case of elderly parents above 60 years of age.
When planning to buy health insurance for your elderly parents, check these important factors.
Entry Age
Eligible entry age is very important for buying a health insurance cover. The entry age guidelines may vary from one insurer to another. So, compare the different policies, as it plays a great role in deciding the premium of the policy.
Coverage
Choose a plan that offers extensive coverage, while buying a health insurance cover for your parents. Choose a plan that promises adequate coverage against various critical illnesses and pre-existing diseases. Most of the insurers provide coverage against the pre-existing diseases after two or three years.
Sum Insured
Go for a a higher sum insured for your parents, which will helps you with larger amount for medical emergencies. The total sum insured is the amount that the insurer will reimburse against expenses incurred for medical treatment.