Are your parents covered under health insurance? Now they can be

Ever since you were born, your parents spent most of their lives making sure that your needs were met. They worked tirelessly to ensure that you were in good health, that you were enrolled in the best school, that you had adequate resources to make a success of your academic and professional careers. You can never repay a parent for their endless love and sacrifices, but there are certainly a few ways in which you can keep them protected.

One of the best ways to do so, is to help them buy a good health insurance plan. The health insurance plan for your parents is either a separate plan devised for senior citizens, or an inclusion in your family floater plan.

Why your parents need health insurance

As they age, your parents will experience a variety of health conditions that are related to advancing years and stress. Some conditions become chronic in nature, especially if they arthritic or muscular in nature. These require regular treatment and therapy, and might even escalate into major issues that require surgical intervention. Treatment for most ailments in the senior years is protracted and expensive, and your parents might not have the financial wherewithal to pay for the treatment and hospitalisation they require. This is when a health insurance plan for your parents will help.

How to buy health insurance for your parents

• There are dedicated health plans for senior citizens offered by reputed insurance providers. These plans cover people even aged 65 years and above.
• Another option is to include your parents in your family floater plan. However, you must note that this increases the premium amount based on your parents’ age and pre-existing health conditions. If the premium amount is too high, you should consider getting them their own plans instead of adding them to your family plan.
• When buying health insurance for parents with a seniors’ plan, start by checking the entry age, plan features, mandatory exclusions, what the waiting periods are, etc. Other factors to check are the sum assured on the plan, policy tenure, pre- and post-hospitalisation costs inclusion, if

critical illness insurance is available, if AYUSH treatments are included, co-payment clause, in-patient hospitalisation, etc.

• Do compare the premiums payable across like plans by using the insurance providers’ online premium calculators. You can arrive at the best premium option using an online calculator.
• Choose a plan from an insurance provider with a high claims settlement record and a few options for senior citizen plans to browse from.
• You can pay the premiums on your parents’ health insurance plan – you can get a tax benefit under Sec 80D of the IT Act, 1961. The deduction is Rs 50,000 if parents are under 60 years of age, and higher if your parents are over 60 years of age.

It’s all about peace of mind

You have already figured out that healthcare and treatment costs are already quite high. Even a minor day care procedure costs a few thousand Rupees. Now imagine the costs of treating a condition that is painful and chronic in nature, or an emergency surgery to clear blocked heart valves. One of your parents may even contract a critical illness in the late stages, and treating the illness will be highly expensive.

All in all, getting a health plan for your parents gives complete peace of mind to them and to you. They will rest easy knowing they have a health policy to safeguard them when needed, and you are confident about getting them timely treatment with the policy’s help.

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