A health insurance plan is a necessity for everyone, especially for senior citizens. This is because even if they have been blessed with good health all their lives, they are prone to many age-related diseases such as diabetes, hypertension, cardiac issues, bone issues, etc. So it is important to get your parents covered so that they are able to manage their medical expenses conveniently. Added to this, a health insurance plan also provides protection against rising medical costs.
The health insurance plans offered by each of the several health insurance companies differ. Here are a few of the common features offered by most companies:
Since there are many senior citizen plans available in the market, it may be tough to choose just one plan. Given below are some of the important factors you should look into before narrowing down on one plan:
Make sure you keep the above-mentioned factors in mind and compare the different senior citizen plans available. Also, seek feedback from friends and family members who have purchased the same kind of plan. Learning their level of satisfaction or dissatisfaction with the policy and insurance company will help you choose the best health insurance policy for your parents.
Here is a short to-do list you should be aware of and make sure you finish at the time of purchase of the health insurance policy:
Carrying out all these simple tasks completely will ensure a smooth flow of the health insurance coverage. Otherwise, you may face roadblocks at the time of claim settlement.
Once the policy is purchased, the job doesn’t end altogether. Two things you should do on a regular basis throughout the policy period of the health cover are:
Since your parents have probably completed all their responsibilities and have retired from their jobs, they may not have too high an income. So in case of a medical emergency, they may have to shell out money from their pockets. A health insurance plan will give them financial freedom and let them avail their treatments in peace, without having to worry about footing the hospital bill. Further, paying premiums towards your parents’ health insurance policy will give you tax benefits under Section 80D of the Income Tax Act, 1961.
Is it a good idea to include my parents in my family floater?
The age of the oldest member in the family floater is taken into consideration while determining the premium amount payable. So, including your parents in your plan may not be the best idea as you will have to pay a high premium.
Can I buy a health insurance plan for my in-laws?
Yes, you can buy a policy for your in-laws as well. Certain insurance plans allow individuals to even include their in-laws in their insurance plans. But keep in mind the cost factor while you do so.
Can my parents be covered under a single policy?
Yes, if you buy a floater, your parents can be covered under a single policy.
What is the advantage of getting separate policies for my parents?
Your mother and father may suffer different health issues and hence may have different medical requirements. Buying a separate policy will give you the flexibility to decide the coverage based on the person’s needs.
What is not covered under a senior citizen health insurance policy?
Insurance companies list out a set of exclusions in the policy such as treatment for specific illnesses, aesthetic treatments, injuries caused by self harm, etc.
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