Top Health Insurance Plans For Senior Citizens or Parents
Considering the rate at which the medical expenses are rising every year, purchasing health insurance for senior citizens has become really important. Also for the fact that in old age, people need somebody to look after them as they are unable to take care of themselves.
Getting a health insurance policy, therefore, becomes more and more necessary for them so they are able to catch up with aging inevitably.
It is assumed that a majority of the people reading this article are financially independent adults with parents retired or are about to retire from their jobs. Practically speaking, as the health care costs are increasing by 15-18% every year, no wonder if a heart operation that costs around Rs. 4.5 Lakh today costs Rs. 11 Lakh in the forthcoming years.
So, why not buy your parents a good health insurance policy that acts as a savior (for both of you)?
Why health insurance for parents?
- Medical costs are rising greater than the average inflation rate.
- After their retirement, they will be dependent on their heirs, as they do not have a fixed regular income.
- They are more prone to illnesses or accidents, thus a sudden financial requirements.
- After retirement, their employer’s health insurance plans might not be in existence.
Top Health Insurance Plans for Senior Citizen Parents
|
Insurance Provider |
Plan |
Maximum age limit (years) |
Sum insured (Rs. Lakh) |
Specific Exclusions |
Co-payment |
|
69 |
1-5 |
|
50% for pre-existing diseases only |
||
|
75 (renewable till 80) |
0.5 - 5 |
|
Conditions- 1- 10% co-payment for treatment underwent in other hospitals than the network hospitals, 20% co-payment if the insured person is 56 years old and above 2- For people aged 56 years or more, a 20% co-pay option is available for purchasing this plan for the very first time ever |
||
| Apollo Munich |
Easy health |
For sum insured-1-2 Lakh, highest age of entry-65 years. For other insured persons, the highest age of entry is 60 years. |
1 - 10 |
|
Not applicable, it provides the cashless option |
|
70 |
2-3 |
|
Not applicable, as it provides the cashless option |
To get a good health insurance policy for senior citizens, consider your specific needs, budget and requirements. Some of the points that you should consider while making the final deal are-Things to remember while buying health insurance for senior citizens
- Clubbing your parents’ insurance in your family floater plan is a bad idea.
- On the basis of premium paid on behalf of your parents, the additional tax benefit can be claimed under section 80 D.
- Your spouse will be eligible to claim the tax deduction if he/she pays the premium for your parents-in-law. So, if you want to cover your parents-in-law under a health insurance policy, then let your spouse pay for the premium.
You may also like to read Top tax benefits available for senior citizens
To stay happy, healthy and stress-free, everyone wants to have a good health insurance policy in the golden period of old age. So, it is advisable to consult an experienced financial/insurance advisor specializing in health insurance.
Also Read
Things to Consider Before Getting Your Parents Insured
Health Insurance for Parents - Factors to Consider & Plans Available
