As we age, we must realize that our parents are aging too and may need medical attention if they havehealth issues. The increasing medical care costs and chances of medical emergency point towards the importance of having a health cover for your family, including senior citizen parents. To give your elderly parents comprehensive protection, the first step you must take is to choose an independent health cover for them instead of adding them to your family floater plan. Choosing a senior citizen health insurance plan is the best decision you will make to ensure your parents’ overall well-being.
Additionally, there are some points to note that will enable you to get adequate health coveragefor your parents. Let us discuss them below:
Sum Insured
By investing in the best health insurance for senior citizens, your parents can choose from the various sum insured. These plans give a higher sum insured for the policyholder. You can make a choice based on the estimated medical expenses of your elderly parents.
Co-payment
Most senior citizen health insurance policies have the co-payment clause where the insured has to bear a specified percentage of the claim amount. Comparing different policies will help you in finding the policy with the lowest co-payment amount.
Cover for pre-existing disease
The chances of your parents having a pre-existing disease may be high, considering they are aging. If a health policy covers such ailments, you may not have to bear those treatment costs. However, pre-existing diseases are covered only after a certain waiting period. When finding medical insurance for senior citizens, choose the one that comes with a minimum waiting period.
Sub-limits
Health plans usually have sub-limits on specific treatments like cataract operation and medical expenses, including room rent and ICU charges. If the costs incurred by the insured exceed this limit, he or she has to bear the costs from the pocket. If you plan to finalize a senior citizen health insuranceplan, make sure that it has no such limit and does not cause any burden on you.
Top-up plans
The chances of hospitalization and prolonged medical treatments are higher in old age. The existing health cover may be adequate for your parents today, but you may have to thinkabout the long-term. Health care is becoming expensive, too. Invest in a super top-up policy from any insurer like Care Health Insurance that will provide additional coverage, cover multiple claims in a year, and save you during medical emergencies.
Policy benefits
Besides covering the costs of hospitalization, the best health insurance for senior citizensalso provides coverage for pre-hospitalization, post-hospitalization, ambulance costs, day care procedures, domiciliary care, and alternative treatment. It also includes an annual health check-up benefit, which helps your aging parents monitor and manage their health. More importantly, a healthpolicy for parents nowadays provides coronavirus treatment cover, which is crucial in today’s scenario.
Conclusion
Covering senior citizen parents in a health insurance policy makes an individual eligible to get Section 80D tax deduction up to Rs 50,000 per year on the premium. If the proposer and insured covered are above 60 years, they can get a higher tax deduction of up to Rs 1 lakh.
Overall, getting medical insurance for senior citizens safeguards your finances and enables your parents to stay worry-free about their health condition, giving them the promise of a secure future.
