Health Insurance: As parents reach the age of 60, they go to such a stage of life where they need a stress-free life without any worries. Older parents need to visit the doctor again and again and have to be hospitalized many times. It is a great way to cover your parents in your health insurance policy so that you can ensure that they get good treatment when needed.
With the increase in health related expenses, your health insurance of 8 to 10 lakhs may not be enough. Apart from this, there is also a great possibility that if a person makes a claim in a year, then the amount of insurance can be less to pay the hospital bill if you make another claim in the same policy year. In this situation it becomes important to cover your parents under a personal health insurance policy. Because their expectation to claim is very high, which can save very little insurance for other members.
Personal cover for parents
Your parents should be covered under a separate health insurance policy as soon as possible, because the sooner you take a health cover for them, the more benefits you will get. Most health insurance for senior citizens comes with some limitations including mandatory co-pay where the insured has to pay a portion of the hospital bill.
Waiting period is also more. Because senior citizens are more susceptible to certain diseases, insurers apply mandatory waiting periods on some such common diseases. If you register your parents under a personal health cover before the age of 60, then there will be no burden of co-payment clause for the whole life and the waiting period will also remain within the fixed time period.
Not just to save income tax, choose the right life and health insurance according to your needs
See this while choosing a plan
Taking the health insurance cover for your parents, there are many things to look out for. Most policies have entry age limit and that policy cannot be purchased after passing the entry age. Therefore, check the entry age before purchasing the policy. With this, take a plan for your parents in which maximum coverage is given against serious diseases and pre-existing diseases. You can also find a plan in which the products are specially designed for elderly parents.