Every little time you needed any or assistance your parents did not think twice on spending all their hard earned money on you. We are sure that you reciprocate the same feeling and now want your parents to lead a long and healthy life. However, with the medical inflation, and additional health care issues with increasing age, affording quality care for them can be challenging. Well, investing is a good health insurance plan for your folks can help.
Why do you need to get health insurance for senior citizens?
With the current costs a simple yet very common cataract (clouding of eye lens causing blurred or loss of vision) surgery can go up to Rs. 15000-35000. With approaching age the severity and frequency of illness rises, leading to skyrocketing of medical bills. At a medical inflation rate of 15% every year, a good insurance cover can guarantee that regular ailments are taken care of without the burden of major financial blows periodically.
You can save tax of more than Rs. 10500/- under Section 80D of the Income Tax Act, by buying a Health Insurance for your Parents.
Some things to keep in mind for insurance for senior citizens.
1. Such personal mediclaim policies have waiting period for pre-existing ailments as well as mandatory waiting periods for specified illnesses.
2. It is wiser to get your parents insured early as in the age bracket of 50 to 69, there are some very good health insurance policies which can help you provide a lifelong medical coverage.
3. After the age of 69, getting a policy becomes more difficult.
What should you be looking for in a good mediclaim policy for senior citizens?
Renewal Ceasing Age: Look out for the Renewal Ceasing age in the Mediclaim policy. This is the age, when the cover will stop and would not be renewed. For instance, in case of Bajaj Silver Health, though it is a very good product, the policy ceases renewals at the age of 70.
No Medical Checkup Options: Generally, Medical checkups become mandatory for people aged more than 45. However there are policies available such as Star Red Carpet, where there is no Medical Test required till the age of 69, of course there are terms and conditions. In case you do not live with your parents, and it is difficult for them to get the tests done themselves, such options are very convenient.
Pre-existing conditions: With any health care cover for senior citizens, there multiple exclusions and additional charges for pre-existing conditions. If the pre-existing condition are common diseases like diabetes mellitus and hypertension, then some insurers like New India Assurance cover them at a higher premium for each condition. Others cover them by offering varying percentages of the Sum Insured usually up to 50%. One claim free year can also be accounted for when covering pre-existing conditions.
Exclusions and Terms associated with certain illnesses: A lot of senior citizen policies, have an increased number of exclusions and conditions which it comes to certain illnesses. For instance, different policies cover different percentage of the bill for Cataract operations.
Look for a Specialist Mediclaim Advisor: Look for an advisor who specializes in Health Insurance services and provides professional assistance at the time of claims. An advisor will also sound you on the background of various insurers as well as provide you detailed solutions.
What are the good policies offerings in India as this point?
Religare
Iffco Tokyo
L&T
Oriental Insurance
New India Assurance
Bajaj Silver
Star Red Carpet
At Tutlemint.com, just enter your parent’s age, and find the best plan for your preferred hospital next to you!
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