No matter how old you become, whether you are a parent yourself, you still have your mother exclaiming - you are getting thin; you should take care of your health, not skip meals! Phew, you are always at the receiving end of their concerns and worries.
Parents! They spend their entire life looking after us, providing everything to the best of their abilities. Now, you would like to take some of the responsibilities and maybe take a single baby step in return.
Why? As we age there are greater chances of suffering from illnesses. The body is feeble and is infected with diseases faster.
The income after retirement proves insufficient to even cover some of the common diseases today.
Even with you working and earning there will difficulties getting cash together when an emergency arises.
Even if they are covered in your company insurance, buying a separate policy is a good idea as they get a continued coverage irrespective of the policy changes in your company or change in your job.
The Health Insurance that you buy for them won’t be hard on your pockets you would get a tax break under section 80D for up to Rs. 20,000.
With the health Insurance in place, they would feel more secure and assured that you wouldn’t be over burdened with expenses.
Health Insurance - Now, How:
Contact your Insurance agent or your broker; ask them for a senior citizen health insurance policy. Compare different policies and select the one that is best for them in terms for age band and Pre-Existing coverage.
Most Insurance companies require a medical test for Senior citizens health insurance policy. The diseases that are detected in this stage will be excluded in the policy.
What to look for in your Health Policy:
Health Insurance Exclusions:
Check for Important Exclusions if any in the policy wordings - Call for Policy Wordings of your shortlisted product.
Appropriate Health Cover amount:
Make sure that you consider the rising medical expenses when you select the cover. A cover of at least 1.5 lakh is a must.
Insurance Claims Service:
Look whether the Insurance Company has a good record of claims settlement since they will need immediate attention.
Health Insurance Capping:
There are some companies which have a 2% capping, i.e. limit on expenses, on the room rent. Room Rent above this would have to be paid by you.
Check Maximum Renewal Ceasing Age, most Companies stop renewals from 70 to 75.
Insurance Companies will cover the Pre-existing diseases but after few years. You should try to select one which has a least waiting period.
If you are parents are not yet 60. There is no need to wait till you cover them in senior citizen health insurance policy. Today there are increased cases of major ailments affecting people as earlier as in their 40s. So cover them before they are prone to more diseases and it’s more difficult to get a cover…
You can include them in your family Floater Policy or take an individual health insurance policy as per as your requirement.
Remember Medical Emergencies can happen at all ages, having a sufficient cover is essential.