Life post-retirement is called the golden period, but it also comes with certain hurdles. The health starts to deteriorate, and the most common start affecting more often than they did before. The coronavirus pandemic also had a graver impact on senior citizens than it did on other age groups. This brings a need for not only a health plan but a unique policy that is specifically designed for your ageing parents.
Here are some things to know about insuring your parents:
What is a senior citizen’s health insurance plan?
Medical needs of senior citizens differ from those of your own. A senior citizen plan takes care of these needs and offers appropriate protection at a cost-effective premium.
Why should you buy a separate plan for your parents?
The cost of health insurance increases as you age. For this reason, buying a general health insurance plan for your parents can come at a skyrocketing cost. As senior citizens, your parents may also have certain medical conditions, such as high cholesterol, BP issues, diabetes, etc. that can deter insurers from offering you a policy. However, a senior citizen plan takes into consideration all of these factors and provides your parents with a comprehensive cover at an affordable cost.
How to buy a senior citizen health plan for your parents?
- Cover: It is essential to pick a high cover for your parents as they could be more vulnerable to falling sick. The frequency of hospital visits is also more in older people which may result in higher bills.
- Age limit: Senior citizen plans generally start from the age of 60 and provide coverage till the age of 80 years. Make sure that your parents fall within this limit before you buy a plan.
- Waiting period: Insurers have a waiting period after you buy a plan during which they do not cover any pre-existing diseases. It helps to pick a policy with a short waiting period.
- Illnesses covered: It is recommended to be fully prepared by picking out a plan that covers as many critical illnesses as possible. Old age can be tricky. Coronavirus alone can cause several after-effects and complications in senior citizens.
What are the things to remember while buying health insurance?
The pandemic has taught people many lessons. One of which is that you must think of every possible scenario when it comes to securing your parents. Hence, apart from a high cover, you must also cover other important aspects. For instance, the Lifeline Individual Health Insurance Plan covers expenses for treatment of organ donor, pre and post-hospitalization expenses, ambulance costs up to Rs.3,000, AYUSH treatment, and a lot more.
What are some myths surrounding senior citizen health insurance?
- Parents are secured under a general family floater plan and do not need a separate cover.
- Parents can cover their health expenses out of their savings.
- Senior citizen plans are expensive and not worth the price.
- Insurance companies do not cover senior citizens.
Truth: Your parents need additional care which is why a general family floater plan may not be enough for them. Senior citizen plans cost more than regular plans, but they also offer better coverage. Moreover, insurers look at many aspects of a candidate. So, getting a suitable plan for your parents is not as hard.
What are the major inclusions and exclusions?
- Hospitalization and daycare costs
- Room rent, ambulance cost, doctor’s fees, etc.
- AYUSH treatment
- Critical illnesses, health check-ups, and vaccinations
- Self-inflicted injuries
- Drug abuse-related issues
- Cosmetic surgery
- Pre-existing diseases in the waiting period
- AIDS treatment
- Dental treatment
Gifting the plan to your parents
Moreover, the policy has tax benefits as well. If you buy a policy for your parents (aged 60 years and above), you can claim a tax deduction of up to ₹30,000 in a year for the premium paid towards the plan.
Protect your parents as they protected you. Get them a suitable senior citizen’s health insurance plan today!