All About Buying Health Insurance For Parents | RenewBuy

All About Buying Health Insurance For Parents

All about buying Health Insurance for Parents

Buying health insurance for parents does not have to be hard. There are many health insurance plans available for your elderly parents. Does the question in your mind arise that why you should buy parental insurance? The answer is that as your parents grow older, the risk factor and unforeseen circumstances increase. A growing person is more likely to suffer from severe medical conditions. With the inflation in the picture, the cost of covering medical expenses is rising. Medical care has never been this expensive. It is wise to secure your financial stability during crucial times. Availing medical insurance for your parents is recommended. There are comprehensive mediclaim for parents which you can easily avail. These plans will keep you and your finances covered from the financial crisis, which may arise in a situation of a medical emergency.

 

Reasons why should you buy a health insurance plan for parents

You can easily avail medical insurance for parents up to the age of 75 to 80 years. Maximum age limit varies as per the insurer you choose. You can select from a range of medical insurances from RenewBuy, where we have listed a range of policies at competitive prices. You can avail the following benefits when you buy health insurance for parents:

1. Cover for hospitalization:

The medical expenses can quickly burn a hole in your pocket and hamper your financial stability. This is where health insurance will help you meet the unforeseen expenditures with ease. As ailments rise with age and your sources of income may not grow with similar speed, it becomes helpful and essential to have parental insurance. This will safeguard you from the mental hassle of arranging funds at the last moment.

2. Cover for pre and post hospitalization:

An aliment can take a lot of time to cure. The chances are that you will have long pre and post hospitalisation bills too. This is where parental insurance comes in as a rescue to insure your parents for pre and post-hospital expenses as per the terms and conditions.

3. Go cashless:

Many insurance organisations offer a network of hospitals where you can go and get treatment on a cashless basis. If your parents undergo medical treatment at one of the hospitals assigned to you, they can avail cashless service provided by the insurer. This feature acts as a relief in case of planned and unplanned hospitalisation both. You will incur a minimum charge at the time of getting your parents hospitalised.

4. Benefits in tax:

If your parents are senior citizens and you get parental insurance for them, then you will get tax benefits under Section 80D of the Income Tax Act, 1961. The tax benefit can be around Rs. 50,000, other than the tax saving of rs. 25,000. So, if you get health insurance for your parents, you can get tax benefits of up to Rs. 75,000 in a financial year.

5. Discount and extra cover:

Usually, the insurance company provides attractive discounts if you insure a higher sum. You can also get a discount when you do not claim in a policy year. You can be eligible for a bonus or get a higher cover for the next year at the same premium. 

What is the age limit to buy a health insurance plan for parents

You can get health insurance for parents aged between 60-80 years. Senior citizen, up to the age of 65 years are also eligible for life-long renewability of the health insurance policy the avail.

Documents required while buying health insurance for parents

You must ensure that you have the following documents in place for availing health insurance for parents:

  • Proof of age

  • Proof of identity

  • Proof of address

  • Proposal form

  • Passport size photographs

  • Medical pre-policy checkup report

  • Disclosure of pre-existing medical illness

What is not covered in a health insurance plan for parents?

Not everything is covered in parental health insurance. Here is what’s not covered in the insurance plan:

Buying health insurance for parents conclusion

Buying health for your parents is not only a smart decision but also a necessity now. This is because medical expenses can reach a point where they become unmanageable. Parental insurance will not only save you on medical costs but will ensure that your parents get medical treatment on time. Now buying health insurance is more accessible than ever. You can choose from various options online. The health plans available at RenewBuy are available with professional insurance advisors at a lower premium cost and can be availed online at the comfort of your house.

  • Any medical history which your parents may have until the completion of the waiting period as per the policy

  • Any ailments which are diagnosed or contacted within 30 days of buying the parental health insurance

  • Any treatments which are non-allopathic do not get covered in the policy

  • Any expenditure incurred to cure self-inflicted injuries or drug abuse

  • Expenses for dental treatment, lenses and spectacles are also not covered in the majority of the insurance policies until occurred by accident

  • Any injuries caused due to war

  • Any expenses for the treatment of HIV/ADIS

  • Any expenses for cosmetic surgery

Buying health insurance for parents conclusion

Buying health for your parents is not only a smart decision but also a necessity now. This is because medical expenses can reach a point where they become unmanageable. Parental insurance will not only save you on medical costs but will ensure that your parents get medical treatment on time. Now buying health insurance is more accessible than ever. You can choose from various options online. The health plans available at RenewBuy are available with professional insurance advisors at a lower premium cost and can be availed online at the comfort of your house.

 

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