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Why you should get health insurance for parents before they turn 60?

Why You Should Get Health Insurance For Parents Before They Turn 60?

This is a common problem with we millennial, your father who is approaching his job retirement and your mother would also turn into senior citizen in next five years and they don’t have health insurance in place. The main reason behind the same is mainly unawareness , five years back the health insurance industry was not so mature and not so many good plans were there as it is today. The other most important reason behind the same is , the baby boomer generation was not so obsessed with the idea of paying for something in which nothing comes in return post completion of the tenure and this phenomenon is quite observed in the term insurance space also,the term insurance reach was very less in the generation in which our parents fall.

But what it leads to? As our parents grow older, they always need our moral and monetary support and which in most common in all Indian middle class households .In which medical cost forms a larger of it. Since your parents are generally not insured under a health insurance plan you end up paying for their medical cost and which can effectively distort your own future financial plan. Though people don’t accept this fact because of the emotional underpinnings but the fact is a fact. So Should You Look At Buying Health Insurance For Your Parents At The Age Of 60?

Though there a whole list of senior citizen plans which are available today which you can even buy at an age above 60 for your parents but they are generally very costly .Since health insurance premiums generally remain fixed for particular age group so buying it for them before they turn 60 acts as an option to save money and make a smart decision.

What factors you should consider while buying health insurance for your parents?

  1. Always rely on making highest form of disclosure of pre-existing ailment of your parents. Even though you might end up paying a bit more money because of it but it always put them in secure hands while they make claims.
  2. Look at plan which provides for highest policy tenure so that the plan is always there to help them when they require.
  3. Prefer buying two separate individual plans for your father and mother. As data shows women generally have a higher life expectancy, you mother would be requiring the policy for a longer period of time. Plus at this age everybody needs a higher coverage so if you buy a floater or joint plan for your parents, during claims one of your parents can end up using the whole sum assured in a particular term and nothing is left for the other.
  4. Always keep a check on the limits on hospitalization cost, prefer plans with less boundations.
  5. While buying health insurance plan for your parents also prefer to look for a copy option. This particular option not only saves money on premium but the claim settlement would be always be easy because under it you have already made promise to pay a certain amount when the claim arises.

All above listed points may act as good guide for you when planning for health insurance for your parents but you should be always cautious at the time of buying and always into consideration their current health condition. The other benefit associated with this, if you are paying the premium out of your pocket you can always claim for an additional tax exemption of Rs.30000 under section 80D.So the Maximise Tax Benefits On Health Insurance under section 80D, everything gets planned, not only parent’s health because now they don’t need to shed the leftover money from their retirement fund plus it also keep your own financial plan robust.

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