Table of Contents
Health Insurance For Parents: An Introduction
Securing good health insurance for your parents is essential in today’s day and age. With exponential medical inflation, investing in health insurance for parents tailored to their requirements offers a financial safety net. While there is an option to cover your parents under the best family floater health plans, it might not suffice. With increasing age comes fatal wellness and fitness ailments that are best covered by versatile health insurance for parents.
As per the data, India had formally surpassed China as the world’s most inhabited country. There is no denying that India is on its way towards extreme demographical changes. In this article, we understand the nuances of health insurance for parents and how it’s important to build a safe financial future for aging parents.
Combatting India’s Changing Demographics With Health Insurance For Parents
The ‘India Ageing Report 2023’ has warned us about the rising senior citizen population. The report published by the United Nations Population Fund along with the International Institute for Population Sciences also shared some important highlights mentioned below:
- One-fifth of the Indian population will have individuals over the age of 60 years by 2050
- As per the report, India has 149 million people above 60 years as of the year 2022
- By the end of the century, the elderly population will contribute 36% of the total population of India
- The population of elders in India is expected to overtake the children’s population by 2050
On further revelation, it was found that more than 40% are in the poorest wealth quintile. Said levels of poverty may pose a threat to acquiring good quality healthcare services.
With the increasing age gap, it is essential at both macro and microscopic levels to secure the elderly with adequate health plans. Let us further understand the importance of investing in the best health insurance policy for parents.
Why You Must Invest In Health Insurance For Parents
Read further to explore the many reasons for investing in the best health plans for parents
- Access To Higher Coverage
The chances of being affected by life-threatening diseases increase with age such as cancer, heart attacks, strokes, etc. Such life-threatening illnesses have the effectiveness to ruin your finances.
Investing in a separate indemnity health insurance policy for parents with a high coverage amount ensures a financial cushion during tough times.
- Customized Benefits
Health insurance for parents includes features customized per your parents’ medical needs and requirements. Comprehensive and customized features ensure enhanced coverage for your parents.
- Wellness Benefits
As your parent’s age, they need firm wellness checkups as well as facilities like physiotherapy, symptomatic tests, diet as well as and nutrition. The best health insurance for parents can offer such facilities.
- Health Insurance Premium Management
Covering your parents under a family floater policy may not be enough. A limited sum insured is used for each member of the family which means inadequate coverage for elderly parents.
Investing in separate health insurance for parents not only for coverage benefits but also to save on health insurance premiums is important.
- Avail of Tax Benefits
Save tax under section 80D of the Income Tax Act when investing in health insurance for parents. If your parents are above the age of 60 years you can avail of up to INR 50,000 tax deductions.
List Of Health Insurance Plans For Parents
Let us talk about the best health insurance plans for parents that you can invest in:
| Health Insurance for Parents | Sum Insured | Why We Like It? |
| Niva Bupa Health Premia | Up to 3 Crores | International medical coverage is available |
| Care Senior | Up to 10 L | OPD coverage is available |
| Star Premier Health Policy | Up to 1 Crore | Wellness benefits are available |
| ManipalCigna Lifetime Health | Up to 3 Crores | Domestic and global cover available |
| Bajaj Allianz Health Guard | Up to 1 Crore | 100% restoration of the sum insured in case of exhaustion |
Buyer’s Checklist for Health Insurance Policy For Parents
- With growing age, ailments like diabetes and high blood pressure are common diagnoses. As you age, select a health plan with a minimal waiting period for pre-existing disease coverage.
- Consider the amount of sum insured available with the health insurance plan you are purchasing for your parents. Understand if the amount is adequate for the medical needs and requirements of your parents.
- Research the network hospitals associated with the health plan that you have selected.
- Additional value-added benefits must be looked at before investing in any health insurance plan for parents.
- Understand conditions such as deductibles and co-payments if any associated with your parent’s health insurance policy.
Our Final Take
Watching our parents age is never easy!
It is important to be the pillar of their strength in their old age. With growing age, our parents are prone to many illnesses and physical changes. Investing in a health insurance plan for parents will offer you financial support to take better care of your family.
If you wish to further compare health premiums, plan features, and company credentials look forward to seeking guidance from the best in the industry. PolicyX is India’s leading insurance aggregator with a decade of market expertise. The brand is known for simplifying all your queries related to parent’s health insurance.
