Health insurance coverage is essential now – not only for oneself but for the complete family, specifically for elderly parents and grandparents. There has been a continual rise in health-related expenses, and with the ongoing worldwide pandemic, it is evident that your savings may not normally be enough to meet your health-related expenditures adequately.
Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance, says, “As one’s parents age, the hospital visits and ailments increase. In the backdrop of such a landscape, the best decision you can make for your elderly parents and grandparents is to purchase a health insurance policy for them.”
He additional adds, “This will ensure that their medical costs are adequately covered, and they can live a financially stress-free life.”
At the exact same time, there are a handful of issues that you should take into account just before acquiring a wellness insurance coverage policy for senior citizens in your family.
Check the waiting period – It is very important to verify the waiting period of the selected policy. As the hospitalization wants of senior citizens are normally more imminent, it is advisable to opt for a wellness insurance coverage policy with a minimum waiting period.
Examine the exclusions and sub-limits- Always opt for a policy that has no or minimum exclusion.
Deshpande says, “Read the policy documents carefully to understand the exclusions from the policy since many senior citizen health policies come with sub-limits and co-payment.” Additionally, fully grasp the procedures and remedies that have sub-limit or co-payment clauses.
Terms and situations concerning pre-current illnesses – Choosing the appropriate wellness insurance coverage policy for senior citizens can be difficult verify the terms and situations concerning pre-current illnesses – For instance, no matter whether particular pre-current illnesses or remedies are covered in the policy or not, the waiting period of every co-payment clause, and so forth.
Look for higher sum insured – Medical price of surgery/remedies of aged men and women are commonly higher. Hence, to bridge that disparity in expenses, look for higher sum insurance coverage worth.
Deshpande adds, “One should compare various plans and premiums from multiple insurers and opt for an ideal plan for their parents and grandparents.”
Avail tax advantages – You can also get an exemption of up to Rs 50,000 for the premium paid for senior citizen insurance coverage policies beneath Section 80D of the Income Tax Act 1961.