As our parents start getting older, health risks also rise. Hence, it becomes imperative to buy health insurance for them. As per insurance experts, a health plan for parents must be bought at an early age to avoid any restrictions related to age. As a rule, insurance premiums mostly increase with advancing age.

Nevertheless, there are several insurance companies that also provide dedicated and comprehensive plans for senior citizens. While these may be a bit expensive at times, they can be bought in case somebody misses buying insurance before 60-year of age. These plans offer critical illness cover, cashless hospitalization, and pre-existing disease cover and specific coverage for some diseases.

While buying insurance for parents, one should always buy a convenient policy as they are more likely to use the policy, says Ajay Shah, Director and Head – Retail Business, Religare Health Insurance (RHI). Due to age, they are more vulnerable to multiple diseases.

Convenience, in this context, means that there should be minimal financial load on insurer at the time of hospitalization.

The customer should be aware of the waiting period for the parent’s insurance policy to avoid any delay in the time of need.

“It’s better to read all terms and conditions and understand them thoroughly to have a hassle-free experience during hospitalization,” Shah adds.

One should also choose cashless health insurance. With cashless insurance, the insured person can avail of quality treatment in any of the network hospitals of the insurer.

Besides, customers who buy insurance for their parents can avail of income tax exemption under Section 80D, based on the premiums paid on these policies. Section 80D of the Income Tax Act, 1961, allows investors to deduct up to Rs 25,000 paid towards the premium of a health insurance policy every year.

“If the parents are senior citizens then by paying their insurance premiums one can get tax deductions of up to Rs 50,000 a year,” adds Shah.

Insurance companies such as Religare Health Insurance offer a comprehensive health insurance plan called ‘Religare Care Freedom’,  which is aimed at providing health insurance to all people of all ages.

Similarly, Bajaj Allianz and Star Health insurance also offer comprehensive health policies that can be opted as per the needs.

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