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Discovering Care Senior Citizen Health Insurance Plan for your Parents

Published On Apr 15, 2021 5:30 AM By KANIKA WADHWA

The Care Senior Citizen Health Insurance Plan is explicitly intended to offset the high health costs that come with becoming older. With that healthcare costs and exorbitant hospitalisation costs, medical insurance for parents is more important than ever. It provides financial protection for unforeseen expenses, such as cashless and best care for any health ailment that necessitates hospitalisation. Additional incentives such as domiciliary hospitalisation coverage, organ donation cost coverage, and policy renewability for the rest of your life, as well as tax benefits on the premium, make the Care Senior Citizen Health Insurance Plan worth the purchase.

Eligibility Conditions of Care Senior Citizen Health Insurance Plan

The policyholder must be one of the following:

  • Parents must be between the ages of 60 and 80 to be eligible for health insurance coverage.
  • Senior citizens up to the age of 65 are provided with lifelong renewability.

Care Senior Citizen Health Insurance Plan

Following are some of the main advantages of purchasing care health insurance for parents:

  1. Cashless Medical Treatment: With Care health insurance, you can receive cashless medical treatment at any of the network hospitals.
  2. High Sum Insured: Due to the increased health risks associated with advanced age, a higher sum insured amount is offered. Options for sum insured range from Rs 3 lakh to Rs 10 lakh. Some policies have a higher level of coverage.
  3. Treatment for Pre-Existing Illnesses: Following the specified waiting period, care health insurance for parents also provides pre-existing condition coverage for Diabetes and Hypertension.
  4. Tax Benefits: The premium charged is eligible for tax benefits up to Rs 50,000 per fiscal year under Section 80D of the Income Tax Act.

Factors To Keep in Mind While Choosing Health Insurance for Parents?

You can keep the following points in mind in order to choose the best health insurance plan for your parents -

  • Maximum Coverage- It's important to read the policy inclusions and restrictions before purchasing health insurance for your parents. Your parents require a package that covers a wide range of illnesses. They are more susceptible to serious illnesses at this age, so that should be protected. Check to see if the diseases on your priority list are included.
  • Age of Inclusion - Most health insurance plans protect people aged 55 to 80. Certain proposals, however, have an entrance age of more than 60 years. Choose a package that allows you to join at any age and has no upper age limit, as well as the option to renew it for the rest of your life.
  • Waiting Period - After a lengthy waiting period, pre-existing conditions are shielded. Choose a package with a shorter waiting period and coverage for the most common diseases, such as heart disease and diabetes.
  • Compare Health Insurance Plans - Everyone tries to buy the best health insurance package for their parents, without a doubt. However, before settling on a final health insurance package, make sure you look at the various options available on the market.
  • Network Hospitals - It's important that you look over the list of network hospitals that operate with the insurer you've chosen. Ensure that the names of reputable hospitals in your area are included in the plan so that they can be taken to the hospital in an emergency.
  • Premium for insurance- The premium varies according to the individual's age, and the premium rises as the individual's age rises. This is why a senior citizen health insurance plan's premium is typically higher than a basic health plan's. That is why a senior citizen's independent health insurance package is preferable to a family floater plan.

It provides financial protection for unforeseen expenses, such as cashless and best care for any health ailment that necessitates hospitalisation.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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