Protecting Parents

HOW TO BUY INSURANCE FOR YOUR 60-PLUS PARENTS AT AFFORDABLE PREMIUM

- APRAJITA SHARMA

You don’t want your parents to age. But aging is inevitable. What you can do is provide them the best possible healthcare. With health expenses rising, especially due to Covid-19, medical expenses of parents can pinch your pocket hard. That is why you must buy a suitable health insurance policy for them. However, health insurance plans turn expensive with age. If your parents are 60-plus, covering both in a comprehensive plan ( ₹10 lakh cover) may cost you up to ₹50,000-60,000 a year. The other option is senior citizen-specific policies, with lower premium but some limitations.

As you do your research to zero in on the best health insurance for your parents, note that the premium should not be the only parameter. The policy should provide decent coverage in case of hospitalisation. “Take a note of preexisting diseases (PEDs). If these are minor, such as mild hypertension or diabetes, there will be a wide variety of policy options, but if the parents have chronic diseases such as diabetes that requires them to take regular insulin shots, your options will become limited. If money is not an issue and there is no major PED, comprehensive health plans will be the best. Buy senior citizen-specific plans if your parents have a PED, but such plans come with limitations such as 20-50 per cent co-payment, room rent limits, disease-specific limits and waiting period on PEDs,” says Amit Chhabra, Head- Health Insurance, Policybazaar.com.

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