What is the Age Limit to Buy Health Insurance for Parents
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What is the Age Limit to Buy Health Insurance for Parents?
Posted On : 25 February 2021, 7 Months Ago. Health-Insurance
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The insurance sector is indeed filled with healthcare policies tailored exclusively for senior citizens or parents over the age of 60. Some insurance firms often sell family floater health care policies that are specifically tailored for senior citizen households. If your parents are over 50 years old, however, your choices appear to be minimal. Furthermore, depending on the age of the eldest parent, buying a family health insurance plan that protects your parents will result in a higher premium. The age vs. health risk indicators is the primary explanation. When a parent's age rises, so does the risk factor and the possibility of filing a lawsuit.

 

Age Limit to Buy Health Insurance for Parents

 

There is no official minimum age limit for an insured, upper limit. However, since heath risks grow with a person’s age, and consequently, the possibility and frequency of claims increase. Therefore, there are special health insurance schemes for senior citizens. The lower age limit for these plans ranges from 60 to 80, with some plans even extending coverage upto 90 years or whole life.

 

Why Should One Avail Health Insurance for Parents at the Earliest?

 

1. Hospitalisation Cover, and Pre and Post Hospitalization Cover

 

With healthcare costs rising at an unprecedented pace, everyone can purchase comprehensive health insurance to cover both unplanned and planned hospitalizations in the future. Furthermore, as you get older, your healthcare needs may increase, while your source of income may decrease dramatically. As a consequence, being financially prepared ahead of time is suggested. A health insurance policy shields you from the physical and emotional burden of extra funds when the time comes.

 

2. Cashless Benefits

 

At network hospitals, most insurance providers have a cashless hospitalization benefit. When an insured person requires any covered medical care at a network facility, he or she is eligible for cashless hospitalization. This function is particularly useful in the case of scheduled hospitalization and procedures, as it helps the insured to pay the least amount possible at the time of hospitalization.

 

3. Tax Benefits

 

Premium charges for parents' insurance plan are tax deductible under Section 80D of the Income Tax Act of 1961. Under Section 80D of the Income Tax Act, you can claim a deduction of up to Rs. 42,744 on your family health insurance plan. You can also get deductions up to Rs. 1 Lakh if the proposer and the insured in the plan are above 60 years of age.

 

4. Additional Benefits

 

When you choose a higher amount insured, insurance firms usually give an extra discount. They also give a discount to policyholders who have not lodged a claim during the policy year. As a bonus, insurance providers can make the insured eligible for a higher amount insured in the following policy year for the same premium.

 

5. Pre-Existing Ailments

 

Pre-existing illness coverage may or may not be included in a parent's health insurance plan; either immediately or after the set waiting period has expired.

 

Conclusion:

 

When you get older, you're more likely to experience serious medical issues. With rising inflation, treating such illnesses is becoming more expensive. It's important to protect your financial security, particularly as you get older. It's a smart idea to get a health care package for your parents, and you can get a comprehensive health insurance plan for parents and senior citizens. This will ensure that you are not bound by finances during a medical emergency. It is easier to renew a pre-existing health insurance for parents, especially when they are old, than to buy a new health insurance policy.

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