The presence of elderly grandparents and parents is a blessing. They guide us through valuable experiences throughout life’s ups and downs. In return, family members need to take care of the health and well-being of their elders against old age-related ailments and unexpected emergencies. That’s why it is essential to invest in the right health insurance for senior citizens to take care of expensive treatment costs and healthcare during their golden years.
However, the biggest mistake made by family members while securing their senior citizen parents is of covering them under the family floater plan. By doing so, they limit the elders’ coverage as family plans have a common sum insured that is shared among all the insured members. With limited coverage and benefits, your parents may end up losing access to quality medical care when the need arises. That’s why it is ideal to opt for a separate health insurance plan for senior citizens.
Below are some other reasons why a different health cover is a preferable choice over including your under a family floater strategy:
Lowers Your Annual Premium Amount
Given the pre-existing ailments of senior citizens, such as diabetes, hypertension, etc., the cost of securing their health if elders are way higher than that of younger family members. For instance, the premium of a family floater health plan covering 2 adults in their 30s is around INR 10,000. On the other hand, the cost of covering 1 elder person above 60 years under the same plan is no less than INR 20,000. Thus, by getting a separate cover for your parents, you can ensure both the premium amounts are separate and affordable.
Ensures Adequate Coverage for Elders
People in their old age need better medical attention and care. Given their weakening health condition and lower immunity, it is best to customise the health insurance plans for senior citizens to match their personal medical needs. This customisation is not possible under a family floater plan.
Also, it is important to note that the senior citizen policies come with a clause of 10 to 20% co-payment. Co-payment is the share of the claim amount that is to be borne by the senior citizen under every claim raised. The good news is that some leading health insurers, like Care Health Insurance, offer an additional benefit to waive off the co-payment by paying a slightly higher premium amount. This helps you get complete protection against hefty hospitalisation bills when your elders undergo a medical emergency.
Promises Tax Benefits
One of the greatest advantages of securing your elders under a separate health cover is the attached tax benefit. Under section 80D of the Income Tax Act, people above 60 years of age are eligible to avail of deductions up to INR 75,000. This benefit is available for parents above 60 years of age while the individual and family are under 60. In case both the parents and the premium paying individual and family are above 60 years, the deductible limit is up to INR 100,000. This way, separate health insurance for elders becomes a great investment that lowers the tax liability of senior citizens while strengthening their financial backbone.
Safeguarding Your Parents with the Right Health Cover
While having the support of parents is a blessing, supporting them during old age can be challenging. Thus, you need a reliable health partner, like Care Health Insurance. The health insurer offers customised and affordable health insurance plans for senior citizens. Its exclusive health covers are complemented with unique benefits like annual health check-ups, co-payment waivers, AYUSH treatment, and other health benefits. So, gift your elders a happier and healthier retirement with the right senior citizen health plans.
