If you are confused as to whether you can purchase health insurance for your parents, then the answer is yes! Not only is it feasible, but it is also a convenient method to make sure that they are receiving the medical attention they deserve without inflicting too much financial burden on the budget. We'll discuss what you need to know about buying health insurance for your parents in Bangalore.
Why Should You Get Health Insurance for Your Parents?
1. Healthcare Costs Are Rising
Medical care in Bangalore is an intense demand especially for the elderly. Health insurance makes it cheaper to pay for what all illness involves, and so, when things do go wrong it doesn't leave you with one outrageous bill.
2. Covers a Lot of Expenses
Health insurance can cover costs such as hospital stays, consultations with and after treatment, ambulance taxi, and even minor procedures, etc. That is, your parents can be safely covered in a wide variety of medical environments.
3. Gives You Peace of Mind
There is no doubt that learning to manage an emergency budget at the same time that parents are being aware of their health insurance leads, in that sense, to a reduction of the anxieties needed for emergency money management. Furthermore, it allows a greater understanding and a deeper consideration of the recovery and the care of the patient.
4. Access to Better Hospitals
Thanks to insurance, the cost of treatment at some of the best hospitals in Bangalore does not have to trouble the parents. They have access to the best possible care when they need it most.
5. Age Limits
A lot of insurance companies provide a plan for the elderly, with an enrolment age up to 7 or 7.5 years old. Be on the lookout for plans with life renewals so your parents' coverage doesn't lapse with age.
6. Pre-Existing Conditions
Get a plan with pre-existing conditions coverage, if your parents have diseases, such as diabetes, or high blood pressure. Basically, the plans include an initial delay before implementation.
7. Cashless Treatment
Most of the insurers have an existing relationship with the Bangalore based hospitals where prepayment is not necessary. The insurance company pays the hospital bill directly.
8. Affordable Premiums
There are many insurance companies in Bangalore that offer low cost plans for the citizens in the senior citizen age group.
9. Extra Benefits
Some schemes offer the additional benefit (e.g., free health check-up every year, inclusion of alternative therapy (e.g., Ayurveda) or higher limit of benefit, no claims in 1 year).
Guide to Buying Health Insurance for Parents in Bangalore
Understand Their Health Needs
Consider the medical condition of the parents and the future treatments they are likely to require. With this, you will be able to select from a range of plans based on the individual's requirement.
Read the Policy Carefully
Before buying, go through the terms and conditions. Find out what, if any, waiting period, exclusions will apply, and if there are any additional fees.
Ask for Help if Needed
If you’re confused, talk to an insurance advisor or agent. They will be able to tell you what's going on and how to guide you to the right choice.
Tax Benefits of Health Insurance
Reducing your tax burden is possible, Thanks to the benefits provided under Section 80D of the Income Tax Act. Here's how it works:
* If your parents are below 60 years of age, you can claim a maximum deduction of ₹25,000 per year on the health insurance premiums paid for them.
* If your parents are aged 60 years or above, the deduction limit increases to ₹50,000.
* If you also purchase health insurance for yourself, your spouse, and dependent children, you can claim an additional deduction of ₹25,000, bringing the total deduction to ₹75,000 if your parents are below 60 years or ₹1,00,000 if your parents are senior citizens.
Common Problems and How to Solve Them
Premiums Are Too High
Consider the subscription of a "super top-up plan" with coverage rollout incrementally and incrementally increased in price.
Not Enough Coverage for Pre-Existing Conditions
Look for plans with a shorter waiting period for existing health issues. There are, indeed, companies who also sell personal plans for known diseases, like diabetes.
Complicated Terms
Get professional or online advice so as to understand better the fine print.
Claims Get Rejected
If you purchase the policy, please indicate that you must provide complete and correct information on medical history at all times, and you must have all processing information ready when you initiate the claim.
Final Thoughts
Purchasing health insurance for your parents in Bangalore is justified for several reasons, namely, it provides them with some financial respite during medical treatment. Insurewinsure provides reasonably priced and trustworthy plans which are ideal for senior citizens in Karnataka.
Develop, compare, and validate hospital networks and then move to, for example, policy analysis, etc. If you have the right plan, you can pat your parent on the back with the assurance that they will be safely in the care of doctors at a minimal cost.
