Can NRI’s Buy Health Insurance for Parents in India?

Posted on: Jan 12, 2022 | | Written by:

Can NRI’s Buy Health Insurance for Parents in India?

Published on January 12, 2022. EST READ TIME: 4 minutes

The COVID pandemic has made us realise how easy it is to start worrying about a loved one’s health when things go south. So, even if you are an NRI with parents living in India, in case they face a medical emergency, you are bound to worry even from miles away. Which is why, getting parents’ medical insurance is so important these days. With it, your parents can seek quality and timely treatment without worrying about the hospital bills. Insurance companies in India offer many different health plans for parents and senior citizens online. So, you can easily shortlist a few and compare their inclusions, exclusions, benefits and other features from the comfort of your home and choose a suitable plan.

Why should NRIs invest in health insurance for their parents?

Here’s why NRIs must avail adequate parents’ health insurance:

1. High healthcare costs:

Considering medical inflation, even a minor illness and hospitalisation can burn a hole in your parents’ pocket. This can be particularly strenuous for elderly parents or senior citizens with limited or no income.

2. Financial support:

Medical emergencies and hospitalisation are higher among senior citizens. Hence, it is important to cover them under a good health plan that will meet their medical expenses without any financial stress.

3. Home healthcare:

A good parents’ health insurance policy also covers the cost of home healthcare. If a patient is not in a condition to go to the hospital and is advised domiciliary hospitalisation by a healthcare practitioner, the insurer will take care of home healthcare expenses.

4. High life expectancy:

Thanks to advanced medical procedures and health consciousness among many, life expectancy has gone up in the past few decades. However, people living a longer life are also susceptible to age-related and other health conditions. Hence, a health insurance for senior citizens or parents’ health insurance policy is important for financial security.

Things to keep in mind when buying health insurance for parents

When you are taking a health plan, make sure you keep the following things in mind:

1. Entry age limit:

This varies from policy to policy, so make sure you check the entry age limit when taking a health plan for your parents. While some insurers have the maximum entry age as 65 years, others cover individuals aged between 65 and 80 years as well.

2. Policy coverage amount:

This is the maximum amount that the insurer will reimburse against the medical expenses of your parents. Hence, make sure you choose an adequate amount keeping their age and medical inflation in mind. However, also check the co-pay clause and deductibles before choosing a coverage amount.

3. Cashless treatment:

Select an insurance company with some good network hospitals near your parents’ house. In case of a medical emergency, they can avail cashless treatment at a network hospital. This will save you and your parents from the hassles of filing a reimbursement claim.

4. Health conditions covered:

When you are taking a parents’ health insuranceplan, make sure you take a comprehensive one, keeping their medical condition and family health history in mind. Compare a few policies and choose one that covers all ailments that your parentsmight suffer from in the future. This will help them avail good medical treatment without worrying about the bills.

5. Lifetime renewability:

Choose a plan that offers lifetime renewability to keep your parents covered all the time. This will also save you from the hassles of looking for another health plan for them later.

6. Free health check-ups:

Look for a health plan that offers free health check-ups at the time of policy renewal. This will help in the early diagnosis of a health condition and its timely treatment.

Important features to consider when taking a health plan for parents

• Policy coverage:

Choose a health plan that covers hospitalisation expenses, pre and post hospitalisation bills, home healthcare, day-care procedures, AYUSH treatment, and more. A comprehensive health plan will keep you and your parents at peace and save them from high healthcare expenses.

• Network hospitals:

Go for an insurance company with a long list of network hospitals. In case of a medical emergency, your parents can opt for cashless treatment at a network hospital.

• Waiting period:

Since your parents can’t avail policy benefits until the waiting period is over, look for a parents’ health insuranceplan with a shorter waiting period.

• Sub-limits:

Sub-limits are the limits that insurance companies place on medical expenses to limit their liability. Hence, choose a health plan with low or no sub-limits.

• Pre-existing conditions:

If your parents suffer from pre-existing conditions, look for a plan that will cover them.

• Novel coronavirus treatment:

Since the pandemic is far from over, make sure you choose a health plan that will cover COVID-19 treatment costs as well.

• Claim settlement:

Pick an insurer with a hassle-free claim settlement procedure and good claim settlement ratio.

Tax Benefits

As per Section 80D of the Income Tax Act 1961, you can avail tax benefits on the premiums paid towards your parents’ health insurance policy. If your parents are below 60 years of age, you can get tax benefits of up to INR 25000 annually on the premiums paid. On the other hand, if your parents are senior citizens or 60 plus, you can claim annual tax deductions of up to INR 50000 on the premiums paid by you towards their health insurance policies.

Conclusion

You can easily buy a parents’ health insurance policy online with minimum paper work and cover your loved ones against medical emergencies. Since you are staying away from your parents, it is all the more important for you to take a health insurance policy for them. However, make sure you choose an adequate and comprehensive health plan that will take care of their medical expenses and keep them covered throughout.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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