Friday, September 21, 2018

Should I take health insurance for my retired parents?

After retirement health insurance is one of the best option to keep oneself healthy and secure and so the availability is too easy and fast.

  • Should I take health insurance for my retired parents?

By OLM Desk

According to V. Jagannathan, CMD, Star Health and Allied Insurance, one must take a proper health insurance plan for the elderly. These days there are health insurance plans exclusively available for senior citizens who are over 65-years-old. When taking a policy for them, try and avoid co-pay as well as any sub-limits. To make any future claims hassle free, ensure that you have declared every detail correctly in the application form, lest you are declined a claim on account of concealment of facts later. Price is critical when choosing a policy, so compare among the available options and start with a cover of Rs. 7.5 lakh, if you can afford it. The fact that you can claim additional tax deductions when taking such a policy is an added benefit to you.