KEEPING INSURANCE HUMAN
back arrow Back

Insurance for Parents of 70+

reply Share
17 Jun, 2021 by  Mathew

My parents are above 70 years. Both were tested positive for COVID in Feb '21, however, my dad was hospitalized for 2 weeks. He's currently recovering and to note that this is the first time in many years that he has been hospitalized and has no PED. However, my mom is a diabetic patient for more than 20+ years. The reason for me to look into a plan now is because of their age, there might be a requirement of future hospitalization. While reading through your article, few of the policies were discontinued by the Insurers Could you advise how to go forward with selecting policy and with whom?


like like
0
Parents-Health-Insurance

3 Answer

Post
19 Jun, 2021

Hey Mathew,


Since your parents are over the age of 70, it doesn't make financial sense to take a policy now.

E.g., a 5 lakh cover could cost you 60k-70k, which doesn't make commercial sense. Along with this, there will be a 2 year waiting period during which you won't be able to claim for several ailments.


My suggestion is that you make a reserve for your parents to use the amount in health emergency.


Anuj

like like
0
icon-comment 1 Comments
icon-reply Reply
26 Jun, 2021
Mathew
like like
0
icon-reply Reply
26 Jun, 2021

Hi Mathew


As suggested by Mr. Anuj it doesn't make financial sense to buy a health insurance policy for 70+ age group.


I just want to add one more thing here, there are provisions in Income Tax law in India that allow deduction of amounts expended towards treatment of senior citizens who don't have a health insurance policy subject to certain limits. You can claim the amounts spent subject to the threshold set in the Income Tax law.


Please start building a corpus by contributing monthly in a Recurring deposit.


Stay Safe

like like
0
icon-comment 1 Comments
icon-reply Reply
26 Jun, 2021
Mathew
like like
0
icon-reply Reply
28 Jun, 2021

Hey Mathew,


Its a tricky question which I am unable to answer. You would be able to decide about whether or not to buy a bank's group health insurance once you know what are the pros and cons.


I believe you should read the article penned by Mr. Mahavir Chopra few months ago. Link shared for your ready reference below.


https://www.beshak.org/insurance/health-insurance/articles/senior-citizen-health-insurance-without-medical-test-plans


Once you read the article you will get answer to your question and you can decide whether or not to proceed further


Stay Safe

like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂