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What should be the ideal way to purchase insurance for my parents?

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08 Feb, 2022 by  Jalem Raj Rohit

I am having a 10L health insurance coverage (in addition to the one my company offers).

I am planning to take a ~80L top-up. So, I wanted to understand if I can include my parents also in the top-up?


If not, then what would be the best way to get health insurance for my parents? (They are 56, 54 yrs old. Mother has mild diabetes)


PS: My Dad works at a PSU, so the healthcare is free for the family. However, the healthcare quality at the PSU's hospital has been on a decline, so I didn't want to take a risk anymore. Thus, the reason behind going for health insurance.

Thanks for the help in advance 🙂

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Parents-Health-Insurance

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17 Feb, 2022
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Yes definitely you should think to get insured to your parents. You should think to have separate individual policy for your parents. Suggest you to fill in trumatch form of Beshak, after that advisor can give you best solution via Beshak trumatch report for your parents.


Thanks



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17 Feb, 2022
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Hi,

You should definitely take an insurance cover for your parents but would advise to take a separate floater plan exclusively for them, considering they are in the higher age bracket, the premiums would be relatively higher.

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17 Feb, 2022
connect with advisor

Hi Jalem,


Please take sufficient base cover for parents from today and then enhance with super top up with same insurer. It's important as the waiting period for pre existing disease needs to be considered along with the new age band when the my turn 60 and copay comes into picture.

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17 Feb, 2022
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Buy a separate family floater base policy for your parents (covering only parents), take SI of at least 10 lakhs.


Take a super top up of ₹ 25-50 lakhs from the same insurance company with deductible equal to SI of base policy.


Start a small SIP to create a healthcare fund as well for them.




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21 Feb, 2022
We breathe insurance :)

Hello Jalem,


Taking a floater policy with parents:

Very few policies allow you to add your parents to the same floater plan. Also, Parents ideally should have a separate cover as far as possible: The premiums for the entire family + the chances of getting a higher coverage, or upgrades later are also significantly affected


Since your parents are less than 65, nearly every popular, comprehensive health insurance policy can be bought for them.


Recommendation Report:

You can now get a free comprehensive product recommendation report from Beshak.

  • You simply have to speak to one of our community advisors (carefully curated independent financial advisors) based on your choice.
  • They will understand your parent's profile, history, and requirements well, and pass on this information to our research team for issuance of a free report suggesting plans you can opt for, based on product benefits, claims, and service track record.
  • This is a 100% free-of-charge service.


To start:

You can choose a preferred advisor here: Top Verified Financial Advisors | Financial Planning Advisors | Beshak.org


Let us know if you have questions.


Regards

Team Beshak.

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