Health Insurance for Parents

Health Insurance for your parents is equally important as it is to you. It carries more weightage due to high probability of falling ill in that age. For finances sake, it is wise to transfer the risk of medical expenses to insurance company, due to the reasons like

· Increasing Medical expenses

· Low surplus left after saving for other important goals.

· Increasing Life expectancy and deteriorating health

A person's medical needs increases with old age. With health expenses increasing exponentially, any treatment could easily wipe out your parent's savings kitty. Even if your parents are financially independent it is advisable to buy them a health insurance plan, which ensures that medical expenses should impact there savings kitty to the least. It ensures that your parent's health care is secured and they can enjoy their savings too. Don't wait for any emergency as it may cost you huge

Though most of you are actually sensitized towards this but even then could not buy any mediclaim with the reason of not finding a Suitable or BEST policy . Many of corporate employees feel that they have added the name of their parents in the employer provided coverage so there's no need to buy a separate Health Insurance policy for Parents. But this is not wise to depend on the employer's policy only. Reasons are same

This post is all about the various health insurance policies available in the market which you can buy for your parents. With coming up of standalone insurers, this health insurance segment is flooded with many innovative products. Which are quite similar with each other but suitable to your requirements.

Specific Health insurance policies for parents or Senior citizen.

If your parents has crossed 60 years of age then the options becomes specific. Following companies has got special plans for Senior citizens

1. Star Health Insurance – Star Senior citizen Red carpet plan.

2. Bajaj Alliance General Insurance – SILVER Plan

3. Apollo Munich Health Insurance – Optima Senior

4. National Insurance – Varishtha health Insurance.

5. United India Insurance – Senior citizen plan

Small comparison of the Health Insurance plans available for parents

As you can see that with the various options available for health Insurance for parents, you are bound to get confused. Below I have shared few pointers which will help you in selecting the suitable one.

1. Always go with the policy with Maximum Renewal age.

2. Work on your expenditure and buy the maximum possible coverage. Believe me; you just have to reduce your expenses by Rs 1500-2000 per month.

3. Check out for the First Year, Second year, special and permanent exclusions if any in the plan.

4. If there's any Pre-existing Illness, and you are more worried on that front then you should go with the plan with least waiting period on Pre-existing illness, like select between Star/National/United.

5. If Parents are fit and fine then select Policy with No limits on room rent .This is because the total hospitalisation expenses depends on the room rent only.

6. If Parents are diabetic then one should go with nationalised insurances like National/United, to get easy coverage. As they cover these cases with some extra premium.

Some other options for Health insurance for Parents

The options are limited in case your parents have crossed 60 years of age. But if you are acting proactively then it is wise to get them entry in this health insurance space before 60 years to take full benefit of plans that too without any co-payment, sub limits and with lifetime renewal. There are plans with Religare health insurance, Apollo Munich Health insurance and Star health (Comprehensive).where if one takes entry before 60 years i.e even at 59 years , he/she can enjoy all the benefits even after crossing 60 years with continuos renewal. Even though these plans doesn't have any entry age restrictions but still it has co-payment clause if anyone takes entry after 61 years of age.

Conclusion

If you are still waiting for a good health insurance policy for your parents then this is the time to act. Your wait may cost you with some limits on the coverage. To get a comprehensive coverage get your parents Insured right now. There are many health insurance plans which give the continued, comprehensive coverage for lifetime if taken at appropriate stage and at right age.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

ICICI Prudential Tax Plan Invest Online

HDFC TaxSaver Invest Online

DSP BlackRock Tax Saver Fund Invest Online

Reliance Tax Saver (ELSS) Fund Invest Online

Birla Sun Life Tax Relief '96 Invest Online

IDFC Tax Advantage (ELSS) Fund Invest Online

SBI Magnum Tax Gain Scheme 1993 Invest Online

Sundaram Tax Saver Invest Online

Edelweiss ELSS Invest Online

What are the factors affect the changes in Interest Rate of Fixed Deposits?

What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...

Understanding Your Cibil Credit Information Report

WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions. While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application. Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...

Capital Protection Oriented Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Capital Protection Oriented Funds Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...

Mutual Fund Review: ING Dividend Yield

ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks. Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...

Good Loan

Why Is It A Good Loan?: Loans against gold are cheaper and better than personal loans as the former are available at lower interest rates. In contrast, the interest rates on personal loans are not standardised and can vary from bank to bank. Also, a personal loan depends on a host of factors including, the borrower's salary, profession and the purpose for which the loan is being taken. For instance, the interest rate on a personal loan of 5 lakh falls in a wide range of 15-30%. But loans against gold are available for as low as 11%. Secured borrowing such as a loan against gold, investments or property is cheaper because it is backed by some assets, which command a good value at any point of time. If the borrower defaults on the loan, the banks can liquidate the assets to settle the loan account. Being a secured loan, the risk of default and credit losses is significantly lower in this loan compared to other forms of loan for personal use. Given the lower risk, gold loa...

Invest in Tax Saving Mutual Funds	Download Any Applications
Transact Mutual Funds Online	Invest Online
Buy Gold Mutual Funds	Invest Now

Invest in Tax Saving Mutual Funds	Download Any Applications
Transact Mutual Funds Online	Invest Online
Buy Gold Mutual Funds	Invest Now

Prajna Capital - An Investment Guide

Search This Blog