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

National Savings Certificate

National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...

Am you Required to E-file Tax Return?

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 Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

Mutual Fund Review: HDFC Index Sensex Plus

In terms of size, HDFC Index Sensex Plus may be one of the smallest offerings from the HDFC stable. But that has not dampened its show, which has beaten the Sensex by a mile in overall returns HDFC Index Sensex Plus is a passively managed diversified equity scheme with Sensex as its benchmark index. The fund also invests a small proportion of its equity portfolio in non-Sensex scrips. The scheme cannot boast of an impressive size and is one of the smallest in the HDFC basket with assets under management (AUM) of less than 60 crore. PERFORMANCE: Being passively managed and portfolio aligned to that of the benchmark, the performance of the index fund is expected to follow that of the benchmark and in this respect, it has not disappointed investors. Since its launch in July 2002, the fund has outperformed Sensex in overall returns by good margins. While every 1,000 invested in HDFC Index Sensex Plus in July 2002 is worth 6,130 now, a similar amount invested in Sensex then wo...

Different types of Mutual Funds

You may not be comfortable investing in the stock market. It might not seem like your cup of tea. But you can start by investing in Mutual Funds. Many first-time investors invest in Mutual Funds. This is because they do not know how to invest in individual securities. Basic information on Mutual Funds People invest their money in stocks, bonds, and other securities through Mutual Funds. Each Fund has different schemes with specific objectives. Professional Fund Managers look after these schemes. Your Fund Manager could help you invest in a scheme that suits your financial goal. Functioning of Mutual Funds You could make money through Mutual Funds in different ways. A single Mutual Fund could hold many different stocks, bonds, and debentures. This minimizes the risk by spreading out your investment. You could earn dividends from stocks and interest from bonds. You could also earn capital by selling securities when their price increases. Usually, you could choose to sell your share any t...

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...

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