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

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country. Why India as the next manufacturing destination? The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...

How to generate a UAN Online

Best SIP Funds Online In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer. However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating. Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11. Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...

Mutual Fund Review: Reliance Regular Savings Equity

Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%). When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...

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