Can Parents Get Health Insurance Even After The Age Of Retirement?

Retirement is a beautiful phase of life that’s filled with newfound freedom and the opportunity to pursue passions. However, amidst its charm and relaxation, this stage also comes with its fair share of challenges. As your parents grow older, their bodies undergo natural changes, which make them more susceptible to various health conditions.

As per the World Health Organisation (WHO), several health issues arise during the age of retirement, which are known as geriatric syndromes, which include cataracts, back pain, diabetes, loss of hearing, depression, etc.⁴

Thus, ensuring that your parents have access to quality healthcare becomes paramount during their retirement years. Further, health insurance can play a significant role in addressing this need. It will help your parents navigate the complexities of healthcare expenses without having to worry about arranging funds.

In this article, let us explore the provision of health insurance for your parents during their golden years.

Health Insurance For Parents After Retirement

Many insurance companies provide specialised health insurance for parents above 60 years of age. These plans cover a wide range of medical treatments, ensuring that they have financial security and peace of mind during their twilight years.

Reasons To Have Health Insurance After Retirement Age

Now, let us look at the benefits offered by a health insurance cover for parents

Provides Protection As They Age

Retirement opens doors to the golden years of life, but it is also a phase in which the body may become more prone to illnesses and injuries. Therefore, it is essential to have a health insurance plan in place that covers the costs of medical care, making it more accessible and affordable.

Covers A Wide Range Of Medical Expenses

Health insurance for parents provides coverage for a wide range of healthcare expenses, ensuring they receive the necessary care in times of need. This coverage includes - **Cost Of Hospitalisation **
Expenses associated with hospital room, nursing care, medical treatments, etc. . Pre And Post Hospitalisation Expenses
Costs associated with diagnostic tests, consultations, medications, etc. required before and after the hospital stay.

Ambulance Charges
Expenses incurred for transporting your parents to/from the hospital.

Daycare Treatment Expenses
Treatments that can be completed in a few hours and do not require a hospital stay such as chemotherapy, cataract treatment, etc.

Domiciliary Hospitalisation Expenses
Your parents can take medical treatments at home instead of being admitted to a hospital in case they are unable to move to the hospital or there is an unavailability of hospital beds. Expenses incurred for such type of hospitalisation are covered by the insurer as well.

Provides Coverage For Preventive Healthcare

By purchasing a health insurance plan, your parents can access preventive care such as regular check-ups and screenings that will help them detect and manage health issues at an early stage.

Allows Them To Enjoy Financial Independence

By securing a health insurance plan, your parents won't have to rely on you or anyone else to pay the medical bills, if the need arises. And the best part is that you can ensure this financial security for them by paying a small yearly premium. This way, they can lead a financially independent life and focus on what matters the most - their well-being.

Covers The Pre-existing Conditions

As your parents get older, they are more likely to have pre-existing medical conditions that require ongoing care and treatment. These are medical conditions, illnesses, etc. that have been diagnosed and treated within 48 months prior to the purchase of a medical insurance policy. Health insurance serves as a safety net that covers these conditions effectively - enabling them to receive the medical care they need.

Provides Income-Tax Benefits¹

If you are insuring your senior citizen parents (above 60 years), you will be entitled to a tax benefit of up to Rs. 50,000 in addition to your own tax benefit of Rs. 25,000 (if you are below 60 years). So, a health insurance policy not only protects your parents but also gives you a tax benefit of up to Rs. 75,000 per year. It's a total win-win situation - you can take care of your parents' health while also saving on taxes!

How Much Health Insurance Do I Need For Parents?

If your parents are above 60 years of age, an individual health insurance cover of Rs 15-20 Lakhs will be enough. If you are unable to afford that much, go for the maximum level of protection you can. Remember to not compromise on the coverage.

Conclusion

Health insurance is a must-have for everyone, especially for someone who has retirement plans. It is a robust ally that ensures your parents’ financial safety from the rising day to day costs of medical care. It ensures they receive quality healthcare without depleting their savings or burdening their loved ones.

Sources
⁴https://www.who.int/news-room/fact-sheets/detail/ageing-and-health