Benefits for NRIs buying health insurance for their parents

Securing your parents under a health insurance plan is important, especially when you are an NRI. As your parents age, they develop various health issues and might need frequent medical attention. When you live miles away, securing your parents’ medical emergencies through a health insurance plan makes sense. You are even allowed to buy a health plan for your parents in India and get the benefits. Even when you do not stay in the country. The benefits of investing in a health plan are as follows –

Financial independence for your parents

After your parents are retired and living on their pension; a medical emergency might threaten their retirement corpus. It might even prove unaffordable if the emergency is severe, requiring extensive treatments. This challenges your parents’ financial independence. They might have to depend on you and while you would provide the best medical care, the distance factor might cause a delay or a hassle, especially in the case of emergencies. 

With a health insurance plan, your parents can face medical emergencies easily as the plan would allow them cashless treatments. This would not hamper their financial independence and allow them to avail of the best medical care without worrying about its affordability. 

Eliminating your financial burden

Medical emergencies can prove to be expensive and when they are frequent, they can put a strain on your finances. With a health insurance plan for parents, you can eliminate this financial strain that you might face when your parents suffer a medical contingency. You can easily arrange for the best medical treatments for your parents and afford the expenses of the same. 

The comprehensive scope of coverage

Health insurance plans in India provide a range of coverage features so that your out-of-pocket expenses are minimised. Right from when either of your parents needs medical attention until they recover, the health plan covers most of the medical costs.

Moreover, health plans also offer free health check-ups so that your parents can monitor their health regularly. With this comprehensive scope, your parents get financial assistance in almost all types of medical emergencies. This, in turn, can give them financial security and give them peace of mind. 

Tax benefits

Let’s not forget the tax benefits which come associated with health insurance plans. As an NRI, you can claim a deduction on the premium that you pay towards your parents’ health insurance coverage. The deduction is allowed under Section 80D of the Income Tax Act, 1961. The limit is Rs.25,000 which increases to Rs.50,000 if either of your parents is a senior citizen. So, if you have any income in India which is subject to tax, you can lower your tax liability by investing in a health plan for your parents.

Buying the right plan for your parents

When buying a health plan for your parents in India, you need to be aware of certain facts which would help you make the right decision. These aspects are as follows –

  1. If your parents are senior citizens, a senior citizen health insurance policy can prove ideal for their coverage. These plans cover older individuals and offer coverage features relevant to what your parents might need.
  2. In most cases, your parents would have to undergo a pre-entrance health check-up before the plan is issued. 
  3. The sum insured might be restricted given the age of your parents.
  4. If your parents suffer from an existing medical condition, there would be a pre-existing waiting period. So, in the case of pre-existing illnesses, opt for plans with limited waiting periods.
  5. Check the coverage limits and sub-limits to know how much the claim would be paid. Opt for a plan which has lower limitations so that your parents can enjoy wider coverage.
  6. Coverage might be limited to treatments within India itself. If your parents are visiting you abroad, medical emergencies and their subsequent treatments might not get covered. 

Buying a health plan for your parents in India is not difficult. You can visit the online marketplace, compare the available plans and buy a suitable policy.

So, find the right plan for your parents and insure them against unforeseen medical eventualities. To know more check http://blog.oneassure.in