How Can NRIs Avail Health Insurance Coverage for Parents in India?

There has been an increasing preference of individuals to go abroad for more than one reasons starting with better quality of education, lifestyle and even work. While it may mean leaving your family and parents back home, it is imperative for you to look after them while you attain the NRI status. This concern has solidified during the ongoing pandemic where international boundaries have not yet been completely opened and medical coverage is high on priority. At such times, in your absence, a health insurance policy is the saviour that safeguards any financial worries that might turn up unexpected.

Why should NRIs purchase a health insurance policy for parents?

When you are away from family in a distant foreign land, it may become difficult for your parents to manage all the treatment costs on their own. Health insurance plans help mitigate the steep medical treatment costs for both major as well as minor treatments. The life expectancy has also gone up during the last few decades. It is a positive thing to see people living longer but that comes with increase in medical treatments required especially at an older age. With family health insurance, you can be financially secured for the necessary treatment costs being covered by the insurer. Further, most parents are dependent on their children for financial support unless they have an adequate pension for themselves. With this pension facility not available to all those who retire, it becomes financial burden to tackle medical treatment, specifically, after retirement since income source is limited.

What you should check when buying health insurance for parents?

Health insurance coverage for every age differs. Thus, you need to reanalyse using the below mentioned points of what will be suitable for your parents.

1. Entry age limit

Entry age limit is that age which the insurance company allows to purchase a policy for you or your beneficiaries. The lower this age, it acts as a barrier to buy coverage. When you select a policy, you need to check if the policy covers your parents. Generally, insurance companies have age up to 80 years for health insurance for senior citizens whereas some plans limit entry up to 65 years only.

2. Coverage amount

The coverage amount is a crucial when it comes purchasing health plans for your parents. Higher the sum assured, higher will be the compensation provided. However, you need to consider other policy terms like deductibles and co-pay since they impact how much payment will be required at the time of treatment. Make sure to compare health insurance plans before finalising on one. * Standard T&C Apply

3. Treatments covered

Considering your parent’s medical history and genetic ailments, you must opt for a policy that covers all possible chances of ailments that might occur. However, apart from that, depending on the lifestyle conditions, you need to also consider which ailments must be a part of your insurance plan. With a comprehensive coverage for ailments, you can ensure your parents have the needed medical assistance when you aren’t around. * Standard T&C Apply

4. Cashless facility

Another consideration that you as an NRI must remember is to ensure the treatment is cashless. With money out of the way, your parents need not worry to pay first for the treatment and then follow up for reimbursements. Cashless treatments ensure a direct and hassle-free settlement by the insurance company with the affiliated network hospital. With a responsibility to shoulder, a health insurance policy even in your absence can manage the necessary medical treatment costs without your parents having to worry about it. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.