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Should You Include Your Parents in Family Health Insurance?

Family Health Insurance
In: Health

Purchasing  health insurance plans are the best way to tally the medical expenditure of your loved ones without draining your savings. If you are confused about whether you should include your parents in the  health insurance, now is the right time to do so. There is a myriad of health insurance options available for your parents in the Indian market, that you can opt for. Getting a senior citizens health insurance separately for them will also be beneficial, however, a combined family health insurance will be an ideal choice. 

Here are a few points which need to be kept in mind before deciding whether one must include their parents in the family health insurance!

  • Family health insurance (including senior citizens’ health insurance) and its benefits

Family Health insurance plans are created in order to provide better benefits than individual health insurance. If one buys a health insurance plan for every member of the family individual, the total cost, in the end, would be higher than the  health insurance plans. Senior citizens health insurance has become mandatory for older people considering the unstable world scenario. The susceptibility to diseases increases at an older age due to the weaker immune system. If you are including your parents in the  health insurance plans, it is a great idea to get a single plan for the entire family. Although the premium would be quite high than the personal health plan, it is worth the money you pay. 

  • Consider the inclusions of the Family health insurance plans 

While buying health insurance plans, you must keep in mind the inclusions of the plan and analyse whether it is ideal for your age parents. If the insurance is fulfilling the medical requirements of your parents and comes with a senior citizens health insurance, you can definitely go for it. If the inclusions of the plans are of no use to your parents, the price you pay for the  health insurance plans goes in vain. So, choose mindfully. 

  • Separate senior citizens’ health insurance plans

Buying a separate senior citizen health insurance plan for your parents isn’t a bad idea and can fulfil their medical needs perfectly. But you must know that you will have to pay for it separately. If you want to keep the family health insurance plans cost-effective, you must consider the idea of buying a family health plan in place of a separate senior citizen health insurance for your parents. 

  • Premium and its rates

If you are including your parents in your  health insurance plan, you must know that the premium rates would witness a hike. The vulnerability of the senior citizens to various chronic and other diseases makes the rate of premium go high. You can consider buying a separate senior citizen health insurance if the premium prices are a problem for you. 

  • Tax benefits 

One of the major advantages you would get by adding your parents to the family health insurance plan is a significant deduction in the income tax when you file for it. If you have health insurance you can be eligible for a tax deduction of Rs. 25,000. But, if you have senior citizen health insurance for your parents, the deduction amount comes to around Rs. 50,000. So, it is highly rewarding to include your parents in your health insurance. 

  • How good is a senior citizen’s health insurance?

Buying a senior citizen health insurance for your parents is a very beneficial and smart idea. It covers all the medical necessities of senior citizens and provides them full health coverage without any financial burden. 

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