Health Insurance for Parents of NRIs

The prime concern of an NRI, working or settled abroad, is his parents' well-being in India. Even a minor health issue can cause worry when you are miles away from your parents. Comprehensive health insurance coverage can greatly help in securing a family’s health as well as finances. But can an NRI buy health insurance for parents living in India? Yes, buying health insurance for parents of NRIs is as simple and easy as it is for resident Indians.

By getting parents health insurance NRIs can ensure timely and quality medical treatment during a medical emergency.

If you are an NRI looking for buying health insurance for parents in India, You can buy a policy online. here are some important facts you should know before buying health insurance for parents in India.

• The premium for the health insurance policy can be paid in INR or in a foreign currency also.
• Premium can be paid from an NRE/NRO account with an Indian bank. An NRI can use direct remittances and payments by cheque or draft also.
• Claims are settled in Indian currency only.
• Most health insurance policies in India provide coverage in India only. However, if you need coverage outside of India, select a plan with international coverage.
• You can claim tax benefits only if you are a taxpayer in India.

Health insurance plans are a necessity for parents living alone in India. It not only helps in protecting financial health but also helps in providing top-notch medical care through network hospitals when needed. Given below are the benefits of buying health insurance plans for parents.

• Protection Against Medical Inflation: Rising medical inflation and increased medical expenses during old age make it necessary to invest in health insurance for parents. Health insurance is the only way to deal with increasing medical costs without affecting your savings.
• Independence During Emergencies: Health insurance will ensure that your parents will not have to be dependent on anyone for their medical needs. With a cashless facility, parents can have easy access to the best medical care even during a medical emergency.
• Protects Savings: Having a health insurance plan will protect your parent's life savings and pension. They can use their retirement funds for pursuing a hobby, travelling, or any other purpose without having to worry about medical expenses.
• Tax Benefits: The premium that has been paid for the health insurance policy is tax-free under section 80D of the Income Tax Act. If an NRI has a source of income in India that is taxable, he can claim a deduction against the health insurance premium of his parents.

If you are an NRI and your parents are staying in India, here are some tips on what to check before buying a parents' health insurance plan.

• Age Limitation: Check what is the age limitations for the various policies you are comparing. Some policies have an age limit of upto 65 years, while some have no age limit. So select a policy that covers your parents’ age and offers lifetime renewability so that your parents have lifetime medical coverage.
• Coverage: Coverage is the sum insured offered. If you choose a high sum insured, also check the deductible and copayment applicable that the policyholder needs to pay at the time of claim settlement. Consider your parents' medical conditions and the expected medical expenses in future before finalising a sum insured value. Choose an optimum coverage value suitable to fulfil their medical needs.
• Waiting Period: Check the waiting period for pre-existing diseases or specified illnesses in a health insurance policy and select a policy with the lowest waiting periods, so that your parents don’t have to wait for a long period to make a claim if needed.
• Policy inclusions and exclusions: Check what is covered and what is not covered in the policy. Certain inclusions like OPD coverage, daycare procedures, free annual health checkups, and AYUSH Treatments should be a part of your parent’s health insurance coverage.
• Cashless Facility: Check the list of network hospitals where cashless facilities can be availed. Look for a plan which has network hospitals near your parent’s residence so that they can have easy access to medical care without having to pay cash when needed.
• Sub-Limits: Select a plan with no or minimum sub-limits because a sub-limit is a limit put on the insurer’s liability to cover costs like room-rent limits
• Quick and Easy Claim Settlement: Claim settlement is the most important factor to consider, select an insurer with a good track record of claim settlement. A fast and easy claim settlement process makes all the difference when you need to pay your medical bills.

Buying health insurance for parents in India is important to protect them against medical emergencies and to let them avail quality medical care. You can compare and buy a policy online with minimum paperwork. These days there are policies specially designed for senior citizens. Such plans offer a host of benefits including free health check-ups, wellness benefits, online consultation, free second opinion, etc. Coverfox lets you compare policies from different insurance providers. You can purchase the most suitable policy online from anywhere in the world. To know more about health insurance plans for parents in India, visit coverfox.com.

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