Foreign nationals living abroad can provide health coverage to relatives still residing in India. Depending on their situation, they may consider purchasing a critical illness policy, a family floater policy, or a health insurance plan specifically for seniors.
A non-resident alien is permitted to purchase medical insurance for themselves and their parents. However, unless your policy expressly covers treatment outside of India, your health insurance provider will likely only pay for care received in India.
If an NRI pays for a medical insurance policy in India, the premium is tax deductible up to the same limits as for Indian citizens and permanent residents. The premiums for one’s own family, one’s spouse and one’s dependent children can all count. However, this only applies to policies recognised by India’s Insurance Regulatory and Development Authority (IRDAI). ** #
Interested in knowing the best premium amount for your family? Use the health insurance premium calculator from any provider.
The benefits of purchasing health insurance for elderly parents by NRIs:
- With the rising expense of care for common and severe medical conditions, seniors can have difficulty paying their medical bills. The longer lifespans of your parents are a contributing factor to the current rise in life expectancy.
- It means that throughout that lifespan, but especially in old age, there will be an increase in the frequency of medical emergencies and associated treatment expenditures. As a result, investing in insurance is a safe bet for your financial future.
- Without a secure pension plan, elderly parents typically rely on their children for financial assistance. Since not all Indians are eligible for pensions, investing in health insurance for individuals is prudent to help pay for unexpected medical bills.
What Should You Look for in Parental Health Insurance?
Cap on Age
People aged 80 and over can choose from various health insurance policies from multiple providers. However, most insurance companies only provide coverage to those over 65. Therefore, ensure that the policy you purchase provides coverage for your parents from their current age up to a maximum number of years. *
Guaranteed Maximum Payment
Your insurance provider will cover your medical bills up to the policy maximum. How much money you can guarantee will determine how much your parents will be reimbursed for their medical expenses.*
Condition Coverage
Pick a health plan that covers a wider range of preexisting conditions and serious illnesses. *
No Out-of-Pocket Medical Expenses
If your parents become ill and require hospitalisation, you may consider purchasing an insurance plan offering cashless bill payment services. *
Compensation Level
Select the most desirable option that fits within your budget. Your parent’s age, the nature of their condition, and the diseases covered all have a role. The alternative to buying a senior citizen policy and adding your parents to it is the family insurance plan, which is a bad idea for several reasons. *
The Renewing of Policies
The best option for parents is usually to purchase a health insurance policy with no age restrictions on renewal. *
Hospitalisation charges, including ambulance, room, and total medical fees, are only some of the costs that non-resident aliens (NRIs) need to consider when purchasing health insurance for their parents.
If you choose an electronic reimbursement system, these expenses will be paid directly:
- Coverage is also available for the price of daycare.
- Costs incurred in treating coronavirus
- If you choose a comparable plan, preexisting conditions are also covered for treatment.
- Medical screening will be voluntary.
- In selecting a policy, go for the one that provides the most protection and the most considerable sum promised.
- Claims are processed quickly and efficiently.
So, get your parents and yourself secured with the right medical insurance plan!
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
