The Empty Nest syndrome is not new to India. As NRIs pursue better opportunities and settle abroad, their parents often continue living back home. The distance grows not just in miles, but in day-to-day caregiving. It means that responsibilities back home continue to exist and are simply managed from a distance. Apart from logistics, there’s quite an emotional weight too: the one of aging parents and their growing health concerns. While nothing can truly replace physical presence, knowing that the health of your parents is being taken care of brings some peace of mind. Did you know that comprehensive health insurance from India can now provide this assurance to NRIs?
Our data suggests that the NRI segment buying health insurance from India is growing rapidly at a rate of 100% every year. Approximately, 40% of these NRI customers are looking to buy Indian plans for their parents back home.
Health insurance options for elderly parents in India have significantly evolved. Today, there are dedicated plans tailored to their specific health needs. There are shorter waiting periods, Day 1 coverage for pre-existing conditions, cashless hospitalisation facilities and wide-ranging coverage for medical treatments and expenses. The good news is that it doesn’t stop at that. New-age plans also provide on-ground support for emergencies and healthcare management.
Innovative features for the elderly
Recognising the unique challenge NRIs face of being geographically distant from their parents, insurance companies in India are stepping up with thoughtful solutions. To bridge the gap in on-ground support, insurers are now starting to partner with elderly caregiving services and integrating concierge-style assistance into their health insurance plans. Now, there are also relaxed underwriting norms that help with the issuance of the policy.
These services comprise of a dedicated emergency helpline, 24*7 emergency assistance, end-to-end hospitalisation support including hospital admission and discharge, doctor consultations, ambulance services, on-ground claims support within 30 minutes, and even emotional wellness counselling. These benefits help reduce the worry of NRIs by offering timely and efficient care to their parents, even in their absence.
The need for a dedicated health plan for the elderly
Studies indicate that in India, over 70% of senior citizens suffer from at least one chronic condition such as diabetes, hypertension or arthritis. Hospitalisation rates among the elderly are rising steadily, driven by longer life expectancy and increased incidence of age-related ailments.
Yet, many senior citizens remain underinsured or rely solely on savings for medical care. Considering the fact that a regular income stream for most senior citizens either stops or goes down by this age, it leaves them financially vulnerable during medical emergencies. For NRIs, the inability to be physically present adds a further layer of anxiety when unexpected health events occur.
It’s wise to opt for senior citizen-specific health insurance plans designed to cover such ailments. You can buy a separate health insurance plan for you and your spouse rather than buying a family floater plan which includes your parents. Several senior citizen specific plans are available that cover lucrative benefits keeping in mind the needs of the elderly such as health check-ups, ayurvedic treatments, domiciliary (at home) hospitalisation etc.
You should also consider factors like copayment and sub limits when buying a senior citizen specific plan. A co-payment clause implies sharing a part of the medical expenses with the insurer. Although, policies with co-payments have lower premiums. Additionally, co-payment in health insurance policies vary from insurer to insurer. Another factor to consider is the sum insured. With increasing age, health risks increase and therefore, a high sum insured is advisable.
India’s insurance regulator IRDAI has also introduced significant reforms to make health insurance accessible for senior citizens especially those who are seeking coverage for the first time. Measures like removing the age cap, lifelong policy renewal, cap on premium hikes, shorter moratorium period will make insurance more inclusive for the elderly.
Benefits for NRIs when buying from India
There are several discounts exclusively available for NRIs when they buy health insurance from India for themselves. For instance, there’s special pricing available for those who don’t file a claim. They can also avail an 18% GST refund when buying health insurance from India making health insurance more affordable. They also have the advantage of tax deductions under Section 80D for premiums paid on health insurance policies covering family members in India. The deductions include ₹25,000 annually for insuring a spouse under 60 years of age, and ₹50,000 for senior citizen parents thereby offering a total tax benefit of up to ₹75,000 per year. Also, there are discounts on annual mode and multi-year health policies which adds up to the savings.
Caring for your parents from abroad isn’t an easy feat, but with the smart decision of choosing a comprehensive health cover, you can ensure they’re financially protected in times of need. Take the time to assess every aspect of their health, lifestyle and medical history before selecting a policy that truly meets their needs.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com)
Our data suggests that the NRI segment buying health insurance from India is growing rapidly at a rate of 100% every year. Approximately, 40% of these NRI customers are looking to buy Indian plans for their parents back home.
Health insurance options for elderly parents in India have significantly evolved. Today, there are dedicated plans tailored to their specific health needs. There are shorter waiting periods, Day 1 coverage for pre-existing conditions, cashless hospitalisation facilities and wide-ranging coverage for medical treatments and expenses. The good news is that it doesn’t stop at that. New-age plans also provide on-ground support for emergencies and healthcare management.
Innovative features for the elderly
Recognising the unique challenge NRIs face of being geographically distant from their parents, insurance companies in India are stepping up with thoughtful solutions. To bridge the gap in on-ground support, insurers are now starting to partner with elderly caregiving services and integrating concierge-style assistance into their health insurance plans. Now, there are also relaxed underwriting norms that help with the issuance of the policy.
These services comprise of a dedicated emergency helpline, 24*7 emergency assistance, end-to-end hospitalisation support including hospital admission and discharge, doctor consultations, ambulance services, on-ground claims support within 30 minutes, and even emotional wellness counselling. These benefits help reduce the worry of NRIs by offering timely and efficient care to their parents, even in their absence.
The need for a dedicated health plan for the elderly
Studies indicate that in India, over 70% of senior citizens suffer from at least one chronic condition such as diabetes, hypertension or arthritis. Hospitalisation rates among the elderly are rising steadily, driven by longer life expectancy and increased incidence of age-related ailments.
Yet, many senior citizens remain underinsured or rely solely on savings for medical care. Considering the fact that a regular income stream for most senior citizens either stops or goes down by this age, it leaves them financially vulnerable during medical emergencies. For NRIs, the inability to be physically present adds a further layer of anxiety when unexpected health events occur.
It’s wise to opt for senior citizen-specific health insurance plans designed to cover such ailments. You can buy a separate health insurance plan for you and your spouse rather than buying a family floater plan which includes your parents. Several senior citizen specific plans are available that cover lucrative benefits keeping in mind the needs of the elderly such as health check-ups, ayurvedic treatments, domiciliary (at home) hospitalisation etc.
You should also consider factors like copayment and sub limits when buying a senior citizen specific plan. A co-payment clause implies sharing a part of the medical expenses with the insurer. Although, policies with co-payments have lower premiums. Additionally, co-payment in health insurance policies vary from insurer to insurer. Another factor to consider is the sum insured. With increasing age, health risks increase and therefore, a high sum insured is advisable.
India’s insurance regulator IRDAI has also introduced significant reforms to make health insurance accessible for senior citizens especially those who are seeking coverage for the first time. Measures like removing the age cap, lifelong policy renewal, cap on premium hikes, shorter moratorium period will make insurance more inclusive for the elderly.
Benefits for NRIs when buying from India
There are several discounts exclusively available for NRIs when they buy health insurance from India for themselves. For instance, there’s special pricing available for those who don’t file a claim. They can also avail an 18% GST refund when buying health insurance from India making health insurance more affordable. They also have the advantage of tax deductions under Section 80D for premiums paid on health insurance policies covering family members in India. The deductions include ₹25,000 annually for insuring a spouse under 60 years of age, and ₹50,000 for senior citizen parents thereby offering a total tax benefit of up to ₹75,000 per year. Also, there are discounts on annual mode and multi-year health policies which adds up to the savings.
Caring for your parents from abroad isn’t an easy feat, but with the smart decision of choosing a comprehensive health cover, you can ensure they’re financially protected in times of need. Take the time to assess every aspect of their health, lifestyle and medical history before selecting a policy that truly meets their needs.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com)
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