Can I Buy Health Insurance For My Parents? | 2023 | CA Rachana Ranade

"If they are above 65 then the possibility of they getting a comprehensive insurance policy is comparatively less. In simple words there'll be a lot of exclusions here."

"Will the insurance companies immediately start covering for their expenses right from day one? Answer is ideally No, why? There is a concept called as Waiting Period. Now what is this waiting period? It says that from the day you start your policy till a specific date we will not cover for your expenses this waiting period will differ from policy to policy but something like for BP or diabetes, it could be generally around two to four years"

"many a times they do offer some extra benefits for corporates as well right so what is your homework? Homework is that you have to check that whether your employer offers any insurance for you? whether your employer has already covered your parents something like a family floater or not? if not is there a possibility that you can add up for your parents or not?"

"now in such a case majority or I can see a lot of corporate insurance policies will cover for a lot of diseases right from day one, yes you heard it right so basically there will be many insurance policies which are given for corporates wherein they'll be as good as no waiting period for a lot of diseases"

"I believe that everyone should have a separate policy maybe a basic plan at least for your parents reason is very simple if you quit the job and if your new employer is not offering such benefits then your parents are elderly and again having a new policy at an older age might be a little bit difficult."

"There could be many insurance policies which cover only in patient care. Now what do you mean by in patient care? It means that if the patient is admitted to the hospital only those expenses will be covered, but in case of very old parents doctors may say that you go ahead with a domiciliary care means what doctors will say don't admit the patient to the hospital instead of that let him stay at home and do whatever medication and nursing whatever at home only, so please check that your insurance policy covers such domiciliary care expenses as well"

"there are certain uh things wherein you need not be admitted to the hospital for more than 24 hours something like a Cataract Operation or it could be even a Chemotherapy, where you are admitted and you are discharged within 24 hours so you will get a claim, your claim will be settled only if your insurance policy has a daycare procedure which is accepted under the policy."

"but this time I'm going to come up with two more courses one in English and the other one in Marathi, but if you want to know more about these courses I'm going to tell about these courses in detail or a little bit more than what I've told you today on the 25th of January"