NRIs Buying Health Insurance for Senior Citizen

Non-Resident Indians (NRIs) can purchase health insurance for their aging parents in India to take care of their healthcare needs and bills. This is typically significant considering the rapid increasing healthcare costs. Buying medical insurance policy for Indian parents can help ensure that they have access to the best healthcare facilities without worrying about rising healthcare expenses and access to quality services. Medical insurance ensures timely interventions without financial depletion or no need to pay upfront no matter whether it is treatment at a private hospital in Mumbai or emergency care in Bengaluru.

Can NRIs Buy Senior Citizen Health Insurance for Parents in India?

Yes! NRIs can purchase health insurance policy for parents in India.

Earlier, insurance company had a maximum age set as a requirement for eligibility is 65 years for health insurance. However, IRDAI has eliminated this age set as of April 2024. Therefore, NRIs can now buy health insurance plans for their parents irrespective of their age.

As a Non-Resident Indians, you can sign as the proposer to insure your elderly parents and you can proceed your application process digitally by being a digital insurer. You can use international credit or debit cards and can make premium payments through NRE/ NRO bank account.

Why Should NRIs Consider Senior Citizen Health Insurance for Parents in India?

• Medical Emergencies : If your parents are getting old and possibility of decline in their general health is high. You can avoid putting them in financial crises during any medical unforeseen circumstances by taking NRI health insurance for senior citizens. 
  For instance, if someone is living in London and his/her mother is critically requiring hospitalisation in Bangalore; in such cases cashless health insurance treatment would be helpful in expediting the production process and immediate admit in hospitals instead of wasting time.
• Financial Dependency on NRI children: As per the recent reports, India received around 14.3% of the international money transfers or global remittancesxpenses of ₹25,000–₹50,000 per hospital visit can be avoided in fiscal year 2024. This further reflects that a noticeable number of Indians with older parents’ dependent on family members working in cross border countries. A health insurance plans will help them receive the best possible medical treatment irrespective of the price. Therefore, if your parents are covered under the adequate medical insurance in India then decreasing ₹25,000–₹50,000 per hospital visit will be avoidable.
• Tax Benefits : At the time of filing tax in India by NRI, there is provision that they can deduct their premium amount paid on medical insurance of policy of their parents under Income Tax Act, Section 80D. So if you are an NRI, you can claim up to 50,000 every single year if your parents are coming under senior citizen.

Benefits of Purchasing Senior Citizen Health Insurance for Parents in India

The following are the some of the key advantages NRIs purchasing senior citizen medical insurance for parents:

• Medical Inflation: Paying off medical bills can be strenuous for NRI for their parents, especially with the constant rise in treatment costs for both minor and major illnesses. With medical insurance, it becomes the responsibility of Indian health insurance company to pay for the medical treatments of your parents in the country.
• Tax Deduction Benefits: NRIs can save on tax under Income Tax Act, Sec 80D if they pay the premium for purchasing health insurance for parents from their taxable income in India.
• Cashless hospitalisation across India: You can also avail the benefits of cashless treatment facilities for your elderly parents all over India in case of any health emergencies rather than arranging large sums of money to pay upfront.
• Peace of mind for you and your parents: Elderly parents are dependent mostly on their children for financial support unless they have a good pension provision. However, not every Indian parents get pension. Therefore, by covering your parents under a health insurance policy, you can provide them with the best healthcare access across India without draining your savings.

Legal and Financial Aspects You Must Be Aware as an NRI

Following are the some legal and financial aspects you should think about while purchasing medical insurance plan for parents as an NRI:

• Most of the insurance providers gives coverage on medical expenses incurred in India only.
• Few insurance providers restrict the maximum sum insured amount for NRI.
• With active health insurance, you can maintain continuous health coverage while visiting India.
• You are bounded to pay your premium in INR. Even the claims you made will be sort out in Indian Rupees.
• You can save up to 18% GST on insurance premiums if they are paid through an NRE account.

Things to Consider While Buying Senior Citizen Health Insurance Plan for Your Parents

Take a glance for following considerations while purchasing healthcare insurance for parents living in India:

• Parent’s Age: Elderly people have higher health risks; therefore, it is better to buy it early and take benefits of paying a relatively low premium.
• Extensive Network Hospitals: It is one of the most prominent aspects that your insurance provider should have extensive network hospitals across India. For instance, Star Health has a vast number of network hospitals all over India. Therefore, NRIs must review network hospital list for different insurers and choose the one with an extensive network hospital near their parents’ home in the country.
• Cashless Treatment Facilities: Most of the health insurance company in India have cashless treatment facilities as it is ideal for senior citizens since there are no claims of procedures. Preferring cashless treatment at the network hospital of your insurance provider will ensure a hassle-free experience when your parents are hospitalized as your insurance company directly settles the bills to the hospital.
• Coverage for Pre-existing disease: When people get older there is higher chances of developing pre-existing diseases. Most plans cover pre-existing illness up to a waiting period of 3 years. You can minimize this time by purchasing pre-existing illness cover in addition to health insurance for parents living in India.

How to File a Health Insurance Claim from Abroad?

Claiming health insurance for parents living in India is quite easy with digital insurance provider like Star Health. Following are the steps you should follow:

• Notify your insurance provider as soon as any of your parents is get hospitalised for them to initiate the claim process immediately.
• Gather all the important documents such as all hospital bills, discharge summaries, medical prescriptions, and reports related to your treatment, policy copy and claim form. Do not forget to keep a copy of your policy document for reference. Fill out the claim form provided by the insurance provider.
• Send all the documents to your insurance provider for claim reimbursement, either online or through the website or mobile app, or by post if needed.
• Once your insurer verifies your all documents and accept your claim.
• Cashless Treatment claims will be directly settle between your insurance provider and network hospital.

In conclusion, with rapid up surging healthcare cost in India along with higher risk of chronic disease, senior citizen medical insurance for Indian parents is no longer optional. Therefore, NRIs should buy health insurance for their parents living in India as now insurance providers do not insist on age set anymore.