- Medical expenses under 80D: A deduction up to Rs.50,000 can be claimed for medical expenses for senior citizen parents. However, this tax benefit can only be availed if they do not have medical insurance.
- Group health insurance: No tax deduction is available on group health insurance premium paid by a company on behalf of employee. If the employee is contributing to the premium on group cover offered by the employer, then he/she can claim proportionate deduction.
- Floater policy premium: Premiums of floater policies are often based on the age and health condition of the eldest member of the family. So, it is prudent to take separate health policy for senior citizen parents.
- Porting from group to individual health policy: At the time of retirement, policyholders can move from employee group mediclaim policy to individual health policy offered by the same insurance company, subject to conditions. The premiums in such cases can shoot up, as it is akin to buying an independent health cover in old age.
- Porting health policy: While porting a policy, continuity benefits like waiting period, cumulative bonus are applicable. Portability though has to happen within 45 days of renewal, not in the middle of the year of the annual agreement. It is prudent to apply for portability request 45-50 days prior to the policy renewal.
- Monthly plans: Monthly health insurance plans are costlier compared to the premium paid in an annual policy. In the event of claim, the insured needs to first cough up the balance outstanding premium.
- Top-up cover: Top-up plans can be bought as an independent policy. The amount equivalent to the deductible can be paid from the pocket before the top-up cover kicks in.
- Mandatory Co-payment: Co-pay is a certain percentage of fixed amount that the insured has to bear from his own pocket. The co-pay restriction is usually not there in policies, especially when one buys young. But certain policies have a mandatory co-payment clause which kicks in once the insured crosses 60.
- Claims during the grace period: Grace period is the time window an insured gets after the policy expiration period to get the coverage renewed. It could vary between 15-30 days depending upon the insurer. If a claim arises during the grace period, the insured person can first make up for the missed premium payment. The policy is then activated and then the mediclaim can be filed.
- Non-medical expenses: Health insurance does not pay for non-standard charges which are difficult to ascertain and are susceptible to excessive claims. These include non-medical items like gloves, gowns. IRDAI has specified these items under non-standard category.
- Alternative treatments: Certain health insurance policies cover alternative treatments like Homeopathy, Ayurveda, subject to certain conditions.
- International Coverage: Few health insurers extend insurance coverage to overseas countries. Some cover only medical emergencies while travelling abroad, while some offer holistic cover including hospitalisation expenses.
- Domiciliary treatment: Since health insurance usually require mandatory hospitalisation for at least 24 hours, many insurers offer domiciliary hospitalisation, i.e., treatment at home. This benefit can be availed for patients who are unable to get admitted to a hospital like in the case of some kind of immobility such as paralysis. Domiciliary treatment could be inclusive of the plan or can be opted as an optional rider.