Health Insurance for Parents Over 65: Uncovering Brochure Omissions

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Health Insurance for Parents Above 65: Uncovering Hidden Policy Realities

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Moneycontrol•04-03-2026, 13:01

Health Insurance for Parents Above 65: Uncovering Hidden Policy Realities

•Mandatory co-pay (20-40%) applies to most senior citizen policies, requiring out-of-pocket payments for every claim.
•Sub-limits on room rent, specific treatments, and other expenses can significantly reduce the effective sum insured.
•Waiting periods for pre-existing illnesses can still be 2-4 years for those above 65, delaying coverage for chronic conditions.
•Medical underwriting for seniors can lead to higher premiums, disease-specific exclusions, increased co-pay, or even policy rejection.
•Premiums can jump steeply after age 70-75, and benefits like restoration or no-claim bonuses are often less effective for elderly parents.

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When options are exercised, the difference between FMV and exercise price is taxed as a perquisite under salary. This perquisite is added to the employee’s taxable income and subject to normal slab rates. Employers include it in the salary and deduct TDS. This ensures tax compliance at the point when employees derive economic benefit from the ESOP.
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