Is a separate policy for parents expensive?
The truth is that premiums for senior citizen health plans are higher. With increasing age the premium also increases every few years. If parents do not have a regular pension or retirement income, paying premiums for a long time can be a challenge. Also, if the policy is taken after 60 and there is already diabetes, BP or heart problem, then the premium may be higher, waiting period will be applicable on some diseases, sometimes there is a risk of claim rejection, hence taking the policy late reduces the options.