Health problems can increase with time and age, and that is why we often see our parents struggling with age-related complications. In order to reduce the pain and effects of such ailments, proper treatment at an early stage can help.
However, rising costs of healthcare can create a delay in treatment and lead to a medical emergency. To avoid this, one must have a solid financial safety net with health insurance plans designed for parents.
There are different options you can choose from while buying a health insurance policy for your parents, such as senior citizen health plan, family floater health insurance, individual health insurance policy etc.
Let us dive deeper and understand why you must buy a health insurance policy for your parents:
• Rising healthcare costs:
Improvements in medical science and technology has raised the cost of advanced medical treatment and facilities. That coupled with medical inflation is enough to make a big dent in your savings in the event of an unforeseen medical emergency. To avoid such situations, it is advisable to invest in a comprehensive health insurance plan for your parents at an early age.
• Comprehensive care:
A good health insurance plan provides more than just a hospitalization expense in the cover. It also covers expenses incurred pre- and post-hospitalization such as ambulance coverage, day-care surgery, and periodic health check-up coverage etc. Some comprehensive health plans will also cover costs for diagnostic tests and medicines as a part of the plan.
• Insufficient benefit from employers:
People who get some health insurance benefits from their employers have an easy excuse for not buying a comprehensive health plan. However, most of the group mediclaim policies have inadequate benefits, and given the increasing cost of medical procedures, a defined coverage under the group mediclaim may not be enough to avail of best-in-class and complete medical treatment for your parents. Therefore, it is beneficial to get a top-up health plan over and above the group mediclaim provided by your employer or a separate medical insurance plan for your parents with a wider cover and higher sum insured.
• Increasing lifestyle illnesses:
There was a time when health insurance was considered essential only when one had reached the age of 60. Today certain lifestyle changes have increased the stress and strains of modern life. This, in turn, has increased the possibility of disorders, leading to several health complications, which catch up fast as age increases. Therefore, it is absolutely crucial to invest in a health insurance plan at an early stage to protect our loved ones.
• Tax Benefits:
The health insurance premium that you pay for your parents is eligible for tax exemption under section 80D of the Income Tax Act. Save as much as Rs 50,000 tax benefit on health insurance premiums paid for yourself and your parents below the age of 60 years. If your parents are above 60 years of age, then the limit extends to Rs 75,000. However, this may change as per the applicable tax limits.
The above reasons should persuade you to make the right decision of buying a health insurance policy for your parents. Buy health insurance for your parents or yourself with various plans offered by Kotak General Insurance.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.