Health insurance has become a necessity in today’s day and age. Due to such uncertain times, making sure you have health coverage for emergency as well as planned treatment goes without saying. But do your parents really require comprehensive health insurance? The answer is yes! Protecting both your parents with the right health insurance can help with treating age-related ailments. In this article, let’s understand the five key reasons why your parents need a health insurance coverage plan.
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Top 5 Reasons to Get Health Insurance for Parents
Extensive Insurance Coverage
You must be familiar with the quote ‘prevention is better than cure’. Similarly, in the case of medical insurance, ensuring your parent are covered against most medical risks is crucial. Comprehensive health insurance not only secures hospitalisation expenses but also includes other benefits. Right from access to alternative treatment and daycare procedures to maternity coverage and OPD perks, health insurance plan has it all! By opting for the right plan that suits the medical needs of your parents, you can eliminate their need to rely on their hard-earned savings.
Soaring Healthcare Costs
Healthcare inflation increased to 8.4% in May 2021 from 3.8% in December 2019. These figures, as well as the current situation in the world, stress the importance of health insurance. In the event of a medical urgency, your parents would have to fall back onto their emergency fund without insurance. However, the cashless facility enables you to get healthcare services without any financial burden!
Coverage for Pre-Existing Ailments
The chances of suffering from any illnesses increase with age, no matter how healthy your lifestyle is! With health insurance, your parents can get easily avail coverage for pre-existing ailments. Depending on the insurance provider, a waiting period may or may not be applicable. However, on the completion of this period, your parents can start raising insurance claims under the health plan. As a word of caution, avoid hiding any medical information from the insurer to steer clear of claim rejection.
Insufficient Mediclaim Cover
If your parents are employed, they must surely be covered under the plan offered by their organisation. Although it may seem like an added perk, it fails to offer complete coverage against medical risks. An individual health insurance plan is customised to fit the needs of your parents, unlike the policy provided by your employer. Moreover, in case your parents were to leave or switch their jobs, they won’t be able to continue with their Mediclaim plan. Hence, it is best to opt for an individual health insurance policy to avail sufficient coverage and the option to personalise it.
By investing in health insurance, your parents shall be eligible for tax benefits under Section 80D of the Income Tax Act, 1961. If your parents are below 60 years of age, they can claim an amount of ₹25,000 as a tax benefit. However, if they are above 60 years of age, they can claim an amount of ₹50,000 as a tax benefit. Thus, your parents can enjoy the dual advantage of tax perks and insurance coverage with ease!
Now that you have understood how beneficial health insurance for parents is, you can now choose to secure your loved ones against medical risks. Health emergencies do not come with a warning which is why you must have the right backup at all times! Without putting it off anymore, safeguard your parents with a suitable health insurance plan today. You can avail a cashless facility, lucrative add-on covers and extensive coverage at amazing prices! But make sure you read the policy documents carefully and understand the exclusions and terms.