Millennial Guide to Buy Parents Health Insurance

Posted on: Nov 25, 2022 | | Written by:

Millennial Guide to Buy Parents Health Insurance

Published on November 25, 2022. EST READ TIME: 3 minutes

With age and time, it is a given that health problemswill increase. Due to this, we oftennotice that our parents and senior citizens struggle with age-related ailments. In order to reduce the pain and effects of such ailments, proper treatment at the right time can help. However, healthcare costs are steadily becoming expensive andcause a delay in treatment and may lead to a medical emergency. To avoid this, a solid financial safety net is a pre-requisite and that is possible if you buy a parents health insurance. There are a variety of options you can choose from while buying a health insurance policy for your parents, which includessenior citizen health plan, family floater health insurance, individual health insurance policy etc. Here are a few reasons why you must buy a health insurance policy for your parents:

• Increasing Healthcare Costs:

Advancement in medical science and technology has increases the cost of sophisticated medical treatment and facilities. Along with that medical inflation has contributed to rising healthcare cost. So, it may cause a dent in your savings in the event of an unforeseen medical emergency. To avoid such situations, it is wise to invest in a good parents health insurance plan at the right age.

• Wide-Ranging Care:

A good health insurance plan includes 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 broad health insurance plans will also cover costs for diagnostic tests and medicines as a part of the plan.

• Inadequate Corporate Health Insurance:

People who get health insurancebenefits from their employers seldom do not buy a comprehensive health plan. However, most of the group medical insurance policies have insufficient benefits, and given the increasing cost of medical procedures, a pre-decided coverage under the group mediclaim may not be enough to get the best and complete medical treatment for your parents. Hence, it is valuable to get a top-up health plan over and above the group mediclaim provided by your employer or a separate parents health insurance plan for a wider cover and higher sum insured.

• Rising Lifestyle Diseases:

In the past, health insurance was considered important only when one had reached the age of 60 or was inching towards it. Today certain lifestyle changes have increased the stress and strains of modern life. This, in turn, has increased the possibility of various health ailments, which catch up fast as age increases. Hence, it is absolutely vital to invest in a health insurance plan at an early stage to protect our loved ones. Also, lifestyle diseases like diabetes, heart diseases are becoming very common. So, it is always wise to purchase a critical illness health insurance along with your regular medical insurance. A critical illness health insurance cover makes sure that you get uninterrupted treatment in case you contract any life-threatening diseases.

• 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 toRs.75,000. However, this is subject to change as per the applicable tax limits.

Conclusion

The above reasons should make it clear that you to make the right decision of buying a health insurance policy for your parents. Buy parents health insurance from the various options available at HDFC ERGO. Give a stress-free life to your parents by purchasing the best health insurance plan in India.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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