Why you Must Buy Health Insurance for your Parents?

As our parents grow old, it becomes our responsibility to take care of the health of our parents. Along with keeping a tab on their diet and regular exercise, we also should consider the fact that they might have to visit the hospital every now and then. And whether they are visiting the hospital in an emergency or for a health checkup, there is going to be a certain hospital bill that has to be paid. We all are aware of the idea of medical inflation, and to not take any chance, it is better to buy a health insurance policy.

There are several types of health insurance for parents that you will come across in the market. However, before you decide on any specific plan, let us discuss the reasons that will justify why you should opt for a health insurance plan for your parents.

Financial security against healthcare expenses

One of the best investments that you can make for your parents is buying a health insurance plan for them. This works as great financial support. With age, our parents become weaker and health risks are more associated with them. They should also be taken for regular health check-ups. Well, with a health insurance policy, a lot of money can be saved.

Lessens stress and worries of your parents

You may often find your parents stressed and worried because of the regular hectic life. There can be so many reasons for that, and one of them is their depleting retirement savings. In one such situation, a health insurance policy can help de-stress themselves. Their worry of being a burden on their children and spending so much money on their treatment will lessen.

They are prone to illnesses

We all know that aged people are more prone to health conditions such as heart ailments, depression, hypertension, etc. Also, the aged people who are living in urban areas are more likely to develop these conditions. Therefore, there is no sense in taking a chance. Even if your parents develop any of these, you can get their treatment started without spending huge bulk of money.

Tax savings

As you purchase health insurance plans for your parents, you can save taxes under Section 80D of the Income Tax Act.

  • If your parents are under 60 years of age, you can get an extra tax deduction of INR 25000
  • If they are above 60 years of age, you can get an extra tax deduction of INR 50000.

Some of the main points to consider while opting for an insurance plan for parents

  • The entry and exit age of a policy
  • Maximum age for renewal of the policy
  • Co-payment option
  • Critical illness coverage
  • Exclusions
  • Pre-policy health check-up
  • Waiting period.

A few of the plans for parents that are offered by insurance companies

Bajaj Allianz Silver Health Plan

  • The age limit for this plan is between 46 to 70 years
  • Option to customize the plan is available
  • The inclusions are pre-existing illness, cumulative bonus, pre and post hospitalization, waiver of co-payment
  • Certain diseases are excluded, such as hernia and cataracts. Also, non-allopathic medicines are not covered
  • The sum insured under this plan is a minimum of INR 50,000 and a maximum of INR 5 lakh.

Bharti AXA Senior Citizen Health Insurance

  • The age limit for this plan is 65 years
  • The plan provides extra coverage for critical ailments
  • One can avail of cashless hospitalization
  • The sum insured is a minimum of INR 5 lakh to INR 1 Crore
  • The senior citizens can also avail themselves of dedicated customer care support.

Like these two, there are other health insurance plans for senior citizens which you can take a look at on the IIFL website. Make sure you compare them before finalizing the right one for your parents.