Your parents have toiled to bring you up. It’s now your turn to return the favour. Show that you care and convey it through the gift of health insurance. Give them a secured and stress-free life. Aging people are more prone to health-related illness and a health insurance policy will shelter the needs of your parents’ health. A health insurance policy will ensure that your parents enjoy quality medical attention during their later years of life.
The cost of medical treatments in India have gone up immensely over the last few years which is why buying health insurance for your parents is an absolute must. Each year, health care expenses are said to be rising by 15-18%. An insurance will guarantee that your parents receive the best medical treatment without them having to spend their hard-earned savings on medical bills. And if you’re working abroad, it becomes even more necessary for you to buy health insurance so that your parents receive utmost care and treatment even in your absence.
Planning for health and medical expenses beforehand has become even more necessary since the risk of common ailments have increased these days. Leading sedentary lifestyles may lead to osteoporosis among women, diseases related to heart, and most commonly diabetes. In the recent years, cancer, lung problems, influenza, and pneumonia have been the major causes for the death of senior citizens. Most of the elderly people have no source of stable income or savings and so, cannot afford the expensive medical expenses and end up losing their lives. To ensure that your beloved parents don't meet the same fate, it is in your hands to secure their life by choosing a health insurance that ensures financial coverage by taking away the burden of healthcare expenses.
Fortunately, health insurance providers today offer a myriad of policies for senior citizens. But more options can mean more confusion. So how do you decide which is the best health insurance for your parents? Here’s what you need to keep in mind while buying health insurance:
- Explore coverage options - Before you purchase a health insurance plan, make sure you research the coverage options. Senior citizens will need coverage against a larger number of ailments, particularly critical illnesses. Check for restrictions on what the policy includes and the exclusions. Also, look for medical conditions inherent in the family to ensure that the illness is covered under the plan.
- Check for the entry age - Most of the insurers, particularly in the public sector, offer coverage for the age group of 60 to 80 years. Always look for health insurance policies without a maximum entry age. An ideal health insurance plan for your parents would be the one that offers a coverage for a longer tenure by allowing entry even at an advanced age.
- Read the policy document thoroughly - Since most policy documents are lengthy, most of us have a tendency to skip reading through all of it. This practice should be avoided since there are chances of misunderstandings that may crop up in the future. Ensure that you go through the terms and conditions and understand the policy thoroughly.
- Compare all the health plans available - The health insurance segment offers a wide array of plans and you would obviously want to buy the best insurance plan for your parents. How do you do that? By exploring all the options available in the market.
- Research on the hospital network - It is important that the insurer you’re opting for has a broad network of hospitals, particularly the ones in your neighbourhood. In case of an emergency, your elderly parents should have access to the best hospital in your vicinity. Opt for an insurance plan that offers a wider network of hospitals that specialise in an array of treatments.
What’s in it for you?
Apart from ensuring that the health of your parents is well taken care off, did you know that your health insurance lets you enjoy tax benefits as well? The premium paid towards the health policy of your parents can offer a tax deduction of up to Rs. 25,000 and if either of your parents are aged 60 years and above, the maximum deduction allowed is Rs. 30,000.
A health insurance policy for your parents also makes them financially independent as they do not have to depend on anyone for their medical expenses.