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Health Cover for Parents Is a Must

Published On Nov 20, 2020

Parents do a lot for us. Right from the day we are born, parents take care of everything, be it our health or happiness. As a matter of fact, parents get so involved in catering to the needs of their children that they forget about their own self. This cycle continues until the end of time. It is the responsibility of the children to provide the same love when the parents turn old and are unable to take care of themselves. One of the best ways to reciprocate the care and concern is health insurance. 

If your parents lack health insurance cover, make sure you buy them one right away. Health insurance for parents is a must if you want to see your parents happy no matter how hard situations get in the future. Remember, health insurance for parents would be the ultimate gift that they would cherish for life. How? Let us find out. 

Key Reasons to Buy Health Insurance for Parents 

Prime reasons why you should choose health insurance to ensure your parents security include:

1. Ensuring preparedness - Since illnesses increase with the passing age, you never know when your parents would require any sort of medical assistance. Having them covered under health insurance would keep you and your parents ready for any unexpected medical emergency, without having any concern in mind. 

2. Managing high costs - Treatment cost for various medical issues is quite high in today’s time. In case of any unexpected event, you may find yourself worrying about managing your finances. Having a health insurance policy for parents by your side at this time will prevent you from any sort of financial concerns. Be it spending your savings or selling your assets to meet the cost of medical bills, you won’t have to worry about doing any. 

3. Getting covered for pre-existing diseases - Medical issues like diabetes, high blood pressure, heart problems and others are quite common among the elderly. A health insurance policy will help you cover these conditions (referred to as pre-existing conditions) and more without worrying about treatment cost or quality. 

4. Gaining tax benefits - Health insurance policies provide numerous benefits to a policyholder. One of them being tax benefits under Section 80D of the Income Tax Act, 1961. On covering your parents (senior citizens) under health insurance policy, you gain a tax benefit of Rs. 30,000 in addition to  your tax benefit of Rs. 25,000. All in all, on insuring your parents you get a tax benefit of Rs. 55,000. 

What to Look for When Buying Health Insurance for Parents?

When covering your parents for health insurance, make sure you check aspects such as:

  • Benefits included in the plan - Remember to look for inpatient hospitalization, pre & post hospitalization, domiciliary hospitalization, pre-existing illness, emergency ambulance, organ donor expenses, day care procedures, and more.
  • Co-payment - The feature of co-payment is quite common in most health insurance policies for senior citizens. Make sure you choose a good co-payment option to strike a perfect balance between the amount you pay and the discount you get. Take note that for senior citizens or people above a specific age group, the co-payment is on the higher side. Also, it is mandatory.
  • Waiting period - Waiting period is one of the most important aspects to look for. Since pre-existing conditions are covered only after the waiting period, make sure you choose a plan that comes with a low waiting period so that your parents can avail the cover without much wait.
  • Maximum age at renewability - Keep it in mind to choose a plan that provides lifelong renewability so that your parents can remain covered under the plan for the longest period of time.

At Last 

When choosing a health insurance policy for your parents, make sure you emphasize the benefits more than the premium. Don’t forget, health insurance for parents will keep you as well as your parents satisfied and relieved irrespective of their medical condition. Also, you won’t have to face regret of not acting smart on time. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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