- Takes care of all costs incurred for their treatment
- Helps solve emergencies in times of escalating costs
- Gives you tax exemptions
Health insurance helps meet medical expenses and saves your life long savings getting spent on medical costs. An individual is encouraged to support their elderly parents. With a health insurance plan for parents, the individual can make sure s/he isn’t stressed to meet the finances when the need arises.
A health insurance plan is a financial security net wherein the insurer pays the policyholder the sum insured in case of a medical emergency.
Enumerating the perks of a health insurance plan for your parents in the autumn years of their life:
If your parents are suffering from any pre-existing medical condition, your insurer may provide a cover subject to certain terms and conditions. Further, health insurance policies provide financial coverage for not only the treatment expenses, but also for the doctor’s fees, and medicines. Most of the health benefit schemes have cashless facility too, which saves the trouble of arranging fast cash at the time of medical emergency.
Precaution against escalating health expenditure
With inflation always looming large over the economy, medical expenses also rise. Senior citizens, post-retirement, often live from hand to mouth and will come under financial stress in front of any unprecedented health challenge. A timely health insurance plan will help mitigate the financial challenges in later life, when the chances of medical interventions increase.
Not only does a senior citizen health insurance policy benefit you and your parents, but it also helps by extending tax exemptions on the paid premium. A health insurance policy bought by you in the name of your parent(s) who is/ are at or above 60 years of age gives you tax benefits under Section 80D of the Income Tax Act in form of a maximum tax deduction of ₹50,000. And this is irrespective of your parents being financially dependent on you or otherwise.
Effective in the case of critical ailment
In case the insured suffers from any critical ailment like cancer, heart disease, etc., which entails expensive treatment, a fixed benefit health insurance policy bought by you relieves your parents in a number of ways. A fixed lump sum is paid by the insurer based on the stage of the illness. The lump sum amount is paid irrespective of the actual medical bills. This ensures enough money is available to take care of expenses during the recovery phase, since these illnesses take a long time to heal.
Exide Life Insurance provides you with a fixed benefit health insurance policy which provides coverage against all the major heart and cancer conditions. Click here to know more about our health insurance plan.