In India, exchanging gifts during festival season is one of the most common norms irrespective of caste, religion, or race. In today’s time, we have become more practical when it comes to gifts and want to make sure that the gift we are planning to give to our family or friends should be useful and long-lasting. As a child, there is a lot of responsibility towards parents, and financial support in the time of need for the parents is something you should plan. When you are planning a gift for your parents, flowers, 24 hour care services singapore, clothing, bags, etc. have become kind of out-of-date gifts.
So what should you gift to your parents? A simple answer to this million-dollar question is financial stability, especially to support their health will be the best gift you can give to your parents. Once you get into your 60s, the medical expenses are going to rise for sure. Only a few years ago, the insurance companies didn’t use to have plans for serious citizens; but now several health insurance plans are tailored according to the needs of the senior citizens.
Benefits of getting health insurance for your parents
- Health coverage
The first and foremost benefit of a health insurance plan will be health coverage. There are many cases where there is no previous policy in the name of the parents, but there is a pre-existing disease. In these cases, you may have to pay additional charges to the insurance company as per their terms and conditions. Once the health insurance plan crosses the lock-in period, you can start taking cover for treatment expenses, medicines, and the fees of the doctor. A lot of health insurance schemes now offer cashless facilities as well, which saves a lot of time for the family of the patient that they may need to spend in arranging the cash quickly for the treatment.
- Precaution is better than cure
Inflation is increasing in India at a steady pace, which is impacting the medical expenses as well. Senior citizens who are living on pension money, theyusually survive in hand-to-hand situationswhere they have fixed expenses every month, which exhausts most of their pension money. In the case of a medical emergency, it is really hard for them to arrange money. When you buy a health insurance plan for them, they will get relief from the financial stress and burden that a sudden health problem can bring in this age.
- Tax benefits
Under Section 80D of the Income Tax Act, you will get a maximum tax deduction of Rs.50,000 irrespective of the fact that your parents are financially dependent on you or not. This exemption is on the premium that you have paid for the health insurance plan you have bought on your parent’s name, who is above 60 years of age.
- Effective in the case of critical ailment
Several ailments are covered under health insurance plans. For those who have a history of some ailments in their families should opt for the health insurance policy that covers the particular set of ailments. Critical ailments like cancer and heart diseases can cause a lot of financial burden on your parents, and with the help of the right health insurance plan, they can overcome such a situation.
Points to consider while buying a health insurance plan for the parents
- Age limit
When you buy a health insurance plan for your parents, you should check the restrictions in terms of age at the time of renewal of the policy. Many insurance companies use this clause, which bars you from renewing the insurance policy once your parents reach a certain age. However, if you check the terms and conditions carefully, many insurance policies, on the other hand, allow you to renew the policy for the lifetime.
- Information about pre-existing diseases and their inclusion in the cover
Many health insurance plans do not cover certain diseases before a certain period is over, which can anywhere between 2 years to 4 years. When you are planning to buy an insurance plan for your parents, you should check for the insurance plans that have the least waiting period. Elderly parents are prone to several fatal diseases that may need hospitalization resulting in huge medical bills. If your parents have the right cover, this burden can be reduced to almost nill.
- Critical illness cover
Several insurance plans provide critical illness cover for the insurer in case he or she is diagnosed with critical illnesses such as cancer, heart problem, organ failure, aneurysm, and many others. The insurance companies often pay a lump sum amount against the medical bills for these critical conditions.
- Riders
Some insurance plans have riders that you can choose for additional coverage. Many health insurance plans do not cover some critical conditions, but the companies offer add-ons or riders, which will add critical illnesses at a very nominal cost. These riders cover critical illnesses such as heart problems, cancer, kidney problems, and many others.
Final words
When parents cross the age of 60-years, they become more prone to illnesses, and their medical bills can put a lot of financial stress on them, especially if they are living on a pension. Health insurance plans for your parents as a gift is the best gift as it will reduce the financial pressure on your parents, and in case of an emergency, you will be able to provide your parentswith the best possible medical care.
