Ageing is a fact of life, and it is in their older years that your parents require the most comfort and care. To ensure that your parents can enjoy their golden years without worrying about their health care expenses, having good health insurance for them is necessary.
But what qualifies as a good parent’s health insurance? – It must offer functional parental insurance benefits. Keep reading to find out what those benefits are.
Parent Health Insurance – What Does it Mean?
Parent health insurance is a specific insurance policy that covers a parent’s medical expenses incurred due to age-related issues. It helps them get the best medical treatment with facilities like cashless hospitalisation, in-patient treatment, critical illness cover, annual checkups and more.
In today’s time, when inflation is at its peak, having parent health insurance is crucial to combat costly medical treatments.
Benefits of Health Insurance for Parents
Covers Healthcare Inflation Cost
With the relentless rise in inflation rates, healthcare costs are becoming increasingly burdensome. The prospect of even minor treatments for your parents in the future could be daunting.
However, a mediclaim policy for parents offers much-needed relief, providing coverage from annual checkups to critical illness expenses, thereby easing the financial burden.
Elderly Medical Coverage
The entry age for most parents’ health insurance is around 60 to 65. This means it includes benefits for elderly medical expense coverage. As this is a fragile age for elderly parents, it becomes crucial for them to have a medical policy in their name which will cover their medical issues with growing age.
Pre-Existing Disease Cover
Your parents may suffer from pre-existing diseases like diabetes, high blood pressure issues, etc. Buying good parental insurance benefits them by including expense coverage for their pre-existing diseases. It means that parents will be protected against any future health concerns, as well as pre-existing ones.
Critical-Illness Cover
Having parent health insurance makes sure that they are protected against any critical illness like cancer, heart problems, etc., in the future. It provides the best treatment available in the country without worrying about finances.
Cashless Treatment Facility
One of the best parental insurance benefits provided is cashless hospitalisation. It means that medical treatment expenses incurred will be directly settled by the insurance company and the hospital. Thus, your parents or you do not have to worry about medical bills.
Helps in Tax Saving
Buying a mediclaim policy for parents can offer tax benefits under Section 80D of Income tax. One can claim a tax deduction of around ₹25,000/₹50,000 per year, depending on their parent’s age.
Wrapping It Up
Investing in the best mediclaim policy for parents is not just about securing their physical and financial well-being. It’s also about providing you with peace of mind. Knowing that they have access to the best medical treatment for their old-age problems without financial strain is a source of comfort and confidence.
With the benefits listed here, you must have understood its importance. So now make sure to buy health insurance for parents as early as possible, which includes beneficial features and comes within a reasonable price range.