Health insurance is one of the best ways of making investments. It provides us with financial security in the hour of need. We should take health insurance for us and our parents as well. Due to the increasing age of the parents, they become more vulnerable to serious diseases, in such a case, the need for health insurance also increases. Depending upon the health needs of your parents, you can choose the best medical insurance for parents. You can also avail of medical insurance schemes online from the portals of the insurance companies. Having parents at home and having their blessings. It is true that our parents have been with us all the time through all the phases of our life, whether good or bad. They have provided with us all the best things. But when they enter their golden age, it becomes our responsibility to fulfill all their requirements and needs Including their medical requirements. An old person is more likely to have health issues, therefore, we need to make sure that our parents get the proper treatment whenever they have any health issue without worrying about the medical expenses. Medical insurance is one of the best ways to make sure that their medical needs are fulfilled. Through medical insurance, you will be able to give peace to their mind during the post-retirement period.
Along with the benefit of financial assistance, you will avail of other benefits also by subscribing to medical insurance for your parents. One of the major benefits is a tax deduction. You may not have knowledge of it but you can avail of the tax deduction for the amount that you have paid for medical insurance for your parents. Such a deduction is availed under section 80D while filing your income tax return. The amount of the deduction shall vary according to the seniority of your parents. In simple words, if your parents are seniors I.e. 60 years or plus age but up to 80 years then the amount of deduction shall be 50000. If your parents are super senior I.e. 80 years plus age then the amount of deduction shall be 75000. However, there are a lot more benefits of having medical insurance for parents.
The points given below are a few benefits of having medical insurance for parents:
- Cashless medical treatment: You can not deny the fact that even in the case of a medical emergency, you will be required to pay the medical bills to receive the medical services. If you won’t pay the bill then the services might be stopped. In an emergency case, even a single second counts. Causing any delay in such a case can cost us a big loss. Also, arranging money in very little time can be difficult and you can not also afford any delay. But if in such a case, you have medical insurance for your parents then you won’t have to worry about arranging cash to pay hospital bills. You can get treatment of your parents without worrying about anything.
- High sum assured: With increasing age, the health issues are also increased. Health issues in such a case can cause big amounts of hospital bills. Such bills become very difficult to afford for middle-class families and it creates a financial burden also. If you don’t want to face such a situation then you can get medical insurance for your parents where you will be paying insurance premium in installments and can receive financial assistance in the case of need. By having medical insurance, you can get proper treatment for your parents without having any tension about the bills. Depending upon the health needs of your parents, you can have a medical insurance plan. In other words, if you think, your parents can have a serious health issue that would require big financial assistance, in such a case, you can go for an insurance plan with a high assured am
- Coverage for already existing health issues: There are the chances that your parents might already be having some sort of health issue. Even in such a case, you can get medical insurance for your parents but only after the completion of the waiting period. Depending on the situation and health issues, you might have to wait for 3 to 5 years. After the successful completion of the waiting period, you can get your parents medically insured and have their already existing health issues in the medical insurance coverage.
These are the benefits of having medical insurance for your parents. Having such insurance plans subscribed to has become a necessity, especially due to the COVID-19. However, to have the benefits mentioned above, it becomes very important to choose the right plan. You can get in touch with Care Insurance, to have extensive knowledge of the health insurance plans and choose the right one for your parents.
