Why you should take a Health Insurance Policy for your Parents.
Providing health Insurance for your parents is probably the best gift one can ever give. In their old age, they require good medical attention and the medical expenses can be beyond their pension or financial capacity. The benefits of buying health insurance policy for your parents are:
1. Coverage: Securing health insurance for your parents/ senior citizens will cover the hospitalization expenses if the need arises, pre-and post-hospitalisation expenses, day-care expenses, domiciliary hospitalization etc.
2. Financial : If there ever arises the need to hospitalize your parents / senior citizens, they don’t have to depend on you or anyone financially. By providing a medical insurance cover, you are helping them lead a stress free life, for a small yearly premium cost.
3. Pre-Existing Illness Cover: The thought of one’s parent falling sick can be terrifying. Such circumstance can occur at anytime. Be proactive, by recognizing the need to insure your parents against any health condition be it terminal or minor sicknesses such as hypertension, diabetic, heart ailments etc.
4. Protection from Rising Healthcare Costs: The medical treatment costs are increasing due to inflation and rising overhead costs. The money at your parents disposal currently would hardly be enough for them in the next 5-10 years. Medical insurance cover for your parents will ensure that they will not have to live without medical support when they need it the most.
5. Tax Benefits: In case your parents are senior citizens, you will be eligible to get an additional tax benefit , apart from your personal tax benefit. If you insure them, you are getting a consolidated sum as tax benefit in a year. Hence the policy practically pays for itself. (Please check the latest income tax deduction slabs for the exact amount of tax deduction)
