By James John
We all wish for our parents to live long. We all want them to lead a worry-free and healthy life. We want just the best for them always. But medical emergencies may occur anytime, at any age. And when it comes to our parents, we shouldn’t take risks, don’t you think? Hence, a health insurance plan is a must-have for every elderly in this country. Such policy coverage can provide a financial umbrella over the lives of those suffering from a critical illness and their family members. Hence, if you think it’s too early to opt for health insurance plans for family, think again!
Opting for health insurance for senior citizens in India will not only be a clever move on your part, but it will also save your pockets! If you are in your early 30s, it’s most likely that your parents are in their mid or late 50s. And hence, it’s never too early to look for health insurance for senior citizens to keep your parents safe even before they hit the milestone of becoming senior citizens.
Let’s find a few more benefits of opting for health insurance for your parents early.
Benefits of Getting Health Insurance for Your Parents
The benefits of opting for health insurance for your parents are:
- Affordable premiums: If you start early, you will have to pay a lesser premium. The chances are that once your parents hit the bracket of a senior citizen, buying a health insurance plan can get expensive. So, by making an early decision, you can optimise the premium costs without compromising on medical assistance and the quality of care.
- Long Term assistance: When you opt for health insurance plans for your family, especially for your parents, early, you can reap long-term benefits for the same. You can enjoy cumulative bonuses, a lot of add-on covers, and much more. You can get these benefits during the treatment or treat them as an extra monetary cushion.
- Inadequate coverage on existing life plan: If you already have a health insurance policy but don’t have the needed coverage for your parents, like health insurance for heart patients and so on, you must act smart and apply for an additional policy for your parents right away. This is crucial as targeted insurance plans will cover any expected and unexpected medical traumas.
- Increased lifestyle changes: Today, we lead a very unhealthy lifestyle. And because of that, we are more prone to several kinds of diseases and discomforts. Along with that, lifestyle diseases like stroke, heart attacks, and diabetes have become common in every household. So, it is more important than ever to have a health insurance policy in place as only that can be your ultimate saviour in case of medical emergencies.
- Better savings and Income Tax benefits: You can benefit from lower premiums if you opt for health insurance for your parents early. Also, you will be able to save more money as it will become a habit for you to save for your regular premium payments. Additionally, you can be eligible to avail of income tax benefits of ₹50,000 per financial year as per Section 80D of the Indian Income Tax Act, 1961.
Tips to Choose the Right Health Insurance for Senior Citizens
As your parents start to age, it becomes all the more essential to have all your guards up to save them from any unexpected health crisis. Hence, it’s prudent to choose the right health insurance plan for them. So, what should you consider while opting for health insurance for senior citizens in India? Let’s find out below:
- Coverages in the insurance plan: Your parents should have the necessary coverage no matter which insurance plan you choose. For example, some health insurance plans come with in-home care benefits. Parents, or any elderly for that matter, prefer to be at home while seeking medical attention. So, if their doctor allows them a at home care treatment, you should choose health insurance for senior citizens that covers such a facility.
- Minimum waiting periods: This is one of the most important things to look for in health insurance plans for your parents. Your parents might even have some pre-existing medical conditions. So, it’s vital to choose a plan with a minimum waiting period. This way, you will benefit from the insurance plan as early as possible.
- Go for long-term insurance: The premium prices for long-term medical insurances in India are less than that of the basic health insurance plans with an annual term. Hence, if you wish to save on the premium payments, you should always choose a long-term health insurance plan or something with at least a 2-3 years term.
Conclusion
So, now that you know why you should choose a health insurance plan for your parents as early as possible, you must begin researching the options soon. Also, always calculate the premiums using a health insurance calculator. This is because a health insurance premium calculator in India will make you aware of the premium amounts you will need to pay, and hence, you would be able to save your money accordingly.
