Health Insurance for parents: Best Medical Insurance for Parents
Parents are the backbone of the family. In thick or thin, they are always there to protect the family and ensure your wellbeing. However, as life goes on, the needs of the parents change, demanding an insurance plan that can provide them with financial stability and ensure comprehensive protection. For senior citizens or parents above the age of 60, traditional insurance plans often fall short. As the insurance needs become specific, the best way to plan for a burden-free financial future for parents is through comprehensive health insurance plans for parents.
The need for health insurance plans for parents
The insurance needs of parents and people over the age of 60 are broader compared to younger people. Since numerous health insurance policies specifically cater to parents, you can look to buy a comprehensive plan.
A health insurance policy for parents can help in the following ways:
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Health Risks:
Parents are at a greater risk of developing an age-related illness that can force them to shell out a huge amount to cover medical expenses. As illnesses like diabetes, cancer etc., require regular therapy and medicines to manage their symptoms, it can create a financial burden on the parents. A mediclaim for parents ensures that policyholders can cover these expenses and mitigate the expenses related to future health risks. -
Pre-existing Disease:
Every policyholder has to wait for a certain period, called the waiting period, until they can claim the policy benefits. If the parents suffer from any pre-existing illness, health insurance for senior citizen may offer lower waiting period so that underlying risk can be covered sooner. -
Economic Plan Goals:
Parents over the age of 60 can lose their savings along the way on medical expenses and hospitalisation. High medical expenses can undermine the achievement of financial goals set under an economic plan, leaving fewer amount after losing a regular source of income. A health insurance plan for parents can ensure effective financial assistance for keeping their financial plan in the right direction. -
Tax Benefits:
Mediclaim for parents allows for tax deductions under section 80D of the Income Tax Act, 1961. Parents or Individuals paying premium for their dependent parents above 60 can avail of tax benefits up to Rs 75,000.
What’s covered under a health insurance policy for parents?
Medical expenses are on the rise with every passing day. A health insurance policy for parents is an ideal investment as it can cover the following expenses:
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Hospitalisation Expenses:
Life is uncertain and can lead to an accident or a prolonged illness. If an event leads to hospitalisation, the expenses can prove costly and deplete the savings. A health insurance plan for parents covers pre, during and post hospitalisation expenses. -
Daycare treatments:
Daycare treatments such as cataract surgery, hernia, varicose veins surgery etc., do not require hospitalisation, and most policies do not cover their costs. However, health insurance for parents covers the expenses of such daycare treatments. -
Critical Surgeries:
Major surgeries such as open-heart bypass surgery, full hysterectomy etc., include costs stretching to lakhs of rupees. A health insurance plan for parents covers the cost of major surgeries allowing the policyholders to get admitted to the best of hospitals. -
Ayush Benefits:
Nowadays, many people prefer Ayush treatments to manage and control an illness. Mediclaim for parents allows for the coverage of costs related to Ayush treatments such as Unani, Ayurveda, Homeopathy, Siddha etc.
Whether you are looking to buy an insurance policy for your parents who are above the age of 60, a health insurance policy is the ideal product for investment. As the policy specifically caters to the insurance needs of the parents, it provides better features and benefits best suited for people above the age of 60. PINC Insurance is an experienced insurance broker that offers numerous innovative and comprehensive health insurance plans customised to suit every insurance needs of the parents. You can visit PINC Insurance. to buy the best health insurance plans for parents.