Ensuring robust and secure health insurance plans for parents is essential. Securing your parents’ medical future is not just a thoughtful and considerate decision, but it can help you and your family save a lot of money on medical expenses in the future years.
On an average, when you are growing up and in your 30s, your parents will be in mid or late 60s, which is the prime time for them to capitalize on health insurance plans for parents. Health insurance plans for parents entitles them to secure their savings through tax benefits and higher deductions as directed by the Indian law.
Before your parents begin their journey as senior citizens, it is important for you to secure the right health insurance plans for parents so that they can live a hassle-free life. Some of the reasons and benefits that health insurance plans for parents give are listed below.
Reasons To Buy Health Insurance Plans for Parents
- Lesser Premium
There is a high chance that by the time your parents enter the senior citizen age criteria, health insurance will be much more expensive. This is one of the biggest reasons to buy health insurance plans for parents in their 40s or 50s without making any compromise on the quality of healthcare provided to them.
- Better Financial Planning
Buying health insurance plans for parents at the right time will help you plan your financial future better. When you have entered your years of financial independence, it is comparatively easier to pay the premiums than in your later years. Buying health insurance plans for your parents early helps you plan your financial future ahead without the stress of your parents’ health.
- Longer Benefits from Insurance Tenure
If you buy health insurance plans for parents early, they can reap the long tenure benefits and bonuses which can be claimed as additional claims or with the treatment.
- Tax Savings and Returns
You can claim tax savings and deductions as per Indian law of up to Rupees 50,000 on the insurance premium that you pay.
- Add On Benefits Other Than Diseases
Buying health insurance plans for parents goes beyond diseases and illnesses for them. In future years, it is important for your parents to add nutritional factors and exercise into their lifestyles to keep fit. Many of these aspects are also covered by health insurance plans for parents.
- Avoid Facing Medical Inflation Charges
Health care expenses and costs are always increasing and will be on an all-time high by the time you would be required to avail the benefits. It is important to buy secure health insurance plans for parents to have financial security and live stress-free.
- Medical Security and Independence
Sometimes, your parents may want to opt for corporate insurance and not buy a separate health insurance plan. It is important to buy health insurance plans for parents as sometimes yours or their corporate insurance may not be adequate for any medical emergencies that may arise in the future.
- Pre-Existing Medical Condition and Covid 19 Coverage
There are chances that your parents may have pre-existing medical conditions and ailments. Buying health insurance plans for parents that cover pre-existing illnesses are crucial to building a secure future for your parents.
The elderly is also more prone to catching corona virus as with age there are more co morbidities and the immune system weakens. So, in the current times, it is also important to look out for health insurance plans for parents which cover covid-19 treatments.
Buying a stable and secure health insurance for parents is crucial in your early financially independent years to help them live an easy life. Companies like Care Insurance provide many health insurance plans for parents that can help you secure a good future for them and yourself.
