Advantages of Buying Health Insurance for Elderly People
In India, the inflation rate is rising gradually and is affecting every aspect of an individual's life, including healthcare costs. Individuals above 60 years remain at a greater risk in terms of medical emergencies. Without a comprehensive health insurance plan, such situations can lead to significant financial strain on your bank balance. Thus, to avoid such distress, buy the best-suited health insurance online or offline from a reputed insurer.
What are the Benefits of Purchasing Health Insurance for Parents?
Despite the importance and the following long list of benefits, the percentage of senior citizens secured under a health plan is too low in India. Being responsible and vigilant towards your parent's medical needs is crucial, so choose an inclusion-rich health plan with a competitive premium rate. Here are the benefits to consider:
Financial Safety Net
The primary purpose of buying a health insurance policy is to get financial help for your parents in case of medical emergencies. Life is uncertain so, having a comprehensive health plan will make you well-prepared for any unexpected situation. Many insurers are offering high sums insured of Rs 1 Crore and more. So, while choosing a medical insurance plan, look into this factor to get a better deal.
Extensive Range of Coverage
Every insurance provider comes with a different set of inclusions, thus by choosing the right insurance plan, your parents will get a wide array of coverage. Some basic coverage offered by more or less every insurance company are in-patient hospitalisation, medicine cover, therapy expense cover, day care treatment, dialysis cover, and many more. In addition, a few insurers provide coverage for AYUSH treatments and pre-existing illnesses.
Battling Critical Illness
In India, the rate of chronic diseases like cancer and others has increased evidently. Treatments for such diseases require months of treatments and diagnosis, which can lead to financial strain in your life. One of the perks of having comprehensive health insurance for elderly parents is that you would not be financially drained in such unfortunate scenarios. Your parent's insurance plan will offer a lump sum amount according to the policy, which will suffice all the financial needs related to your parent’s treatments.
Tax Benefits
On buying health insurance for senior citizens, one will enjoy tax benefits up to Rs 1 Lakh. Under Section 80D, a policyholder will get a tax deduction on the premium paid towards the health insurance plan. So, not only does it act as a financial safety net, but provides tax benefits to the policyholders.
Factors to Consider When Buying Health Insurance for Parents
Choosing the right health insurance policy for your parents is crucial to getting comprehensive coverage. Below you will explore some factors that you must dig deep into before purchasing health insurance.
- Coverage: The healthcare needs of elderly people are much more extensive as they involve routine checkups, pre-existing diseases, chronic illness, and much more. Thus, buying a health plan that has a wide array of inclusions as inadequate coverage can cost additional expenses.
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Sum Insured: There are many insurance providers offering sum insured of
1 Crore to unlimited. So, compare varied health plans to get the higher sum insured. - Premium: Look for a feature-rich insurance plan, which comes with lower premium rates. First, set a budget and start looking for an insurance plan accordingly.
- Waiting Periods: It varied based on insurance company policies. So, you must choose an insurance company that provides shorter or zero waiting periods with their health plans.
- Location of Network Hospitals: Checking out the location of varied network hospitals is essential to have a clear idea during medical emergencies. During medical emergencies, proximity plays a significant role so, buy a health policy accordingly.
- Exclusions: You have to pay for the medical expenses which fall under the exclusions of a health insurance plan. Understand all the exclusions and make an informed decision for comprehensive coverage for your parents.
- Reputation of the Insurer: Before buying a health plan, one must conduct in-depth research about the insurer by reading customer reviews. One must also have prior knowledge about their claim process, sum insured, inclusions, etc.
- Claim Process: One must choose an insurer that provides a quick and easy claim process. In addition, one can choose such an insurer offering an online claim process as it will be time-efficient.
The Bottom Line
With the advancement of technology, you can easily use online mode to buy health insurance for parents in India. Now that you know that it serves as a vital financial protection against rising healthcare costs, get a comprehensive insurance plan now. By choosing the right plan, your parents will enjoy comprehensive coverage along with tax benefits and peace of mind during medical emergencies.
If you want to know more about the health insurance plans available to consider for your parents, feel free to contact ACKO.
