5 Benefits Of Buying A Health Insurance Plan For Your Parents

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Hope for the best but prepare for the worst. Everyone knows that preparing for a calamity in advance allows you to neutralize its damage when it actually comes. But despite being aware of this wisdom, most people fail to act accordingly.

Health insurance is the classic example of this mentality. Everyone is aware of the rising healthcare costs and everyone knows that as the age increases, the chances of getting affected by serious health issues increases as well. The costs of medical help during emergency are bound to burn a hole in your pocket.

And the only way to prevent your financial stability from crashing down due to such emergency medical costs is to have a health insurance. But unfortunately despite offering numerous benefits, few Indians have opted for a health insurance. Fortunately, the situation is changing but it is important that people become aware of the benefits of health insurance especially for senior citizens.

As an adult, it makes complete sense to buy a medical policy for parents. If you still aren’t convinced then these five reasons will tell you why a health insurance for your parents is a must.

1. The rising cost of healthcare-

Inflation is on the rise and it has affected every sector including healthcare. In the recent years, the cost of healthcare has increased around 15 to 18 percent every year which is alarming. This means that a treatment which costs around 2 lakhs will be worth around 4 lakhs in the next five years.

Also there are several additional costs which end up swelling the final bill. You have to incur doctor’s visiting charges, hospitalization fees, costs of medicine, diagnostic charges and many other such costs.

As discussed earlier, having a medical insurance for parents shields you from such expenses.

2. To enjoy a quality treatment-

Having a health insurance makes you worry-free and allows you to focus on the treatment and not on the costs.

Everyone wants to provide the best medical support to their parents and for this you need to use facilities which are expensive. By having health insurance plans for parents, you can easily walk into your desired health care centre and get the best healthcare facilities.

3.Tax benefits-

This is an important benefit of investing in the best health insurance for parents.

The investments made into medical policy for parents are exempted from tax, hence you get to save taxes as well. Under the 80D of the Income Tax Act, 1961, you can enjoy these benefits.

Furthermore, the union budget of 2018 has increased tax saving benefit for senior citizens from INR 30,000 to INR 50,000.

4. Making parents self-independent-

Unfortunately, if your parents have to get hospitalized in future, they can pay the bills and all costs without being dependent on you, if they have medical insurance.

Buying a health insurance for parents will make them financially independent and will allow them to enjoy a dignified life.

5. A mental satisfaction-

Parents struggle their entire lives to bring us up and to make us financially strong and capable. Hence, all children wish to make their parents happy during their old age.

Investments such as health insurance plans for parents allow you to keep your parents financially strong and also independent. Beyond all monetary benefits, such investments offer a mental satisfaction which cannot be measured in any form.

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