Why You Should Buy Health Insurance for Your Parents Now?

One common problem with millennials these days is that their parents are reaching the age of 60 and they do not have valid health insurance. The reason for this is mainly unawareness. There were not as many insurance plans available in the market as they are today, and the previous generation has never been happy with paying for something that does not give anything in return after the completion of tenure. This has led to an increased need of moral and monetary support required by aged parents in most Indian middle class families. Medical cost for parents has been taking away a huge chunk of income from our pockets. Since our parents are not insured with a health insurance plan, we end up paying huge medical costs for their ailments which in turn disturbs our own future plan.

While there are numerous health insurance plans available in the market for senior citizens, you can also consider buying a plan before your parents come in the category of senior citizens as the health insurance premium will be lesser and mostly fixed if you purchase the premium earlier.

Factors to be considered while buying medical insurance for your parents

  1. Do not shy away from disclosing pre-existing ailments of your parents. Although you may have to pay more money, being honest will secure the health of your parents at the time of making a claim.
  2. Consider opting for a plan that offers highest tenure of policy so that the plan is always there to assist your parents when they need.
  3. It is suggested that you purchase individual policies for your father and mother. At older age, everyone needs a higher coverage. At the time of claim, you don’t want one of your parents using the entire sum insured, leaving nothing for the other.
  4. Keep a tab on the limit of cost of hospitalisation and opt for plans with less boundation.

When it comes to the health and financial security of your parents, you want nothing but the best. So, if you are looking for best medical insurance plans for parents in India, HDFC Ergo provides many options.  Besides affordable premium amounts, the plans have the option of cashless hospitalisation in more than 6600 hospitals across the country along with various add on benefits.

These pointers may act as a good guide when you plan to purchase best health insurance for your parents but it is important to always be cautious and take into consideration their present medical conditions.

Another benefit of buying a health insurance policy for your parents is that if you are paying the medical insurance premium for your parents out of your pocket, you can also apply for a tax exemption up to INR 30000 under section 80D of Income Tax Act.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.

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