Old age is a very lonely and difficult period to get through if one does not have the right kind of support from their children. Apart from the love and support, being able to maintain a healthy body and mind also helps in getting through this time. In today’s day and age, getting health insurance for parents is one of the best things that a child can do. There may be a medical emergency and the expenses associated with it that can cause huge damage to your or their savings.

There are certain benefits attached with health insurance plans and the coverage they provide and it is always better to go with one that provides the maximum of these. A few of the benefits associated with insuring parents against medical emergencies are listed below:

  • The coverage it provides – having a health insurance in place will cover cost of hospitalization, the expenses attached with pre and post hospitalization, ambulance charges, day care expenses, domiciliary hospitalization etc.
  • Coverage against pre-existing illness and diseases – no child likes to think of their parents being sick but one needs to recognize the need of the hour and make sure that your parents are insured against a gradual deterioration in their health from various conditions such as heart problems, diabetes, hypertension, blood pressure etc.
  • Safeguarding against the rising cost of healthcare – as mentioned above, the cost of health care is on a steady rise and it does not look it is going to decrease in the coming future. With the advancement of technology and new machines coming into the market, the cost of getting tests done will only rise. Other factors contributing to this is inflation and rise of import and export cost. The money that is kept in the bank account now might now be enough few years down the line and the lack of finances should not be a factor for anyone not being able to get themselves treated in times of sickness. In order to ensure that such a situation never arises and parents are able to get the medical attention they need at all times, it is important for them to have a suitable and sustainable insurance plan in place.
  • Financial independence – no one likes depending on others for money after a certain age. Even parents do not like depending on their children their entire life and so is the case the other way around. In order to make sure that parents do not have to depend on their kids or anyone else for money should the need arise in case of a medical emergency. The insurance plan takes care of these medical expenses in exchange for a small yearly premium.
  • Relief against tax – there are certain tax benefits attached if one has insurance plan for themselves or their family members. There are added benefits when it is the case of senior citizen. These tax benefits fall under the Income Tax Act.

There are a number of insurance plans available in the market and each company has their own terms and conditions and inclusions and exclusions. It is important to go through the blue print of the plan and see exactly what is being offered and what is needed out of it. The one with the maximum coverage and minimum exclusions should be opted for.

Published by Laxman balagani