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Is Purchasing Health Insurance For Parents a Great Option?

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Right from giving birth to providing adequate education, parents do a lot of things for their children. So in return, children need to take care of their parents both financially and health-wise. As we all grow young, our parents start the next phase of the age where they require a lot of medical attention. There might be many unavoidable health issues, so it is very important to invest in the parent’s health insurance that will keep them financially safe during their retirement age and will provide them with all health benefits required by them.

The requirement for medical help keeps on increasing with age, getting a cover for the health of the parents can be a great relief for the parents as well as their children. The health insurance for the parents covers all the medical treatment expenses. There are different plans available in the market like an individual plan, family floater cover, and even senior citizen health. All these insurance policies secure the future of elderly parents.

There are different benefits of getting health insurance for parents. Let’s have a look at them.

  • Provides coverage for pre-existing illness: Many times, there are chances that the elderly parents might be dealing with pre-existing ailments like diabetes, high blood pressure, heart problems, etc. It will be great if the person picks the policy for parents that covers all these problems. This is how medical insurance will help in dealing with large expenses of medical bills.
  • Tax benefits: Having an insurance policy, provides a tax saving by claiming a deduction of up to Rs. 50,000 according to section 80D of the Income Tax Act.
  • Provides Coverage for Covid-19: Nowadays the major problem being faced by the people is of Covid-19. This is an infection that can be easily caught by any person. So it is better to have insurance that covers covid-19 related expenses as well. Go for the health insurance of the patients that will provide hospitalization expenses and will keep you and your parents secure at such a pandemic time.
  • Cashless medical treatment: Arranging money to pay off the medical bill at the hospital can be a great botheration. But having hands on a good health insurance policy will help to go for cashless medical treatment for your parents as the insurance company will directly settle the bills with all the terms and conditions applied.
  • High sum insured: The risk to health increases with the age, so it is very important to have a health insurance plan that is specially designed for the parents. It will surely offer a high amount of insurance coverage that will help in safeguarding all medical inflation expenses.

So to get all these benefits, it is very important to have medical insurance for parents. Go for a good insurance policy that will provide high returns in the future. There are many options available in the market, and it can become really difficult for the person to select the best from the lot. For this do consider the following things.

  • Entry age: It is better to go for the insurance policy in which the eligibility criteria to enter the plan are fulfilled. Different plans have different age criteria, so it is better to compare different policies on this ground and check which policy will provide maximum coverage.
  • Renewal age: The health insurance for parents age has the maximum age until which the policy can be renewed which is also known as renewal age. Same as the entry age, the renewal age also varies with the different plans of the health insurance. Make the best decision that provides the returns.
  • Coverage extent: The main aim to get the health insurance policy is to get the claim at the most desired time. So go for the medical insurance that will provide a claim for the future medical circumstances but also the pre-existing illness.
  • Sum assured: This refers to the health cover that will be reimbursed at the time of the medical treatment expenses. Opt for the plan that provides a large amount of the sum assured for the medical emergencies of your parents.
  • Cost of insurance: To buy medical insurance, there is some cost that the person needs to bear. Different plans will vary in cost, so it is better to go with the plan that fits into the budget as well as provides maximum coverage.

It will be a great option to buy health insurance for the parents from the Care Insurance that has one of the best ranges for Care Health Insurance. There are different terms and conditions applied to the health insurance policies so better to have a look at each of them. Buying insurance has become very easy with Care Insurance as the purchase can be made through online modes.

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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