When it comes to gifting, the usual things that pop into your head are books, flowers, watches, etc. Gifting gets even more confusing when it comes to our parents, as we mostly end up gifting them clothes, jewelry or something else that might have limited use for them
But isn’t it time that you gift your parents something that’s genuinely useful for them?
A gift that fits this mold is a health insurance plan. At first, it may sound and feel unfashionable, but gifting a health insurance plan to your parents is quite possibly one of the best gifts you can give.
Benefits of buying a health insurance plan for parents
- Coverage
Most health plans provide the same set of essential health benefits, even with a pre-existing health conditions. In addition to coverage for doctor visits, lab tests, hospitalization, surgery and emergency care, health insurance policies also offer cashless facility at a vast network of hospitals. This saves your parents from running from pillar to post for cash in case of a medical emergency.
- Safeguarding against increasing cost of healthcare
Getting your parents a health plan protects them from the rising cost of medical care. With their income being limited, getting good medical care in case of a disease or other medical ailments can be a financial burden for them. A health insurance eases this tension.
- Tax benefits
Not many are aware that by buying a health policy for your parent, you can claim tax benefits under Section 80D of the Income Act Tax. It doesn’t matter if the parents are dependent on you or not. The premium paid by an individual towards health insurance for his/her parent who is a senior citizen aged 60 or more, can claim a maximum tax deduction of Rs. 30,000.
Things to look out for when purchasing a health insurance for your parents
- Age limit
Buying a health insurance plan for your parent is not enough as you need to renew it every year to keep it valid. But you cannot renew a senior citizen plan for an indefinite period of time. Most of the insurers impose a restriction in terms of age for the renewal of the policy, after which it cannot be renewed. However, there are certain health policies that offer lifetime renewal option; those are the policy options you should be considering.
- Pre-existing diseases
Health insurers usually don’t cover certain diseases until a certain period of time has elapsed, which varies between 2-4 years. As you are buying the health policy for your parents, you need to find a policy that has the least waiting period, as the likeliness of fatal diseases occurring is higher when one gets older.
- Critical illness cover
A critical illness plan provides a lump sum amount to the insured, if he/she is diagnosed with a serious ailment such as cancer. This amount is to be used for the care and treatment of the insured. The insurer pays the full sum insured, regardless of your hospital expenses.
The sum of the benefits mentioned above underlines exactly why the right health insurance policy can be hugely beneficial for your ageing parents. Do your due diligence, and gift them this gift which they’ll come to appreciate not just now, but for years to come.