Comprehensive Health Insurance for Aging Parents
Choosing the Best Health Insurance for Parents
As our parents age, their health and well-being become one of the top priorities. The rising cost of healthcare makes it crucial to secure their future with a suitable health insurance plan.
These comprehensive plans provide all-round protection against high medical costs. So you can avail yourself of the best possible healthcare facilities for your parents, which they truly deserve.
Features to Consider While Buying the Best Health Coverage for Parents
When you approach a leading health insurance provider in the country like Star Health, you can explore numerous benefits offered through their parental health insurance plans. These include:
- Flexible Coverage Options: You can either opt for medical coverage on an individual basis or a floater basis. In the latter case, you can avail of medical treatment cost support for up to Rs. 25 Lakhs in a single policy year. Whereas the individual plan allows you to purchase policies with coverages as low as Rs. 1 Lakh per year.
- Premium Discounts: Additionally, the policyholder can claim an extra 5% discount on renewing/ purchasing a health insurance plan online. Star Health exclusively offers another 10% discount to its customers who actively maintain a healthy lifestyle. This offer is valid for individuals who undergo a specified list of medical checkups within 45 days prior to purchasing or renewing their health insurance plan.
- Short PED Waiting Period: The best health insurance plans typically begin offering financial support for pre-existing diseases (PEDs) after a 12-month waiting period from the policy's issuance date. This is especially crucial for medical insurance plans for parents, who are more likely to make claims after a certain period.
- Seamless OP Consultation: After purchasing a top-rated health insurance plan for parents, you can avail compensation for outpatient consultation charges incurred at network hospitals. However, there is a limit specified for OPD consultation, which you can find while going through the medical insurance policy clauses.
- Tax Benefits: Investing in health insurance for your parents can also provide tax benefits under Section 80D of the Income Tax Act, reducing your taxable income and easing your financial burden further. A deduction of Rs 25,000 for premiums paid for your parents under 60 years and up to Rs 50,000 for parents who are 60 or above can be claimed.
Necessity of Comprehensive Health Insurance for Parents
The foremost reason to procure a health insurance policy for parents is to ensure they have sufficient funds for medical emergencies. At an elderly age, delays in arranging for essential medical support can result in undesirable consequences. Therefore, to provide financial independence to your parents, you must consider purchasing a health insurance plan for them.
Moreover, it allows to keep the family savings intact which both parents save working for their whole life. Therefore, procuring a customised health care insurance policy is imperative to guarantee that senior family members obtain the requisite medical care when it is most needed.
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