Ever Considered Insurance for Your Parents? Do it Now!

Since last few years, there’s has been a boom in the insurance sector as people have become more aware and pro the benefits of a health insurance policy. However, as a person grows older, health related deformities increases and in case of an emergency can even cost untimely death or a major financial setback. Influenza and pneumonia are considered the top 10 causes of death for senior citizens. With their immune system being weak due to age and also lack of nutrition, they fall victims to these sicknesses. Obesity and overweight are also other reason that aggravates their fragile situation.

Parents, work day and night to provide the best of education, health and other facilities to their children. As they grow older, health related issues surface more than before. Therefore, it is very important to timely invest in a policy that covers you and your loved ones.

Vital reasons for investing in an insurance policy for parents

Growing medical expenses

With exorbitant medical bills, dependency on private hospitals for specialized treatments, mediclaim today cannot be avoided. A single case of emergency can eat away all your savings or make you debt ridden. Parents in old age become an easy prey to catch diseases faster as compared to an adult and should be timely covered via a holistic health plan.

The reality of being dependent on the employer

Even if your parents are covered under your employer’s insurance policy, there are still areas that need to be addressed. Firstly, the financial protection from the company is inadequate in case of medical exigencies and secondly, you are only part of this facility till the time you are employed. A separate policy for ageing parents acts the biggest helping hand.

For their overall wellbeing

People in the old age are dependent primarily on their savings to face health challenges. To evade any financial implications and to assure their mental and physical well-being it’s important to invest in a health insurance policy. Also, in case you are not staying with your parents, they can still avail the benefits of an insurance policy and tackle unforeseen medical complaints.

To secure them in their old age

It has been observed that old age related health disorders generally occur due to pre-existing diseases. Buying a new policy after age of 50/60 can double the problems and make the medical condition even worse than before. A new policy won’t even cover the “pre-existing diseases” and to top it the insurance company won’t be liable or take charge of any mishap. It’s important to get a right medical policy that will secure their future and keep them healthy and happy.

Guide them to choose a wiser option

Many times it so happens that parents want to invest in an insurance policy, but are not sure about which policy would best suit their needs. Often they end up buying policy that might not fetch them what was promised by the sales person. In such vulnerable situations, they should be encouraged and guided well to invest in a policy that secures their old age in the best possible manner.

Tax-Benefits

Health Insurance also offers tax benefits as an added advantage. The premium paid for a Health Insurance policy can be deducted from the total income under Section 80D of the Income Tax Act. The tax deduction under Section 80D is allowed for making a payment to purchase or renew a Health Insurance policy on self, spouse, dependent parents or dependent children.

Other factors such as insurance company reputation, claim-settlement ratio, renewal ceasing age, medical check-up options, scope of coverage should also be taken into consideration. If you want to buy a policy with all the important benefits, you can try HDFC ERGO health insurance for your parents.Go ahead and insure your parents so that they can avail the best of medical facilities and enjoy a life filled with good health, hope and positivity.