Reasons to gift your father a person medical health insurance policy, this Father’s Day, Health News, ET HealthWorld

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By Amit Chhabra

No matter age, for a toddler, a father is all the time their superhero. They go the additional mile to guard their kids at every step and fulfill their long and short-term goals. Nonetheless, within the ups and downs of life, they often are inclined to overlook their very own well-being and protection. One such crucial aspect of their life, especially as they age, is investing in a reliable medical health insurance plan.

Amid the scenario of fluctuating COVID-19 graph, increased probability of age-related ailments, and rising medical inflation, it is time to gift your father a sturdy health plan this Father’s Day. But, in case your concern is that, owing to his age, finding an appropriate medical health insurance plan for him will probably be difficult, and making him a component of family floaters will probably be higher, then there’s excellent news for you. Fortunately, the Indian insurance market has several options targeted at senior residents and even those with pre-existing diseases. So, with Father’s Day across the corner, here’s a handbook on reasons to gift your father a person medical health insurance plan.

• Group medical health insurance is insufficient

Most individuals rely only on their group health cover to fulfill medical expenses arising out of an exigency. Nonetheless, in point of fact, the typical sum assured in these policies ranges from Rs 3 to Rs 5 lakhs, which will not be enough amid rising inflation and these uncertain circumstances, especially for the elderly. As age progresses, certain restrictions may also come into play. So, by providing a dedicated individual medical health insurance plan well prematurely, you possibly can ensure your father’s well-being against various medical issues which will impact him within the near future. If a better premium is in your mind, correlate it to the probable medical expenses you would possibly incur within the absence of such a policy.

• Pre-existing Disease Cover

The present lifestyle, alarming pollution levels, and age-related ailments have heightened the likelihood of individuals inevitably experiencing some type of health issue. Due to this fact, when purchasing a medical health insurance plan in your dad, keep in mind that he could have pre-existing medical conditions. Thus, try to go for a plan with the shortest waiting period; typically, it ranges between two to 4 years. Some plans could have a lower waiting period as well.

Also, search for those plans where a pre-insurance medical test will not be required. As an example, Star Health’s Senior Citizen Red Carpet Health Insurance Plan is for ages 60-75 years, with the minimum sum insured being Rs 1 lakh and a maximum of as much as Rs 25 lakhs. Moreover, it has a worthwhile co-pay clause of50 per cent for pre-existing diseases and doesn’t ask for a pre-medical test.

• Sum insured

Sum insured is the important thing component of any medical health insurance policy. To ascribe, this amount is what the insurer will reimburse you against the expenditures incurred for medical care in a policy yr. Any amount exceeding the sum insured will have to be paid out of your pocket, so remember to go for sufficient coverage, especially in metro cities. You may consider a senior citizen medical health insurance plan with a high sum insured of Rs 25 lakhs to Rs 30 lakhs, depending on the limit, and correspondingly go for a top-up in case the policy gets exhausted during a yr.

• Tax Advantages

The medical health insurance premium paid towards the medical insurance policy bought for the parents is eligible for tax exemption under section 80D of the Income Tax Act, 1961. For instance, you possibly can claim a maximum deduction of Rs 25,000 per yr for self and family on buying a medical health insurance policy. Nonetheless, in the event you purchase and pay the medical health insurance premium in your father aged below 60 years, your claim eligibility will extend to a further deduction of Rs 50,000. Within the case he’s over 60 years old, you possibly can claim as much as Rs 75,000. The federal government, over and above this, also offers a rebate of Rs 5,000 on expenditure on health check-ups for your complete family.

With some great benefits of getting individual medical health insurance coverage in your elderly father, listed below are three things to take into consideration before making your decision:

• Age – That is critical as a policy should shelter him from pre-existing medical ailments and health conditions. So, go for a health plan with higher coverage. But, you will have to pay a better premium depending in your age; it increases with every yr an individual ages.
• Medical history – Old age accompanies comorbidities. Hence, it is important to tell the insurance firm in regards to the existing illnesses and be told in regards to the conditions covered by the insurance firm. This manner, you’ll have the ability to calculate a sufficient dividend.
• Geographical location – Medical treatment costs differ with location. Your father’s coverage requirements could be higher if he lives in a metropolitan city than if he resides in tier I, II, or III towns.

To conclude, you possibly can’t shield your dad from possible medical conditions, but you possibly can definitely protect him by gifting him a comprehensive tailor-made medical health insurance plan that may protect him from astronomical medical expenses. Moreover, these plans come filled with helpful advantages reminiscent of annual health check-ups, cashless treatment, hospital networks, etc. So, search and compare online policies before purchasing a reliable health plan that may cover his requirements. Also, learn in regards to the exclusions, reminiscent of diseases diagnosed inside 30 days after buying the policy, some other treatment than allopathy, cosmetic operation, dental procedure, etc

By Amit Chhabra, Head, Health and Travel Insurance, Policybazaar.com

(DISCLAIMER: The views expressed are solely of the writer and ETHealthworld doesn’t necessarily subscribe to it. ETHealthworld.com shall not be liable for any damage caused to any person / organisation directly or not directly.)

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