Fathers have always been the pillar of their children and family, be it financially, emotionally, or mentally. Their lives revolve around the happiness and joy of their children. In taking care of others, they hardly think about themselves and often jeopardize their goals and comfort.
“As your father grows older and you fill in his shoes, it is crucial that you make sure of his well-being. Insurance plays a vital part here, mainly health insurance,” says Anup Bansal, Chief Business Officer, Scripbox.
Maintaining health has also become expensive with rising inflation, including medical inflation. Medical costs are increasing, which can put a financial strain on your pockets, especially for your father.
Bansal points out, “60+ individuals are likely to have higher medical expenses sometimes due to critical illnesses, and thus it is advisable to have adequate health insurance coverage.”
He further adds, “With parents increasing age, one should make it a habit to take them for annual or bi-annual health check-ups and improve their health insurance cover accordingly. Most health insurances have clauses that don’t allow pre-existing diseases to be eligible for the claim.”
Thus, if you act proactively, you can ensure the best treatment for your parents and save yourself from medical contingencies.
What insurance covers are needed?
Industry experts say one can opt for a comprehensive health insurance plan, to start with. It offers extensive coverage and acts as a financial pillow for medical emergencies.
Unlike basic health insurance plans, a comprehensive policy covers outpatient and inpatient treatments, including consultations, medical tests, and hospital stays.
Bansal explains, “Perfect comprehensive health insurance would provide not only an umbrella cover to one’s father with the option to reload the sum insured, but also cover medical checkups. These plans also take care of the daycare procedures, and treatment taken abroad, while also providing hassle-free cashless facilities.”
A health insurance policy will not only ensure access to quality healthcare for your father but also help get tax benefits under Section 80D of the Income Tax Act. However, note that the limit for this exception is Rs 25,000, which increases to Rs 50,000 if the parent is a senior citizen, above the age of 60.