Having a secure plan for medical safety for your parents is vital in the early stages of your financial independence. It can prepare you for medical emergencies that may arise in the future and any financial burden that may come with it. Securing your parents’ medical future not only shows that you care for them, but it can also save you and your family a lot of money on future medical expenditures, which are always increasing due to medical inflation.
If you come to think of it, when you are in your 30s, your parents will be around 60 years old which is the prime time to ensure they have a good Mediclaim policy that can help them live their life as senior citizens with ease. These Mediclaim for parents plans also ensure tax benefits on the premiums paid to keep the policy active.
To ensure that your parents have a hassle-free retirement as they enter the senior citizen age bracket, it is crucial that you get the most suitable and comprehensive mediclaim for parents’.
Reasons To Choose Mediclaim for Parents
In general, there are several reasons why you should purchase health insurance. The following are some of the top reasons why it is a smart decision to invest in mediclaim for parents:
1. Financial Planning for The Future
Having mediclaim for parents helps you plan ahead for your financial future as it is easier to pay the premiums when you are more independent financially than in your later years. It will also allow you to pay lower premium rates on the policy if you purchase it early in life.
2. Reasonable Premium Amount
The premium amount is reasonable if you invest in mediclaim for parents as early as possible. The premium rates for Mediclaim for parents can be considerably heavier on the pocket by the time they enter their retirement years. This is one of the biggest benefits of buying Mediclaim for parents early on.
3. Tax Benefits
When buying mediclaim for parents, you become eligible to enjoy the tax deductions while paying the annual or quarterly premiums. This clause is regulated by the Income Tax Act, 1961.
4. Benefits Can Be Availed for A Long Time
When you have a long tenure for mediclaim for parents and invest in the policy at the correct time, your parents can avail benefits for a longer period of time and live a comfortable life.
5. Additional Benefits Beyond Diseases
When your parents are aging, it is important for them to take care of their lifestyle. They may find healthier ways to live through Ayurveda and several other benefitting practices to boost their immunity. Fortunately, some policies of mediclaim for parents provide coverage for such alternate treatment methods.
6. Medical Inflation
When it comes to medical inflation, there is no guarantee how much the prices of healthcare can possibly increase. It is possible that by the time your parents are older, the cost of healthcare will become extremely expensive. Therefore, it is important to invest in mediclaim for parents at the right time to avoid facing the impact of medical inflation.
7. Covid-19 Coverage and Pre-Existing Conditions
When buying mediclaim for parents, it is crucial to get a policy that covers more existing medical conditions as well so that your parents can benefit from this and avail treatment of any prior illnesses. In the current scenario, it is also important to find a plan which supports covid-19 coverage as well.
In these uncertain times when lifestyle-related diseases alone are claiming 2 million lives globally each year, it is important and extremely beneficial to secure mediclaim for parents. In addition, insurers like Care Insurance offer Mediclaim for parents, which can be customized according to their preference and can take care of all their healthcare requirements.