Authored by Amar Joshi

While many of us would have bought gifts for our parents, there is a better and lasting way to reciprocate their love and affection for us. As they approach an age where medical emergencies may be a possibility, let’s take a pledge to ensure the best quality healthcare for them.

Here are a few reasons why it is important to have health insurance for parents:

Lifestyle illnesses have increased: There was a time when health insurance was deemed necessary only when one had reached the age of 60. Today, the stress and strains of modern life have led to lifestyle changes. This in turn has increased the possibility of disorders, leading to several health complications. It, therefore, makes sense to invest in a health insurance plan at an early stage to protect our loved ones. Today happens to be the best day to do that.

Rising medical costs: Advancements in medical science and technology coupled with medical inflation can make a deep dent in your savings in the event of an unforeseen medical emergency. To avoid such circumstances, it is advisable to invest in a comprehensive health insurance plan for your parents at an early age. Today happens to be the best day to do that.

Age is not just a number: While there are many health insurance plans in the market, almost all of them have a maximum entry age and require mandatory medical checkups beyond a certain age. To avoid the possibility of rejection or curtailment of medical cover, one should buy a health plan for their parents as early as possible. Today happens to be the best day to do that.

Employer cover is not sufficient: For people working in corporates, there is an easy excuse for not buying a comprehensive health plan since they are covered with a group mediclaim from their respective corporates. However, given the increasing cost of medical procedures, a defined coverage under your group mediclaim may not be enough to avail of best-in-class and complete medical treatment for your parents.

It is also possible that corporate health policies may have limited coverage and do not provide cover for parents. And as a matter of fact, the old-aged parents need more medical attention, which is why a wider health cover is required. Therefore, look at getting a top-up health plan over and above the group mediclaim provided by your employer, or a separate medical insurance plan for your parents with wider cover and higher sum insured. Today happens to be the best day to do that.

Covers more than just hospitalization: A good health insurance plan provides not only hospitalization cover but also pre and post-hospitalization expenses. A comprehensive health plan will also cover expenses like diagnostic tests, medicines, etc. as a part of the cover. One can also get benefits such as ambulance coverage, coverage for day-care surgeries and coverage for periodic health check-ups.

Income tax benefit: Payments made towards health insurance premiums are also eligible for tax deductions under section 80D of Income Tax Act by GOI.

A family floater health insurance with adequate cover for your parents can ensure their health and financial security.

Amar Joshi is Chief Business Officer at SBI General Insurance. Views are personal