Get Rid Of Health Insurance For Parents Once And For All

1. Get Rid Of Health Insurance For Parents Once And For All

2. Caring for their ageing parents has become a top priority for millennials, these days. Out-of-pocket healthcare expenses resulting from unexpected medical emergencies can seriously affect the financial health of a family. As adult children, it is not only important to give love and care for parents but also protect their future by planning for their medical exigencies. Buying health insurance for parents is not a tough decision to make as many insurance companies in the market have come up with attractive policies to suit diverse requirements. Moreover, buyers have the option to compare policies online and buy the most suitable option, which makes things all the more easy.

3. Furthermore, there are many options for retirement plans India based insurance companies offer which prove to be useful when an individual has no source of income after retirement. These pension plans are individual insurance plans that provide financial security during old age.

4. Why your parents need a health insurance plan? • A customized health insurance for parents uncovers a host of benefits for the family by providing cover for a number of diseases for affordable premiums. Moreover, cashless plans minimize the financial burden for a family to a great extent. As medical treatment costs have skyrocketed, such plans will cover expenses for medicines, OPD consultation, hospitalization and diagnostic tests. Some companies also cover additional expenses like transportation cost of ambulance in case of medical emergency. In addition, availing policy for health insurance for parents is advantageous in terms of tax benefits under section 80D of the Income Tax Act, 1961.

5. What is Senior Citizen Health Insurance? • Senior Citizen health insurance for parents is an insurance plan which majorly covers medical treatments for people aged between 65 and 80 years. As per IRDA guidelines, insurance companies must provide coverage to individuals till 65 years of age to facilitate coverage for people at later stages of life and enable them to move insurers if they are unhappy with their current provider.

6. Benefits of buying retirement plans • Senior citizens are prone to several age-related illnesses and increased medical expenses. With plethora of options available for retirement plans India has many informed senior citizens who have already secured their retirement years. • Besides health insurance for parents, insurance companies offer various pensions plans, also called annuity plans or retirement plans India. These are plans where an individual must invest either a lump sum amount or regular annual installments or premiums over a period of time in return for regular income either for life or certain fixed number of years, which may depend upon the particular plan availed. • The dual advantage of buying health insurance for parents and retirement plan India will certainly safeguard the family’s overall well being. However, due comparison is of utmost importance when buying any insurance policy.