Sunday, May 29, 2016

3 Reasons for Buying Health Insurance Family and Parents in India

Even though Health insurance is not a new concept for the world, I must admit that it's a relatively new thing in India and many people including those who are living in cities and earning well are not aware of benefits of taking health insurance. Many people just focus on life insurance to buy a cover to help their family with money when they are not around, but they don't think about the medical emergency and cost of hospitalization for themselves and family, especially during old age.


In my opinion, health insurance is more important than life insurance because the probability of you getting sick is more realistic. In last 10 years, the cost of hospitalization and medicines have gone through the roof and it's simply not affordable for many people.

Some critical illness like Cancer or Heart diseases can cost from anywhere 5 lakhs to 50 lakhs. This makes it imperative for everybody to have health insurance in India. In this article, I am going to share my 10 reasons to buy health insurance for yourself, your family including wife and children and your parents.


3 Reasons for Buying Health Insurance

Well, it's not difficult to explain a family guy to explain why he should buy health insurance. Most of them already have some health cover from their employer, so they know the important of medical cover. It becomes even more important if you are working overseas. The cost of medication and hospitalization is very high on abroad, especially in Europe and America. You simply cannot pay hospital bills by your own, it's simply too much for anyone.



Thankfully most of the IT and Software companies like Infosys, TCS, Wipro, CTS, and Tech Mahindra provides decent health insurance to their employees. So, it's not a problem for them. This health insurance not only cover them but also their family members like spouse and children, what is left behind is the health cover of parents, which often stay behind in India.

To be honest, many highly educated and good working people also don't pay attention until its too late. Since our earlier generation was not so used to health insurance, parents of many of us don't have any solid health cover.  They need medical insurance more than us because of their old age.

Thankfully, there are many health insurance companies in India which provide health insurance plans to elders e.g. people with more than 60 years of old. One of the popular ones is complete health plan from ICICI Lombard. So, if you don't have any health insurance for your parents, it's about time you buy one.


Anyway, here are my 3 key reasons to buy health insurance in India for parents:



Expensive Medical Cost
This is the single most important reason why I suggest many NRIs to buy health insurance for their parents and family members living in India. Medical costs are rising on a regular basis, it has become difficult for people to manage expenses such as doctors visiting fees, hospitalization charges, expensive medicines, diagnostic tests etc.

People's thinking has also changed, nobody now likes to go government hospital and try to provide the best healthcare.  Buying a health or medical insurance policy will take care of your expensive health care bills within the permissible limitations of the policy.



Focus on Treatment
The second most important reason is not worrying about money when your parents are going through treatment. Don't take it wrong, but if you don't have an insurance the cost of treatment will always haunting your back of mind.

A health emergency needs complete rest, relaxation, and highest levels of care. Worrying about paying bills and can deteriorate your health further. With an insurance plan taking care of your bills, you just need to focus on getting the best treatment for yourself or parents.

3 Reasons for Buying Health Insurance Family and Parents in India

Tax benefits
This is not the main reasons to buy health insurance policy but this definitely serves as icing on the cake. Under the section 80D of the Income Tax Act, 1961, you can avail tax deduction up to Rs 25,000 per annum on purchasing health policy for self, spouse, and dependent children.

Senior Citizens (60 years and above) can avail deduction up to Rs 30,000. Additionally, you can also avail deduction of Rs 25,000 if you buy a health insurance for your parents. For senior citizens (60 years and above), the deduction is available up to Rs. 30,000. See here for more tax saving options for salaried people in India.



That's all about why you should buy health insurance for your family members and parents living in India.  In short, with an insurance plan in hand, you can have the best of health treatment without worrying about expenses. Buying a good health insurance policy can help you lead a happy, healthy and peaceful life. Buying a health or medical insurance policy for your parents also ensures you quality financial support during the time of a health emergency and emotional breakdown.

2 comments:

  1. Why NRI should buy health insurance for parents in India
    because they need most and cost of medication in India is rising everyday and it's already become very costly. Sure, you can cover, but with huge dent on your saving. It's better to take a health insurance for parents. http://savingsfunda.blogspot.com/2016/05/3-reasons-for-buying-health-insurance.html

    ReplyDelete
  2. We offer best health insurance in india that include individual & family floater health insurance, senior citizen health insurance and extra health care policies.

    ReplyDelete

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