Medical problems tend to worsen with age, and it's not uncommon to witness elderly relatives in distress due to health troubles brought on by old age. Getting the proper care at the right time might lessen the severity and duration of such symptoms.
However, a delay in treatment due to increased medical costs can result in a medical emergency. Health insurance plans specifically for parents are an essential part of establishing a safe financial buffer against this. Such plans vary marginally from typical medical insurance.
Types of Health Insurance Plans for Parents in India
Buying a mediclaim policy for family gives you three possibilities. See India's parent health policies.
Senior Citizen Health Plan- This comprehensive mediclaim policy for seniors covers their healthcare costs. A basic health insurance policy does not cover senior citizen benefits. Less waiting and lifelong renewability.
Family Floater Health Insurance- Family Floater health plans are group coverage for family members. spouse, children, parents, and in-laws.
Individual Health Insurance Policy- Individual Mediclaim Plans can cover each parent. This approach is best for younger parents. This scheme benefits parents under 60.
Tax Benefits of Medical Insurance for Parents
Section 80D of the Income Tax Act, 1961 allows for tax deductions to be taken into account when purchasing mediclaim policy for family. The following calculations reflect the most up-to-date modifications to Section 80D. These amounts are subject to vary, however, in accordance with the fiscal rules in effect for the given year.
Parents who are younger than 60 are eligible to receive a tax credit in the amount of Rs. 25,000.
If both parents are 60 or older, you can file for a tax credit of up to Rs. 50,000.