When it comes to the health of our ageing parents, we would do just about anything to provide them comfort and security. Since our childhood, our parents have been there for us like no one else; they raise us and give us the very best that life has to offer. So it is obvious that when they grow old, it is our turn to look after them.
An essential aspect of looking after your parent’s health is giving them financial security. As they age, several health issues can start cropping up. This can lead to a great many medical bills, doctor consultation charges, and other unexpected expenses. This is where health insurance for senior citizens comes into the picture.
Many insurance companies provide these plans if the age of your parents is above 60 years old and even before that. But you don’t have to wait till they are 60. It is always a wise choice to start planning for the senior citizen coverage for your parents before they hit the 60-year mark. Here are some reasons you should definitely invest in a senior citizen health cover –
Rising cost of medical inflation
The cost of medical treatment is increasing every day due to the advancement in technology and healthcare. You might have saved up X amount of money for future medical treatments, but its value is significantly reducing over time. This is where health insurance for senior citizens can help so that you don’t have to burn a hole in your pocket for when the time comes. Therefore, it makes health care much more affordable because by paying a reasonable amount of premium annually, you can spread out the costs and reduce the financial burden from your parents’ shoulders.
It covers regular medical check-ups
Early detection is half the battle won. In the second innings of their life, your parents might need more frequent medical check-ups and doctor consultations. Moreover, they also need to be screened for health conditions regularly to prevent future health complications and early disease detections. Senior citizen health insurance in India helps you to do that. Insuring them is part of the proper financial health planning for your parents. This will truly take care of your parents and allow them to live a healthy life.
Helps in building a retirement corpus
With increased life expectancy, rising healthcare expenses and lack of social security for the geriatric population, one needs a bigger retirement corpus than previously required. Health insurance for older people usually have waiting lists for treatments, so it is a good idea to invest in a policy earlier. Senior citizen health insurance cover allows you to build a solid post-retirement corpus for your parents so that their future is safeguarded and secure. And when they need it, you can always file an insurance claim at the time of any treatment.
These are the advantages of investing in health insurance for senior citizens for your parents. The early bird gets the worm, so it is always wise to invest in a policy earlier than is required. This is a way in which you can be truly there for your parents in their time of need.