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What Are the Benefits of a Mediclaim Policy for Elderly People?

  • Highlights

  • Parental Health insurance frees up your finances

  • Choose health insurance for senior citizens

  • Benefit from high coverage and tax benefits

  • Enjoy online application and cashless claims

In order to shield your family from growing medical expenses and hospital charges, you are likely to buy a health insurance policy. This must also include buying health insurance for your parents keeping their age in mind. Apart from protecting their health, if you’re their primary caregiver, it will also help you cut down on recurring expenses that you would otherwise have to pay out of your own pocket. Moreover, a health insurance for senior citizens can significantly help your finances too provided you buy substantial coverage. Read on to know more about the various benefits that are on offer.

You can ease any burden on your finances

Buying health insurance for senior citizens not only covers their healthcare needs, but also frees up the amount that you have earmarked to take care of medical expenses on their behalf. This means that you can divert the funds to other avenues, be it making an investment for your child, or renovating your parents’ home to make it more comfortable for them.

You will not have to pay separately for medical check-ups

Regular health check-ups help you locate diseases and catch ailments as soon as possible. So, once your parents cross a certain age, it is imperative that you regularly book complete health check-ups for them. However, this can weigh on your finances too. But, when you buy health insurance for senior citizens, this is one less thing to worry about. If you choose a good policy, timely check-ups will be included in it. As a result, doctors will be able to catch any illness in its early stages and treat it adequately.

You can enjoy tax benefits

You can claim deductions against the premium payments you make on medical insurance for your parents under Section 80D of the Income Tax Act. Here you can claim a deduction of up to Rs.25,000 if they are less than 60 years of age, or Rs.50,000 in case they are above 60 years of age. Even if they aren’t eligible for insurance, you can claim up to Rs.50,000 as a deduction owing to medical expenses, provided they are over the age of 60 years.

Now that you know how buying Health Insurance for your Parents benefits you as well as them, check your pre-approved insurance offer from Bajaj Finserv and apply right away. When you buy this policy through a trusted provider such as Bajaj Finserv, you can benefit from comprehensive protection including coverage for certain pre-existing conditions, cashless claim process, coverage for ambulance charges, no claim bonus and much more.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”

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