Medical care cost is the (one of the) biggest problem in US & India may not be different in this. India may be developing as a hub for medical tourism & patients from US/Europe are coming here but days are not far when we would also be forced to travel for medical services to Srilanka or Bangladesh.
Last year finance ministry shared figures of 9.4% increase in medical care cost & we know how good our government is at these calculations. But even if we talk about 10% year on year increase on the cost this will be a whooping number till you retire. Ok time and again I have been cautioning you that health is one of the priorities that needs planning today and hopefully we have time to make appropriations for it. But what about the people who have already crossed 60 – they need more medical care than you & me.
Medical Insurance can be an option to avoid holes in your pocket or medical bills making you sick. But even here – there is no good information. The distribution network or agents are having little or partial knowledge. Moment you ask them for a comparison, they go mute or start defending their product. The premiums are on the rise as insurers keep complaining that they are not making money in this segment. On an average the health insurance premiums are increasing steadily between 15 & 25 percent every year and there are limited options available. These limitations make you feel that you are from general category & fighting for a government job.
Medical insurance for parents can be a great gift
Let’s check importance of health insurance for your parents, alternate options to make sure medical bills do not impact their retirement plan, what you should consider before buying health insurance policy – also check comparison of health insurance product & their pricing for senior citizens.
Hope this helped you to understand importance of Health Insurance in old age & features that you should compare. If you don’t understand the terminologies that are used in above infographics – quickly check Terms commonly used in Health Insurance.
Best Medical Insurance for Parents
Premium of Medical Insurance Policies for Senior Citizens
Source: Outlook Money
Have you gifted medical insurance to you parents? Do you know you can avail tax benefits on the premium you pay towards Medical Insurance for your parents? If you have any question feel free to add in comments.