This Father’s Day, gift your dad a complete healthcare insurance plan

Fathers are often held up as role models, and rightly so, because of their unselfish love, care, and dedication to their families. They often toil away in silence to provide the best to their family. The least one can do is take an opportunity to acknowledge all of their efforts. And, this Father’s Day, one can’t think of a better way to do so than securing his health with a complete healthcare insurance plan.

After all, medical emergencies and accidents occur without any prior warning. So, in case of any unforeseen health emergency, the right health insurance for one’s father will ensure that they receive access to high-quality treatment without incurring severe financial losses.

So, while there are several reasons why health insurance is the perfect gift for fathers, let us consider the most prominent ones.

Comprehensive coverage

A basic health insurance plan may only cover some in-patient or hospitalization charges while omitting out-of-pocket expenses such as prescribed diagnostic tests, doctor’s consultation fees, and pharmacy. Thus, it is better to opt for a plan that comes with a broader range of benefits, such as cashless OPD coverage so that healthcare expenses are fully covered both inside and outside of the hospital.

A complete healthcare insurance plan comes with a wider scope of coverage, often covering most medical costs incurred from the time individuals are advised hospitalization until they recover. It also includes premium waiver, on renewal policy premium due to accidental death or if diagnosed with any of the listed critical illness along with domiciliary treatment at home, annual health check-up, unlimited tele consultations and many other enticing benefits in order to safeguard one’s physical, emotional, and financial health at all times.

Cashless claim facility

If insured members get treated at a hospital that is part of the provider’s network, health insurance plans allow cashless treatments. Thus, when selecting an insurance company, one should make sure they have a wide range of network hospitals, as this helps in cashless claim settlement in case of emergencies. The cashless facility allows policyholders to get the best treatments without worrying about the tedious payment process. The insurers directly pay the medical bills, thus, safeguarding policyholders from the financial brunt. Hence, it is always advisable to check the network area for convenience and better treatment.

Tax advantage

With age, people become more prone to diseases. Hence, a health insurance plan is needed to protect from massive and unexpected expenses that arise from health-related eventualities. A health insurance policy will not only ensure access to quality healthcare for fathers but also help get tax benefits under Section 80D of the Income Tax Act. However, the limit for this exception is INR 25,000, which increases to INR 50,000 if the parent is a senior citizen i,e., above the age of 60.

Saves from lifestyle-related risks

Lifestyle diseases, such as hypertension, diabetes, obesity, respiratory problems, and heart disease, can have serious implications regardless of a person’s age. Sedentary lifestyle, stress, pollution, and unhealthy eating habits, are some of the contributing factors to lifestyle diseases. Health insurance can help fathers stay prepared to manage medical emergencies arising out of these lifestyle diseases, in turn making them financially stable.

Prepares one for the unexpected

People are working hard to develop a corpus for a comfortable retirement, but diseases, particularly serious ones, might derail the plan. Why? Because medical procedures are expensive, and in recent years, the prices have constantly gone up. In addition to the physical trauma that diseases cause, they can have a negative impact on an individual’s and their family’s mental and financial stability. One of the simplest way to prepare for it is to invest in the correct instruments and have a solid health insurance plan with higher sum insured that can help relieve the tension that comes with the possibility of suffering from these illnesses. Some health insurance plans also offer guaranteed cumulative bonus of 25% per policy year, maximum up to 200% of sum insured, irrespective of claim. Hence, to keep oneself safe and secure, physically, mentally, as well as financially, Health Insurance is no longer an option, but rather a necessity.

Fathers strive every day to safeguard the future of their families. Thus, rewarding them with the gift of a complete healthcare insurance plan for better care, better coverage, and better control will certainly take some of the weight off of their shoulders. However, gifting fathers just any health insurance plan might not be the best idea. One must weigh all the benefits and drawbacks of every available plan, and choose the one that provides a comprehensive range of key benefits after all, our fathers health deserves better.

(By Shashank Chaphekar, Chief Distribution Officer, ManipalCigna Health Insurance Company Limited)