Obtaining the best health policy for parents would be one way of acknowledging your gratitude
The main reason people do not buy insurance is that they feel they do not need it. However, people do not need many things in life. They still buy the same. When it comes to buying insurance, they back out stating the necessity factor. They do not realize that they may not need insurance now but would certainly need it at some stage in their lives. At that time, you would not get it. Would it be any use blaming anyone for the fact? The answer should be ‘NO’. You do not have anyone but yourself to blame. In fact, you should not only take out a health insurance policy for self and family but also include your parents and your in-laws as well as dependents. They deserve the best health insurance plan for parents. The Government of India has also recognized this requirement and has increased the tax exemption benefits for the assessment year 2017-18.
An additional incentive:
The tax exemption on the best health policy for parents is an additional incentive. It works out in the following manner. Under Sec 80D, Sec 80DD, and Sec 80DU of the Income Tax Act 1961, an individual can claim tax exemptions for payment of health insurance premium up to an amount of INR 25000 for self and family and an additional amount of INR 25000 for parents in case they are below 60 years of age. The best part of the parents’ health insurance India is that you get higher exemptions as you as well as your parents get older. In case you are below 60 years of age and your parents have graduated to the senior citizen category, you get an extra INR 5000 as exemption from tax. The moment you cross over into their domain of senior citizenship, you get an additional INR 5000 thereby totaling an amount of INR 60000 as income tax benefits.
The health insurance angle:
You have seen the tax savings angle on the payment of insurance premium. You have benefits on the health front as well. With this cover, you can secure the good health of your parents. This is the time they need the policy the most. These schemes would not have been available during the days of their youth. This is one great way of repaying the gratitude. Of course, they do not expect you to repay the same. They consider it their duty to bring you up in the best possible manner. You should consider it as your duty to take care of them in the best possible manner. The health insurance plan for parents is a great way of doing so. You ensure that they get the best treatment without having to drain any one’s pockets. In addition, they would not get independent insurance at this advanced age. Therefore, including their names in your mediclaim policy would be the ideal thing to do. The best part of it all is that you can include your in-laws as well. This would be one way of repaying their gratitude as well.