For Father’s Day, give your dad comprehensive health insurance

Fathers are often seen as role models, and rightly so, because of their selfless love, care, and devotion to their families. They often toil in silence to provide the best for their family. The least we can do is take the opportunity to recognize all their efforts. And, this Father’s Day, you can’t think of a better way to do that than to insure your health with a comprehensive health insurance plan.

After all, medical emergencies and accidents happen without any prior warning. So, in the event of an unforeseen health emergency, the right health insurance for his father will ensure access to high-quality treatment without incurring serious financial losses.

So while there are several reasons why health insurance is the perfect gift for fathers, let’s look at the most important ones.

Full coverage

A basic health insurance plan may cover only certain hospitalization or hospitalization costs 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 includes a wider range of benefits, such as cashless OPD coverage so that healthcare expenses are fully covered inside and outside the hospital.

A comprehensive health insurance plan comes with broader coverage, often covering most medical costs incurred from the time people are hospitalized until they recover. It also includes waiver of premium, on the policy renewal premium due to accidental death or in the event of diagnosis of one of the listed serious illnesses, as well as home treatment at home, a check-up annual health plan, unlimited teleconsultations and many other attractive benefits to protect your physical, emotional and financial health at all times.

Cashless claim facility

If insured persons seek treatment in a hospital that is part of the provider’s network, health insurance schemes allow cashless treatment. So, when selecting an insurance company, one should make sure that they have a wide range of hospitals in the network, as this helps in cashless claims settlement in case of emergency. The cashless facility allows policyholders to get the best treatments without worrying about the tedious payment process. Insurers pay medical bills directly, thereby protecting policyholders from the financial burden. Therefore, it is always advisable to check the network area for convenience and better processing.

Tax benefit

With age, people become more prone to disease. Therefore, a health insurance plan is necessary to protect against massive and unforeseen expenses that arise from health-related contingencies. A health insurance policy will not only ensure access to quality health care for fathers, but will also help obtain 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 i.e. over 60 years old.

Avoid lifestyle risks

Lifestyle diseases, such as hypertension, diabetes, obesity, respiratory problems and heart disease, can have serious consequences, regardless of a person’s age. Sedentary lifestyle, stress, pollution, and poor dietary habits are some of the factors that contribute to lifestyle-related diseases. Health insurance can help fathers stay prepared to handle medical emergencies resulting from these lifestyle illnesses, making them financially stable.

Prepare for the unexpected

People are working hard to build a body for a comfortable retirement, but illnesses, particularly serious ones, could derail the plan. Why? Because medical procedures are expensive, and in recent years, prices have continued to rise. In addition to the physical trauma caused by illnesses, they can have a negative impact on the mental and financial stability of an individual and their family. One of the easiest ways to prepare for it is to invest in the right instruments and have a solid health insurance plan with a higher sum assured that can help ease the tension that comes with the possibility of suffer from these diseases. Some mutuals also offer a guaranteed cumulative bonus of 25% per year of insurance, up to a maximum of 200% of the insured capital, regardless of the claim. Therefore, to stay safe, physically, mentally and financially, health insurance is no longer an option, but rather a necessity.

Fathers strive every day to ensure the future of their families. So, rewarding them with the gift of a comprehensive health insurance plan for better care, coverage, and control will certainly take some of the weight off their shoulders. However, giving fathers any health insurance plan may not be the best idea. One must weigh all the pros and cons of each plan available and choose the one that offers a full range of key benefits after all, our fathers health deserves better.

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

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