Before diving in, take some time to understand your parents' specific needs. Consider their age, existing health conditions and medical history. This will help you narrow down your options and find a policy that truly fits their situation.
The internet is your friend when it comes to comparing plans. Check out websites of credible insurance providers and browse the health insurance policies specifically designed for senior citizens. Read the fine print, understand the coverage, and compare premiums to find the best deal.
Once you've chosen the perfect policy, remember to buy it in your parents' names. This might seem counterintuitive, but it's crucial for tax benefits. Upon purchase, the policy and tax receipts will be sent to them electronically, making the process smooth and efficient.
Now here's the scoop. Under Section 80D of the Income Tax Act, you can get a deduction of up to 25,000 if your parents are below 60 years of age. But if they're above 60 years of age, you get 50,000 as tax rebate. Now that's a win-win. You may also ask that if the insurance is in your parents' name, how can you save tax? Well, while the insurance can be issued in anyone's name, the person paying the
who is eligible for tax benefits. Remember, securing your parents' health is an investment in their well-being and your peace of mind. By following these steps and choosing the right plan.
