Fathers have always been the support system of their families, providing love, care, and financial stability. It’s heartwarming to see this love and care being reciprocated by their children, especially when it comes to health insurance.
A recent report by PolicyBazaar revealed that 35% of health insurance plans are now being purchased by children for their fathers. This statistic highlights a growing awareness and concern for the healthcare needs of elderly parents. Siddharth Singhal, Business Head of Health Insurance at Policybazaar.com, emphasized the importance of this trend and the significance of ensuring adequate health coverage for senior citizens.
Moreover, there has been a notable 40% increase in the adoption of the Pre-existing Disease (PED) reduction rider. This add-on to health insurance plans shortens the waiting period for coverage of pre-existing conditions, providing quicker access to necessary treatments. Additionally, popular add-ons in senior citizens’ health plans include PED reductions, consumables/claim protection, and day 1 cover for diabetes.
With the escalating costs of healthcare due to inflation, it has become more crucial than ever to ensure proper health coverage, especially for senior citizens. This Father’s Day, consider gifting your dad a health insurance policy. Not only does this thoughtful gesture guarantee the best treatment for your parents, but it also protects you from potential medical contingencies.
When it comes to choosing the right health insurance plan for senior citizens, various options are available in the market. Plans like Star Comprehensive, Prime Senior Elite Plan, Senior First Platinum, and more offer different benefits and coverage limits. It’s essential to select a plan that suits your father’s needs and age requirements.
Beyond health insurance, Father’s Day can also be an opportunity to show care and gratitude towards your dad. Krishan Mishra, CEO of FPSB India, suggests introducing resources on financial planning, scheduling consultations with financial planners, contributing to debt repayment, and establishing emergency funds. These actions not only show love and care but also lay the foundation for future financial security and prosperity for your father.
In conclusion, Father’s Day 2024 marks a significant shift in the way children are showing love and care for their fathers by purchasing health insurance plans. This gesture not only ensures the well-being of parents but also secures a better future for the entire family. Let’s continue to prioritize the health and happiness of our loved ones, especially our fathers, who have always been our pillars of strength.