Father’s Day 2023: Here’s why buying a medical insurance for your father could be a best gift

Father’s Day is celebrated on the third Sunday of June every year. This year Father’s Day will be celebrated on June 18 worldwide. Many of you might be chalking out plans to make your father feel special. A father is that special man in our lives who never fails to protect his children and ensures to provide them the best of everything.

Gifting a handwritten card, gadget, shirt, or flowers is one of the common ways you can express your gratitude to your father for the sacrifices he has made. But, this Father’s Day, you can consider opting for a health insurance plan.

A health insurance for your father will make sure that he gets the best treatment in case of a medical emergency. It will also help you deal with any unforeseen expenses that arise in such urgencies.

Below are the benefits of buying a medical insurance plan for your father this Father’s Day.

1)      Tax benefits

A health insurance not only covers the medical expenses but also comes with some tax benefits. Under the Section 80D of the Income Tax Act, your father can claim tax deduction of up to Rs 25,000 or save up to Rs 50,000 in taxes if he is aged 61 or older.

2)      Wide coverage

Buying a medical insurance plan for your father means that he wouldn’t need to worry about financial challenges that are associated with medical emergencies. Such plans cover a wide range of expenses such as ambulance expenses, diagnostic tests, medicines, and post-hospitalisation costs among others.

3)      Cashless mediclaim policies

Some health insurance plans allow cashless treatments. This means that in the event of a medical emergency, your father will be treated immediately and the medical bills will be settled later between the insurance provider and the hospital. This obviates the need to arrange huge sums urgently, which may be difficult for many.

4)      Financial security in old age

When your father gets old, he may become more prone to diseases and illnesses. This is the time when most people undergo medical checkups and have to pay hefty fees. A comprehensive health insurance plan will cover such medical tests and check up expenses for your father, which will be of immense help in his old age.

5)      Renewals

Many health insurance policies also allow lifelong renewals. This means that your father will get the benefits of the plan as long as he renews it from time to time. It is advisable to always go through the terms and conditions of the health insurance thoroughly to know about all its features and the coverage it offers.