Father’s Day 2020: 5 reasons why health insurance may be the best gift for your Dad

Updated: Jun 20, 2020 3:50 PM

He always tries to fulfill the dream of his family, sometimes whilst sacrificing his own. On this Father’s Day, let’s gift him something that he can truly benefit from during his retirement years – health insurance.

Father’s Day, Life Insurance, life insurance, investments, protection, medical bills, insurance claims, emergency funds, savings, cost of education, fathers day 2020, gifting option,Here are 5 reasons how buying the right health insurance at the right time can lead to a happy retirement life:

A father is truly an unsung hero of our life. He always tries to fulfill the dream of his family, sometimes whilst sacrificing his own. On this Father’s Day, let’s gift him something that he can truly benefit from during his retirement years – health insurance.

Here are 5 reasons how buying the right health insurance at the right time can lead to a happy retirement life:

Protection against medical inflation:

Due to improved technology and infrastructure in healthcare, the cost of treatment is increasing exponentially. The current pandemic has made us realize that medical emergencies are unpredictable and can cause a financial hole in our pocket. By paying a relatively affordable health insurance premium each year, you can reduce the burden of medical inflation from your father’s shoulder and provide him with quality treatment.

Covering regular medical checkups:

The risk of various health problems increases with age. Your father must get screened regularly so that health conditions are detected at the earliest. It will aid in better management of medical conditions and ailments that can prove to be fatal later. Consult an agent or do a comparative analysis of various policies available in the market and opt for a health policy that provides the benefit of free medical checkups.

Protecting his savings:

Your father has worked hard his entire life and he very well deserves a peaceful retirement life. An unforeseen illness can lead to mental anguish, stress and leave him financially drained. By gifting him a suitable health insurance policy, you can manage medical expenditure better without dipping into his savings.

Building a retirement corpus:

The rising life expectancy, increasing healthcare costs and the absence of social security for individuals have increased the need for creating bigger post-retirement corpses. Health insurance policies usually come with waiting periods before allowing claims for many treatments, surgeries, etc. Purchasing the right health insurance policies early for your father would enable you to complete the waiting period beforehand.

Provides payment flexibility:

Medical emergencies can strike at any point in time. During such times health insurance can prove to be of great help. Many insurers’ providers provide a cashless facility to their policyholders on certain terms and conditions. It removes the hassle of paying cash to the hospital in the time of need.

No matter when your father plans to retire, the best thing you can do now is to start thinking long term and give him the gift of health and secured life.

by, Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance

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