I am 60 years and reside with my wife (54) years in Mysuru. I had availed a family floater health insurance plan for both of us two years ago. We have not made any claim on this policy. My friend has advised me to increase coverage to INR 10 Lakhs. Is this a good idea? If my son pays the premium can he get any tax benefits?
As you grow older, revise the sum assured of your health insurance plan, upwards. Medical treatment can be very costly in elderly years. You can simply seek an enhancement in the sum assured with your existing insurer under your current health insurance plan. If you and spouse are in good health, you can go for a top-up health insurance plan which has a very affordable premium, instead of availing a health insurance plan with sum assured of INR 10 Lakhs. You can continue with your current health insurance plan and take a top-up health insurance plan with a deductible of INR 5 Lakhs. If your/spouse hospitalization expenses is above the deductible of INR 5 Lakhs, the top-up plan takes care of the expenses. Any expenses below INR 5 Lakhs is taken care of by your current family floater health insurance plan. Your son can pay the premium and claim a tax deduction up to INR 30,000 a year, under Section 80D of the income tax act.