Scientists have made advances beyond our wildest imaginations and created breakthrough health care that has prolonged human lifespans. As a consequence, medical care needed for age-related ailments has increased substantially over the past few years. If you don’t plan ahead for the expense of caring for your aging parents or parents in law, it could be costly. Care for the elderly should be part of your financial planning if it isn’t already. Consider these points when preparing an enhanced financial plan to cover elderly care –

Medical care –

Expenses associated with medical care drain your savings. Among these expenses are

• Hospitalizations and surgeries
• Therapies
• Pre- and postoperative care
• Medications
• Regular checkups and prevention
• A doctor’s consultation

The majority of insurance policies cover hospitalization, surgeries, and health checkups. The cost does not include therapy, medication, regular checkups, or doctor consultations. Buying more senior health insurance is a good idea even if they are already covered under your employer’s group coverage. Until you are employed, your company insurance is valid.  In addition, there are tax benefits for elderly health care expenses –

• A deduction of Rs. 50,000 can be claimed under Section 80D of the Income Tax Act.
• Under Section 80D of the Income Tax Act, senior citizens can claim a preventive health check-up expense of Rs.7000.
• For the treatment of specific diseases among senior citizens, you can claim a deduction of Rs. 1, 00,000 or the actual expenses, whichever is lower.

Health Insurance –

Even if the elderly are eligible for company-sponsored insurance, it is necessary to purchase health insurance. Before you buy a policy, you should consider these factors.

• Assured Sum
• Premium to be paid
• Age limit
• Pre existing conditions, if any
• Pre and Post hospitalisation
• Gestation period after which the policy will commence
• Medical test requirement
• Cashless facility

Please note that any additional coverage or benefit will cost you more.

Non Medical Care –

In many cases, non-medical care is overlooked or neglected because it does not directly affect the elderly at home. Insurance policies do not cover these non-medical expenses. It is challenging to provide non-medical care to the elderly, especially with nuclear families being the norm. You will make life easier for both you and the elderly if you look after these things.

• Non-nursing attendant, especially for those who are disabled or have poor health.
• Make the house age-proof – Added handles and railings in the bathroom, removing multi-levels, lowering tables, etc.
• In-home nursing care if needed – As the elderly age, it is increasingly common for them to require this kind of care. Ensure that the nurse has a clean record and is trained.

Palliative Care & Decisions –

When your elders are healthy, you should discuss palliative care options with them and how comfortable they will be. In addition to medical treatment, palliative care can be initiated in the hospital and continued at home simultaneously. Even though the cost of such treatment cannot be predicted, you can create a corpus with the assistance of a fiduciary financial advisor.

Several facilities exist to provide care for the elderly, though some of them are costly. Therefore, you should have specific funds and investments set aside for the purpose of covering these expenses. Planning ahead can make this a stress-free time for you and your elderly family members.