Gift your grandparents a medical insurance plan!

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When you think about grandparents you think about a person with silver hair and wrinkles. Within these wrinkles are stories and experience spanning many many years. Their silver hair is a sign that they have amassed a vast collection of knowledge through their life and are ready to share it with us, the next generation.

Their hearts are always full of love for their children and their grandchildren, as it reminds them of when they were young and enjoyed their life to the fullest. Not only are they the best sources of knowledge, but they are also the best at listening to the griping with a kind ear and offering sound advice afterwards. Remember, its all in our best interest they say what they say.

One thing that grandparents across the world are widely known for is for how they spoil their grandchildren. Everyone loves going to their grandparents as the trip more often than not, ends with a variety of treats and gifts brought back. They love us to no end and it is equally important to show them love as well.

There are a number of things that one can do to make their grandparents feel appreciated. Aside from helping them around the house to making the day a little easier for them, there are also some gifts one could give them that they are sure to appreciate. Listed below are some of the gifts for grandparents.

  • Pay directly for medical insurance

Without the need for dipping into that lifetime savings or borrowing from others, one good choice is to get medical insurance for senior citizens. There are a number of banks and or insurance companies that offer a number of comprehensive plans that are sure to cover the needs of one’s particular family member. All one would need to do is go online, search through the different sources provided from the net, gather the required information, compile a list and weigh them against one another.

Once that is done, approach the bank or health insurance company and apply for a medical plan in the name of one’s grandparent. Do note, that one would have to make the payments directly to the bank that provides these services. There are a number of good things that come from this particular gift option. They are:

  1. Medical insurance ensures that the grandparent is financially covered in light of any sickness or ailment. Choosing more than one plan is often even more beneficial as it offers more coverage and more safety.
  2. By paying it oneself, it ensures that the grandparent does not have to undertake any financial stress. Remember, they are old people and as such, working in their advanced age is sure to be physically taxing. So by paying it oneself, the benefactor i.e. the grandparent is sure to be relieved.
  3. A very good choice for their age. Considering that most grandparents are getting on in their years, their bodies are not as robust and strong as it used to be. This also means that their immune system and regular body functions are working at a reduced capacity. Providing them with medical insurance plans is like having a safety net available to them at all times. Should any medical issue befall them, then they can rest assured that they are covered.

 

  • A gift of stocks or mutual funds

Another great idea for grandparents is to gift them shares by transferring them directly into their demat account. All one really needs to do with this is fill up the delivery instruction slip, ensuring to provide the name and demat account number of the recipient and the scripts to be transferred. Also remember to write down the execution date. The recipient (grandparent) would only need to fill out an instruction receipt and provide the relevant details before submitting it to their depository participant.

The shares that are received from the depository participant will then be credited to the recipient’s demat account, as soon as the instruction receipt is received and fully processed. As many people already know, shares are movable property and it is not exactly mandatory to execute a gift deed. The best way to execute a gift deed is on an appropriate stamp paper. In the case of shares being in a physical certificate form, a share transfer deed protocol will need to be executed and then sent to the particular registar of the company.

Admittedly this is a little harder to take in given the fickle nature of the stock market and the required knowledge one would need to have before buying stocks, however, the benefits certainly do outweigh the risks. If one possesses very in-depth knowledge about stocks and knows how to predict the way in which the market turns, the one can surely use that knowledge in order to make some good returns. This gift does indeed have certain benefits that are better than the medical insurance plans. They are:

  1. With the necessary knowledge in hand and choosing the right stock options, grandparents need only sit back and enjoy their sunset years, while the money just comes in.
  2. As the work is being completely done by the person and not the recipient, the stress and mental gymnastics required to navigate the stock market is not one that falls on the grandparents. No, they are given peace of mind and can rest easy.
  3. By plying the required knowledge in the stock world, one is able to make returns much faster here than anywhere else. Simply put, in the time it would take to fully cover the money for an insurance plan, one could amass a large sum of money through careful usage of the stock market.

While these are the two most ideal options that are most suited for grandparents, there are others like potted plants, paintings, framed photos or even fitbits that are sure to appeal to grandparents. They dote on us as much as possible so its only right to do the same.

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