Getting older has its own share of perks for people. After retirement, they have more time to focus on hobbies than ever, and spend quality time with loved ones. But that’s not all. This phase also emphasises the need for solid health insurance for senior citizens. As people age, they become more prone to health problems. Consequently, rising medical bills become a concern. A senior citizen health insurance plan covers the expenses in such cases, offering a financial cushion to families.
Therefore, is a senior citizen health plan a worthwhile investment? To answer this, we have brought you this list of benefits of health insurance for senior citizens, explaining why a plan makes one of the smartest investments in your golden years.
But first, what is senior citizen health insurance?
A senior citizen health insurance is a type of insurance policy specifically designed for people aged 60 and above. It serves as a financial tool for seniors, assisting them with various expenses related to medical treatments, health check-ups, surgeries, and more.
Key benefits of health insurance for senior citizens
From routine check-ups to managing substantial medical bills, here are the topmost advantages of buying a senior citizen health insurance plan:
Financial protection
Healthcare inflation is becoming a more serious topic, hitting everyone hard with high medical expenses. One of the most important benefits of health insurance for senior citizens is that it shields them from skyrocketing hospital bills, post-hospitalisation expenses, and diagnostic costs. A comprehensive health insurance plan ensures you avoid depleting your savings for unexpected surgeries.
Coverage for pre-existing diseases
As you age, you become more susceptible to different types of conditions, like arthritis, heart diseases, diabetes, etc. Again, dealing with them costs a good amount of money. Many health insurance plans for senior citizens now offer coverage for pre-existing diseases. Note, the coverage is open to be availed only after you complete a waiting period. This can range from as little as 1 month to 2-3 years depending on the insurance provider. Irrespective of that, this is one of the most sought-after benefits of health insurance for senior citizens.
Tax benefits
While health is paramount, with a senior citizen health insurance plan, you can save big on tax as well. Health insurance offers tax benefits under Section 80D of the Income Tax Act. This allows seniors to claim a deduction of up to ₹50,000 on premiums they have paid. This acts like an added layer of protection for people trying to manage finances in the golden years.
Annual health check-ups
Crucially, health check-ups are often provided as a complimentary offering in many health insurance plans. Regular health check-ups act as a tool for early disease management.
Coverage for daycare and OPD expenses
Health insurance now covers not only hospital stays or surgeries but also daycare procedures. Senior citizens can avail coverage for hospitalisation in cases of cataract surgery or dialysis. Some plans may also offer diagnostics, OPD consultations, and medicines.
Cashless claims at network hospitals
Availability of cashless hospitalisation is a standout benefit of a health insurance plan. In an emergency, with a cashless claim benefit under senior citizen health insurance, worrying about arranging funds becomes unnecessary. In case of cashless claims at network hospitals (the one covered in the policy), your insurance provider directly settles the medical bill. This ensures timely care without financial friction.
Peace of mind
Beyond the numerous financial and health benefits of senior citizen health insurance, it provides peace of mind. Knowing that you and your parents are secured against major expenses related to health checkups and treatments gives unparalleled peace and relief.
Wrapping up!
Golden years are meant to be enjoyed to the fullest, without the worries related to medical bills hovering around all the time. The numerous benefits of health insurance for senior citizens are sufficient reasons for individuals to invest in a comprehensive plan. Whether you are buying one for yourself or your parents, consider your requirements, health conditions, budget, waiting periods, and other such factors in mind when choosing a senior citizen health insurance. Then, you will be well-prepared.
