Secure Your Golden Years with Senior Citizen Health Insurance in This Way By cioreviewindia Team

Secure Your Golden Years with Senior Citizen Health Insurance in This Way

cioreviewindia Team | Wednesday, 28 April 2021, 08:58 IST

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Secure Your Golden Years with Senior Citizen Health Insurance in This WayAgeing is one of the things in life that is beyond our control. Dealing with age-related illnesses and incurring high expenses for medical treatment often becomes unavoidable. In such scenarios, it is necessary that we take extra care of elderly family members at home. Getting a senior citizen health insurance plan is one sensible approach to prevent financial losses when managing elderly parents’ medical treatments.

If you are above 60 years, you can secure your health and savings by investing in this type of health cover that leading insurers, like Care Health Insurance, now offer. If you are nearing this age bracket, consider getting this senior citizen health plan in the coming years. It will ensure that you live life blissfully after retirement.

In this article, let us understand how having health insurance for senior citizens is advantageous:

Gives sufficient coverage for medical expenses

The health plan designed for elderly individuals provides them with a high sum insured covering various medical expenses. That includes everything from hospital room rent, ICU charges, doctor’s fee, ambulance costs, and day care treatment to diagnostics, medication & consultation fees during pre-and post-hospitalization. Senior citizen health plans also provide benefits like cover for pre-existing diseases after a waiting period, alternative treatment, and annual health check-ups.

Ensures financial safety by reducing the impact on savings

Right now, you might think that you have the support of your corporate health insurance cover. However, it may stop providing you coverage after retirement or job loss. Thus, you should think about having a base health cover that will be useful. Consider getting a senior citizen health insurance plan after you reach the age of 60. So, you need not pay your medical bills from the funds you saved for your post-retirement goals.

Protects you against medical inflation

Presently, we notice an alarming rise in the medical inflation rate. If healthcare costs continue to rise, then medical treatments, including cataract operation & knee surgeries, will become costly in the years to come. So, if you plan your finances today by getting a health cover, you will safeguard your financial health in the future.

Secure Your Golden Years with Senior Citizen Health Insurance in This WayProvides lifelong renewability

The more you delay getting a health cover, the chances of paying a higher premium increase. Also, with increasing age, there are possibilities of health issues that can further increase premium rates. That aptly proves why you should buy a health plan early. Opt for medical insurance for senior citizens, which gives lifelong renewability. Hence, you will not have to look for another health policy as the same policy will cover you in the future.

Offers cashless hospitalization benefit

Facing a medical emergency in old age can be additionally stressful, mainly due to the financial consequence of availing of expensive medical treatments. Thankfully, the cashless hospitalization benefit in most senior citizen health insurance plans keeps the insured relaxed about the hospital bills. One can access the network hospital empanelled with the health insurer and get cashless treatment. The insurer will pay the bills directly to the hospital.

Provides Section 80D Tax Benefits

The best part of getting medical insurance for senior citizens is that the insured becomes eligible for Section 80D tax deductions on the insurance premium paid. Senior citizens can claim a maximum deduction of up to Rs 50,000 every year.

Conclusion

Getting health insurance for senior citizens was difficult some years ago. Nowadays, such customized plans are easily available for senior citizens. When buying the health policy, you must go through the policy documents to know the terms and conditions, including exclusions, sub-limits, co-payment, and waiting period. Comparing a few policies will help you understand which policy has a lower waiting period and minimum exclusions and provides maximum coverage at an affordable premium.

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