With age come health complications and medical illnesses, which require frequent visits to healthcare practitioners. Getting quality treatment in a reputed hospital is a hefty investment and can drain individual retirement savings for the elderly. Under these situations, having health insurance for senior citizens is important.
This type of health insurance plan is mainly designed for people over 60 years of age, considering their health care needs. There are various senior citizens plans available, such as health insurance for diabetics, heart disease, and more.
In this blog, we will elaborate on the benefits of the best health insurance for senior citizens.
What are Health Insurance Plans for Senior Citizens?
Health insurance plans for seniors or elder citizens are a special type of medical claim policy designed for people over 60 years of age.
With this plan, senior citizens get coverage for medical emergencies and planned hospitalisation. Various medical expenses such as hospitalisation expenses, surgery, medicines, etc., are covered under this plan.
Benefits for Health Insurance for Parents Above 60
With health insurance for parents over 60, our elderly family members can focus on their recovery and rehabilitation rather than worrying about medical expenses. Below are some of the most important benefits of investing in health insurance plans for senior citizens:
- Financial Protection: One of the primary reasons to buy affordable or cheap health insurance for senior citizens is financial assistance during medical crises. With health insurance plans for senior citizens, individuals do not have to waste their lifelong savings on medical expenses, and the plan premiums are also within their budget.
- Critical Illness Coverage: Another significant benefit of health insurance for senior citizens is coverage for critical illnesses. This benefit allows senior citizens to easily manage expenses related to critical illnesses that are common among the elderly.
- Specialised Medical Care: Due to their age and complex medical condition, individuals over 60 require special medical attention. With a health insurance plan for senior citizens, they can get access to quality healthcare providers, specialists, and more.
- Cashless Treatment: Another significant benefit of health insurance plans is cashless treatment in medical care facilities. Dealing with insurance paperwork at the time of medical crises can be challenging for aged patients and their families.
With a cashless treatment benefit, individuals can focus on recovery while the insurance company will settle bills directly with the hospital.
- Tax Benefits: Besides this, senior citizens who have invested in health insurance plans are eligible for tax benefits under Section 80D of the Income Tax Act. As per the rules, the annual premiums paid for health insurance plans are exempted from tax deductions.
- Treatment through Alternative Routes: Many elderly people prefer treatment through alternative routes like Homoeopathy and Ayurveda. Senior citizen health insurance plans provide coverage for AYUSH treatments, which cover the alternative course of treatments.
- Lifelong Renewability: The health insurance plan for senior citizens comes with lifelong renewability. It means a policyholder can renew their health insurance plan irrespective of age and time. With these benefits, senior citizens will get continued medical coverage without worrying about age-related limits and rising medical costs.
Conclusion
In old age, illnesses and health complications are common. However, with adequate medical coverage, getting quality healthcare can be financially easier for senior citizens. Hence, investing in health insurance plans for senior citizens is crucial.