The demographic that is most susceptible to illnesses and diseases with ensuing expenses is that of senior citizens. As retired individuals experiencing failing health and financial constraints, medical insurance is essential – but obtaining it was almost out of the question in the past. Insurance companies allow renewal only if you have been a policyholder with them without a break; 65 years old has been set as the highest age of entry into healthcare plans by The Insurance Regulatory Development Authority Of India (IRDAI). This is how the senior citizen health insurance policy took its present form.
WHY DO SENIOR CITIZENS NEED HEALTH INSURANCE?
Senior citizens today have a lot of worries! The expenses incurred from hospitalization can be challenging for anyone. Still, senior citizens face additional burdens due to the natural decline in health and vitality with age or living alone. Moreover, they are often unable to work full-time jobs. Mediclaim insurance for seniors provides financial protection against these hospitalization events by reimbursing any costs related to it.
BENEFITS OF HEALTH INSURANCE
As a policyholder, health insurance for senior citizens offers various benefits. Here are some of them:
With health insurance, you can avoid having to worry about the financial burdens of unexpected and expensive medical treatments. In addition, insurance policies often provide coverage for a wide range of illnesses or their related ailments.
Renewability of Age
Medical insurance for senior citizens can be taken up to the maximum age of 65 years and renewed until their 80, as long as they continue paying premiums. Some companies even allow renewability until 90-years old if there has been no break in payment since purchasing a policy.
Cashless Transactions for Hospitalization
The majority of companies that offer insurance plans to senior citizens permit cashless transactions, which is a benefit where the hospital can claim payment from an insurer directly for the treatment provided.
Tax Benefits under Section 80D
There is an additional benefit to owning health insurance because it reduces the amount of taxable income you may have. If you purchase a plan for yourself or your family members, then Section 80D will provide a tax deduction and save some money on taxes in the process!
Senior citizens are often the most neglected category when it comes to insurance coverage. As a senior citizen, one should avail of the financial benefits offered by the government as well as private companies. It is important to understand why senior citizens need health insurance in the first place and the several benefits they stand to gain. A senior citizen’s health and financial security depend on having a protection plan, but you might not know where to start looking for your needs or how much of an investment is reasonable. A little patience and thorough research will help you find that ideal policy with just enough benefits at a price point within your budget!