Be it a youngster or an older person, guarding oneself with a good health insurance plan is a must for all. It is also true that the older you get, the more medical care you might require as the older people are more vulnerable to illnesses. Therefore, it is always good to safeguard yourself by opting for a health plan as early as you can.
Here’s why senior citizens must buy health insurance as early as possible:
- Senior citizen health plans can be costly
A health insurance plan for senior citizens costs more than a health insurance plan for a younger person. Hence, age matters a lot when it comes to premiums. Therefore, it is suggested that you buy the health plan early to save on the premium amount.
- Facing critical situations
Treatment for some diseases can get out of hand and drain your savings. Older people experience critical conditions that need extra medical care and costly treatment. To get such diseases treated without affecting your finances, you need to buy a health insurance plan. It is essential to go through the terms and conditions thoroughly before purchasing a plan like this.
- Ever-increasing illnesses
People believe that if they’re living in urban areas, they won’t have to battle illnesses that people are staying in rural areas might suffer. But, people living in urban areas also often fall sick due to pollution and a poor lifestyle. The chances of people catching diseases are more today than ever before. Buying health insurance for senior citizens secures a family’s finances, especially if its elderly suffer from medical issues.
- Increase in medical inflation
There has been an increase in the type and number of illnesses afflicting people over the years, but we have also seen advancements in the medical industry, which has given remedies for almost every disease. But, these treatments can eat up all your savings, too, as medical inflation has also increased. Therefore, purchasing health insurance is necessary for senior citizens to fight medical inflation and have financial security during a health crisis. You can even customize the plan as per your requirements before purchasing the policy, and with the help of your insurance advisor, the whole process can be completed in an extremely simple manner.
An additional benefit of buying a health insurance plan is the tax benefit associated with purchasing the policy. Under Section 80D of the Income Tax Act, 1961, you receive tax benefits on health insurance premiums. So make the most of it today!
