Medical Insurance for Senior Citizens: Age is just a number when you are young by your heart—turning 65 means you have entered golden days of your life, where you are more like a free spirit and have no social implications. However, by god forbidden, due to several health reasons, there are high chances that your hospital visits may increase or you can diagnose with any critical illness.
As medical inflation rises, one-time hospitalization can ruin your wealth, especially when you have no fixed income post-retirement. But, you do not need to worry if you have health insurance. Let’s understand how health insurance for senior citizens helps to keep you in the pinkest of your health.
What is Medical Insurance for Senior Citizens?
It is a health insurance plan designed for senior citizens above 60 years. Under this plan, older people get coverage against planned hospitalization or in medical emergencies. It covers several chronic, critical, and life-threatening diseases that need on-going treatment. From admission to the hospital, surgery to medication, and therapies, it includes everything. Moreover, it also gives add-on benefits that help you to enhance its primary coverage.
How Can Medical Insurance for Senior Citizens Keep You Protected?
Considering the rising medical inflation and increasing treatment costs, health insurance for senior citizens has become a necessity for older adults. You become more vulnerable to chronic diseases, critical illnesses, and even pandemic like coronavirus when you grow old. It makes health insurance a crucial investment to have a healthy post-retirement life. However, the health insurance premium for senior citizens is a bit on the higher side, but it can overlook in terms of its extensive coverage.
So, here are some significant benefits that make senior citizen health insurance plan a must-buy for you:
- Coverage against emergency hospitalization. It includes in-patient hospitalization, pre and post hospitalization, and domiciliary hospitalization.
- Cover for critical illness, chronic and pre-existing diseases such as diabetes, hypertension, thyroid, etc.
- Avail cashless treatment in the network hospitals without getting into cumbersome cash deposit formalities.
- Coverage against recurring costs for treatment, medication, therapies, and dialysis that reduces your financial burden.
- Annual health check-up saves your lots of money, and you can also keep track of your health. These check-ups include the Sugar test, BP Test, Kidney Function Test, CT scan, Urine Test, and Heart Check-up.
- You will be glad to know that under section 80D of the Income Tax Act of India 1961, the premium paid against the mediclaim insurance policy entitles to get an exemption from tax as per the rules. You can avail of tax benefits as well.
- Get a better life and complete healthcare after retirement so that your hard-earned money and savings will not be exhausted.
- You can get options for add-ons to extend the coverage of the health insurance policy. No claim bonus, second opinion, OPD care, global coverage, daily allowance, etc. are some of the add-ons that you can choose.
- Health insurance companies also cover ambulances expenses, second opinion, and an organ donor.
- Leading health insurance companies like ICIC Lombard, HDFC Ergo, Religare Health Insurance, IFFCO Tokio, etc. are also covering robotic surgeries, cataract surgery, AYUSH treatment, Balloon Angioplasty, radiotherapy, chemotherapy, etc. You can check the detailed plans available on their official websites.
Therefore, it is vital to opt for the right health insurance in the twilight years of life. In India, senior citizens are either not covered by any health insurance policy or are covered inadequately. Thus, medical insurance for senior citizens is the best pick. Despite some extra buck that you need to pay for health insurance premium for senior citizens, it is your saviour. It wipes all your worries and gives you dignified life and good health without financial implications.