Entering your 60’s? Soon to be an official senior! Well, thanks to technology and advancements in medicine & healthcare, life expectancy has been improved. Whereas medical expenses are not coming to a pause, they are constantly increasing at a higher rate. Hence, having health insurance is something you should not take for granted, especially when you are entering a sensitive age. One of the most common questions asked by seniors is whether they are eligible to enroll in a health insurance plan or not. If you too are skeptical about the same, be informed – The Chances are still there. Want deep insights? Keep scrolling.
Importance and benefits of senior citizen health insurance.
Several health insurance companies offer senior citizen health insurance to provide financial security to those who are 60 and above. Enrolling into health insurance for your parents is the best way to safeguard your pockets from emergency medical conditions. Senior citizen health insurance plans are designed to accommodate all kinds of medical care that are incurred by the owner. These policies are designed and customized for the people aged between 60 to 75 years. Moreover, these health insurance plans come with a free-look period that allows the policyholders to return it to the insurer, in case they are not satisfied with the terms and benefits being covered. Following are the reasons why old adult insurance is vital.
- Unstable source of income.
- Financial dependency on children
- Increasing medical costs
- Termination from medical health insurance after retirement
- Continuous reduction in savings
- More vulnerability to disease
Benefits of health insurance for senior citizens
- Senior citizens do not require a pre-medical screening before enrolling in the policy.
- Based on the features and terms of the policy, seniors are also eligible for free health check-ups.
- The insurance covers hospital and medicine bills, and pre and post-hospitalization costs.
- Under the 80D section of the Income Tax Act, seniors can claim tax benefits against the premiums.
- The insurance plan also covers pre-existing illnesses.
- Many senior citizen health insurance companies offer a 5% premium discount when it is being purchased for self or spouse.
- Online easy and hassle-free purchase and renewal of senior citizen health policy.
- Several insurers also provide lifetime renewal on old adults’ health insurance plans, which is the best option for owners who do not take a break in between.
What does senior citizen health insurance cover?
- The insurance covers all the expanses of treatment, medication, room rent, and doctor fees, etc.
- The policyholders can take advantage of cashless hospitalization and cashless facility during the treatment.
- The policy covers the cost involved in daycare procedures and ambulance expenditures.
- As per the terms of the policy, there is no need for a medical check-up for senior citizens. Moreover, insurance policies also cover pre-existing diseases.
- Many policies also cover the expenses for organ donors in cases of organ transplantation.
- Quick and easy claim settlement.
We hope you have got a better understanding of the importance of buying senior citizen health insurance with this article. So, wait no more and get yourself an insurance plan at the earliest.