As youth, one of our prime services is to take care of the elderly. They have served their whole life and at a time when their age is susceptible to various ailments of easily curable or chronic nature, a holistic insurance plan would be essential.
The golden years need relaxation and well-being to call life a success. Medical insurance in India acts like a protective shield against escalating medical costs and other expenses associated. With a correct insurance plan, various benefits can be enjoyed and the cost-cutting becomes a natural by-product.
Senior Citizen Health Insurance
A health insurance plan designed to serve health benefits to the elderly citizens of India is known as Senior Citizen health insurance. It enables them to cover the medical expenses as well as hospital bills. Insurance for the elderly is a cushion to the elderly so that they can relax about their financial worries and get treated with ease. Medical insurance for the elderly helps them with a happy and healthy recovery.
Details of health insurance plans for the elderly.
- Qualifying age: The basic minimum required age is around 60 to 65 to be recognized as a senior citizen
- Range of coverage: Hospitalization, pre-existing medical conditions, and various types of surgeries are covered in medical insurance for the elderly
- Premium amount: Due to the increased age, the premium may be higher. However, a wide range of covering multiple medical aspects makes it worthwhile.
- Renewal facility: The majority of plans offer renewal options after a certain age.
- Co-Payments: Certain insurance plans have the facility of co-payment. This however requires contribution.
- Waiting Period: The initial waiting period allows coverage of specific illnesses.
- Insured amount: The amount of sum insured is a variable. it depends on the choice of the insurer according to the illness and diseases.
Benefits of Senior Citizens Health Insurance Plan
- Financial security: The financial assistance of medical plans provides a sense of security to the elderly. Quality healthcare is availed without financial worries.
- Annual health check-ups: Certain plans offer regular health checkups. This allows the senior citizens to keep a tab on their health condition regularly. Getting regular health monitoring enables the elderly to maintain a healthy lifestyle under experienced medical supervision. The chances of falling ill are reduced subsequently.
- No medical tests: In certain plans: senior citizens are allowed the benefits of the insurance plan, without taking any medical tests. This allows a sense of refraining from the pressure of medical tests.
- Cashless process: The process of hospitalization is completely cashless. This is due to the pro-activeness of online transactions and interactions. The unnecessary keeping tab on cash counting is eliminated in health insurance for the elderly.
- Tax Benefits: The medical insurance for the elderly allows them to avail tax benefits under section 80 D. This provision is enabled by the old regime. It is still applicable.
Old age is the reaping time in a person’s life. Sweet memories, the company of children, and a peaceful medical life are the topmost perks of old life. Health insurance plans for senior citizens will make life easier and secure for the elderly. This would assist them in availing the blessings of the wonderful years!