Why Every Senior Citizen Must Buy Health Insurance
Having a health insurance cover for your elders is important as health insurance has become a necessity in the current times. The changing lifestyles, diets, etc. have an undesirable effect on our health. This highlights the need for having an apt health insurance cover.
Those who have crossed 60 years of age and fall in the senior citizen age segment are more susceptible to health disorders. The probability of having medical issues increase with age, and might require serious medical intervention, making health insurance cover for senior citizen an absolute must-have.
In the light of the above discussion, here are some statistics:-
Only 27 per cent of Indians have health insurance cover
47 percent of older Indians suffer from at least one chronic disease such as diabetes, depression, arthritis, angina, or asthma .
The population comprising of senior citizen is expected to reach 300 million by 2050
The statistics point towards the need for a pragmatic shift in the way our senior citizen lead their lives. A crucial step in that direction is for the senior citizen in India to have health insurance that provides financial security during medical emergencies.
Benefits of Senior Citizen Health Insurance
Most of the insurance providers offer senior citizen health insurance plans between the age bracket of 60 to 80 years. Here are some of the common benefits of senior citizen health insurance: -
• Hospitalization expenses – The policy will pay for hospitalization charges including the cost of medicines, doctor’s fees, nursing, etc.
• Cashless Hospitalization
- Senior citizen health insurance policies offer cashless hospitalization
across channel of network hospitals.
• Day care costs – The policy will cover costs for procedures that don’t require hospitalization.
• Ambulance charges – Most health insurance policies cover ambulance charges.
• Pre-existing diseases – Most health policies cover pre-existing diseases, subject to certain terms and conditions
• Tax benefit – The premium paid on health insurance is eligible for income tax exemption under section 80D of Income Tax Act, 1961.
Higher sum insured – Since the healthcare needs of senior citizens tend to be more critical, health insurance policies designed for them come with a higher sum assured.
Pre and post hospitalization charges – In simple words, the charges that an individual incurs before getting hospitalized, and the charges that occur during recuperation after one has been discharged, are reimbursed.
Common exclusions under health insurance
There are certain common exclusions under health insurance, which are: -)
• Diseases contracted within 30 days of policy purchase
• AIDS or other similar conditions
• Any non-allopathic form of treatment
• Any harm or injury caused by self
• Drug abuse
• Cost of spectacles/lenses and dental treatment
• Cosmetic surgery
• Illness contracted due to war, act of foreign army etc.
Why you need to buy health insurance plan for senior citizens?
Health insurance plans for senior citizens
cater to the need of those above 60 years of age, who are retired and have no regular source of monthly income. With rising age, the risk of contracting diseases also increases significantly. This calls for the need to be financially sound to support the healthcare expenses, and health insurance is imperative in that regard.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**