Retirement is a new journey after years of hard-work and stress. It is time to rethink and reconsider what and how you want to spend your time. But to lead a healthy life is essential even at this stage. Your working years are a determinant of how your retirement years would shape. This includes the financial planning too.
Old age naturally brings in ailments, these treatments especially can get expensive when you no longer have a source of income to support you. You need to rely on your savings and interest incomes to get through this phase. Thus, having a medical insurance coverage is critical, especially when growing old. There are many different health insurance plans that are available, but one that are specifically directed to ensuring safety of the elderly are senior citizens health covers.
This article enlists a few ways in which a health cover for senior citizens can come handy during your golden years. Let’s have a look –
Financial support for planned and emergency medical treatment
As the human body ages, health issues starts to crop up. There is a higher probability of requiring medical attention at such old age. Also, it is necessary to monitor your health and have a safety net in place. At this time, a health insurance cover offers financial protection for treatment of these medical emergencies.
With a senior citizen health insurance, you can avail necessary treatment of age-related ailments. Moreover, depending on your insurance policy, various pre and post treatment expenses are also included. In-patient care, ICU coverage, domiciliary cover, inclusion of ambulance charges, coverage for day-care expenses, are some of the benefits that are available under health insurance for senior citizens.
Access to preventive healthcare facilities
Apart from coverage for treatment, senior citizen plans also cover preventive healthcare facilities. Annual check-ups, periodic doctor visits are some ways you can treat health problems right in their nascent stage. This way, expensive surgical procedures can be avoided, and simple oral medications can help cure most ailments.
Lowers the dependency on a family health cover
When you compare health insurance for elderly individuals, there are two main options that can be opted – a family floater policy or a senior citizen policy. A family floater policy bases the premiums on the age of the eldest beneficiary which is a senior citizen in this case. This results in higher premium for the health cover of all beneficiaries. On the other hand, buying a senior citizen health insurance policy caters specifically to the ailments that are common in the elderly age group thereby availing necessary coverage at an affordable premium. Thus, opting for a senior citizen policy is a prudent choice to insure the health of old people.
Lastly, a senior citizen plan also has tax benefits. This way, any premium paid is eligible for tax benefit under section 80D of the Income Tax Act. Moreover, there are enhanced deduction limits for senior citizens i.e. up to ₹50,000 unlike ₹25,000 for non-senior citizens.
These are some ways how a senior citizen policy helps to protect your finances during your golden years. Make sure to invest in senior citizen health cover to have mental peace knowing a financial backup exists in place to take care of unexpected medical treatments. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.