6 Benefits of Senior Citizen Health Insurance

by SMCIB on Friday, 06 January 2023

6 Benefits of Senior Citizen Health Insurance

With age, comes wisdom. You touch so many lives, spread your knowledge, help others grow, and become a better version of yourself. But with age, come several health issues as well, which just cannot be neglected.

According to the first Longitudinal Ageing Study in India (LASI), two out of every three senior citizens (people who’ve attained the age of 60+ years) in India are suffering from some chronic illnesses. Conditions like cardiovascular diseases (CVD), chronic hypertension, diabetes, bone and joint diseases, etc. have been frequently observed in them. The treatment of such health problems is not only expensive, but also long-term. And with limited or no income, hospitalisation can be mentally and financially taxing for them.

That’s where Senior Citizen Health Insurance comes to the rescue!

What is a Senior Citizen Health Insurance plan?

It is a health plan specifically designed for senior citizens. It offers financial aid for medical treatments in their hour of need and helps them lead a healthier life.

6 Benefits of Senior Citizen's Health Insurance

  1. It covers various medical conditions

    Ageing is a natural process. And with increasing age, the human body becomes more vulnerable to several diseases, ranging from the common cold and arthritis to critical illnesses and cardiovascular conditions.

    Also, climate change and population growth have increased the number of health issues. And since the immune system gets weakened, old people become more susceptible to new emerging diseases than the youth.

    A Senior Citizen's Health Plan gives financial protection against all such adverse situations.

  2. It helps beat inflation

    Medical inflation is prevalent across the globe. From doctor's consultation to the cost of hospitalisation - any kind of medical treatment can have a big impact on your finances. With the help of a senior citizen health policy, you can get state-of-the-art treatments and live a healthier life, without stressing about the high bills.

  3. It protects your savings

    A senior citizen health insurance plan lets you take care of your medical expenses without dipping into your savings. Moreover, some insurers offer cashless treatment, so you don't have to worry about reimbursements either. Your savings will be safe and kept aside for other intended purposes.

    Also, once you turn 60 and retire, you stop having a regular source of income. And any medical emergency in that situation can turn into a financial emergency.

    Financial emergencies can lead to a debt crisis quickly, if not taken care of. A Senior Citizen Health Plan takes care of those expenses and safeguards your life savings.

  4. It covers you when your employer won’t

    Your employer may offer health insurance coverage without a waiting period. But remember, an employer policy is linked to your employment. So once you turn 60 and hit retirement, it will stop covering you. In that situation, only a personal Senior Citizen Health Policy will keep you financially safe against medical expenses.

  5. It offers tax benefits

    The annual premium you pay for the policy is eligible for tax benefits under Section 80D of the Income Tax Act of 1961. Like a cherry on the cake!

  6. It helps you lead an independent life

    This, we believe, is the most important benefit of a Senior Citizen Health Plan. The second inning of life is for you. And after working so hard throughout, you deserve to live a good, comfortable independent life.

    This policy makes sure you don’t have to be financially dependent on your children, or other family members. And you can continue dreaming, on your own terms.

Growth is beautiful, and ageing is natural. It comes with its share of good and bad. But Senior Citizen Health Insurance ensures that old age doesn’t necessarily come with huge medical expenses. If you are a senior citizen, carefully check all your options, and choose the policy that fits you the best. And if you are buying it for your parents, you are giving them the gift of health. And that’s precious.

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