Are you a senior citizen who has lost all hopes of being able to buy an affordable health insurance policy? There are a couple of concerns in the minds of people above the age of 60 years regarding health insurance.
Across various health insurance providers, there are very few health insurance providers who offer senior citizen health care plans. The Senior citizen policies are specifically designed in a manner that cater to the special needs of the senior citizens and are useful to them at the time of an emergency.
The senior citizen medical insurance policy has various features which makes it easy to provide cover to the citizens above the age of 60 years, in the event of hospitalization that may happen during the period of a particular medical treatment. The expenses include room and boarding, ICU charges, operation theatre charges, surgeon, anesthetists, medical practitioner, consultant fees, specialist fees, nursing expenses, cost of medications, surgical appliances, diagnostic charges etc.
Most health insurance providers also cover pre and post hospitalization charges, cost of health check up etc. Senior citizen medical insurance policies also provide cashless hospitalization service and cumulative bonus. Buying a medical insurance policy for senior citizen acts as a blessing in disguise since it protects the insured individual against unforeseen hospitalization expenses.
There are PSU as well private health insurance providers that offer medical insurance policies for senior citizens above the age of 60. A few of the health insurance companies that offer specially designed health insurance plans for senior citizens are:
- Oriental insurance company
- New India assurance company
- National insurance company
- United India insurance company
- Star Health and Allied Insurance Company
Most health insurance providers perform a medical test for the prospective buyer and the diseases that are detected at this stage are either excluded in the policy or have a waiting period depending upon the terms and conditions laid in the policy.
Let's understand the various benefits of buying a senior citizen health insurance policy.
With the advancement in modern technology, the medical costs have been rising considerably. Even for a minor fever and flu you have to spend hundreds of rupees. It is difficult to imagine the cost that might be incurred at the time of a major health crisis. The probability of falling ill at an older age also increases. Health insurance offers security financial security at the times of a hospitalization emergency
Though you may be fit and healthy, it is important to buy a health insurance as emergencies do not come with a notice and the possibility of falling ill at an older age is always higher. Health insurance offers peace of mind at the time of an emergency. By paying an affordable amount of premium, you can be assured that you can avail good quality treatment.
Buying a health insurance also allows you to enjoy the tax benefit u/s 80D of the Income Tax 1961. Every tax payer can avail an annual deduction of Rs 15000 and in case of senior citizens they can avail the tax benefit of Rs 20,000.
Though senior citizen medical insurance policies are expensive, they are still worth it as they provide financial stability in the event of medical emergencies.
