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Health care can be one of the most recurring expenses for senior citizens. The rise in the incidence of critical illnesses and the escalating treatment costs consume a larger portion of their retirement budget. There are several reasons behind this ever rising healthcare costs. Medical inflation continues to outpace the rate of general inflation in the Indian market. So, if you are entering the second phase of your life or have elderly parents, here are the most common medical expenditure for senior citizen parents that you should know. It will help you to cope with those hefty medical bills without troubling your pocket. Take a look!
OPD Expenses
In old age, there is a high possibility that people need to visit the hospital for OPD several times a month. Frequency even increases if older people have any severe ailment.
Emergency Hospitalization
A medical emergency can knock on the door anytime, especially when you have aged parents. During a heart attack, stroke, paralysis, or injuries, they need immediate medical help and emergency hospitalization. One-time hospitalization can derail your budget for the whole month.
On-Going Treatment
Diseases like cancer, kidney failure, strokes, etc., need ongoing treatment. Patients need to undergo long treatment to recover. The whole treatment includes hospitalization, medication, and therapies that result in much expenditure.
Pre-Existing Disease
Some older people have pre-existing diseases such as hypertension, diabetes, thyroid, etc. For these chronic diseases, they need to spend a lot of money on their regular medicines and doctor's visits.
Day Care Treatments
Cataract surgery, dialysis, chemotherapy, etc. all comes under day care treatments. No admission for more than 24 hours for treatment and medical procedures is required. However, the costs of such treatment are also high, depending on the dosage and frequency.
Second Opinion
You indeed want to give your parents the best possible treatment. Many times, you are not satisfied with one consultation and wish to take a second opinion. But, going to different doctors and doing the registration formalities again with several diagnoses can cost you much.
Therefore, considering the present scenario of the corona outbreak, pollution level, lifestyle, and more, the list of medical expenditures for senior citizens will increase incessantly. Thus, if you are in your 60s or have elderly parents, think about senior citizen health insurance. Read below how it can help.
Medical Expenses Deduction Under the Income Tax Act for Senior Citizens
The best part of opting for senior citizen health insurance is an income tax deduction for medical treatment of parents. Especially for citizens above 60 years of age, the ITR Act provides tax deductions of up to INR 50,000 under section 80D deduction for senior citizens. It helps elders save big on taxes without compromising on critical health insurance benefits.
Senior Citizen Health Insurance
Care Health Insurance brings you Care Senior, an exclusive health insurance product specially designed for senior citizens. Take a look at its benefits:
- Cashless hospitalization in the network hospital
- Cover for pre and post-hospitalization expenses
- Hassle-free claim settlements with minimum documentation
- Annual health check-up such as Sugar test, BP Test, Kidney Function Test, CT scan, Urine Test, Heart Check-up and more for elderly people
- Cover for daycare treatment, chemotherapy, and dialysis
- Pre-existing diseases are also covered
- Coverage for domiciliary hospitalization, ambulance, alternative treatments, and second opinion
So, when it comes to medical expenditures for senior citizen parents, you need to consider their age and out-of-pocket expenses. Health insurance is the best way to avoid the financial burden and give them a healthy and happy life.
Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.
