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According to a 2016 report by the Ministry of Statistics and Programme Implementation, the number of senior citizens in India is around 104 million (over 10 crores) as of the 2011 Population Census. This number is likely to grow in the coming years.
Life changes after retirement Lack of steady income can create difficulties, so prior planning and investment are essential to stay financially independent. As a person grows older, there arises worry about age-related ailments. In India, medical inflation has become a cause of stress for many families as they end up spending a lot on medical treatment. The need for senior citizen health insurance plans cannot be overlooked. Such plans are designed with unique features, keeping in mind the benefits of senior citizens.
Having a health cover is a must for everyone. There are a plethora of options available nowadays. However, one should choose a health plan which rightly fulfills the healthcare requirements of an individual or family. Standalone health insurance companies like Care Health Insurance, provide tailored senior citizen plans that include benefits such as in-patient care, coverage for pre and post-hospitalization medical expenses, annual health check-ups, alternative treatment coverage, and so on.
The Indian government provides several benefits for senior citizens in India to help the elderly live a stress-free life. Senior citizens in India can benefit from income tax rebates, discounts on train tickets and airfare, and higher deductions on health insurance premiums under Section 80D of the Income Tax Act.
In addition, there are various senior citizen saving schemes, as mentioned below, that help them in many ways.
Although, these government schemes prove beneficial when it comes to the much-needed financial support, one should realise that the best way to tackle the impact of medical inflation is by opting for a separate health cover that offers high sum insured. For the general population, there is a greater need for a health cover that can take care of hospitalisation and other expenses which often range in lakhs of rupees.
A Health insurance plans for senior citizens covers a range of medical expenses that an individual may incur in a year. It comes with various benefits and features such as:
It is a well-known fact that health-related risks increase with age. Thus, salaried individuals should focus on planning for a comfortable retirement by investing in various savings schemes. At the same time, they should consider buying senior citizen health insurance policy once they reach the age of 60 to lead a life without worries.
Give your elderly parents the gift of a financially secured future by opting for health cover. ‘Care Senior’ by Care Health Insurance is a health policy for senior citizens with numerous benefits, including in-patient hospitalization cover, alternative treatment cover and annual health check-ups.
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.
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