At an affordable price for you
Retirement marks the beginning of a new chapter in an individual’s life. How comfortably you spend the retirement years will depend on how well your financial planning had been. It is also the time to reflect on the journey so far, and at the same time, thoughts about ageing and related health risks become a topic that one cannot brush aside. Having elderly parents at home increases the need for timely access to quality medical care. Paying for the medical treatment expenses from one’s pocket is not a good idea, as it can damage your savings in the long run and lead to serious financial problems. A senior citizen health insurance plan is what you need for your parents at this stage of life.
In the times of medical inflation, availing of medical treatment can be daunting because expenses are bound to be high. For retired individuals, factors like ageing and lack of an income source, together, can add to the worries and put a strain on their family’s financial health.
This article explains the significance of investing in medical insurance for senior citizens for ensuring one’s financial security.
Old age is a phase when health issues become common, and the probability of being faced with a medical emergency increases. So, closely monitoring one’s health is crucial. At the same time, having a health cover offers financial protection during a medical emergency.
With the best senior citizen health insurance policy, you can avail coverage for long-term treatment of age-related Illnesses. Besides hospital bills, various other medical expenses also get covered.
The main benefits of the policy are:
The ‘no claim bonus’ feature gives the policyholders an increased sum insured for each claim-free year. The accumulated benefits provide sufficient financial cushion.
For ageing parents, one needs to focus on preventive healthcare measures as well, through timely doctor visits and medical check-ups, so that health problems are nipped in the bud before they become serious. With a senior citizen health insurance plan, one can avail of annual health check-ups in a policy year, which is truly beneficial.
If you include your senior citizen parents in a family floater plan, you are likely to pay a higher premium. It is so since the oldest family member’s age is one of the factors that affects the premium. Moreover, as the sum insured is shared among the family members, it may prove inadequate and pose difficulties during an emergency.
By opting for medical insurance for senior citizens, you can avail of a high sum insured option that will be adequate and exclusively available for your ageing parents. These are key reasons why you should get a separate senior citizen health cover.
Finally, the policyholder can also avail of tax benefits under Section 80D of the Income Tax Act. One is eligible for a tax deduction up to Rs 50,000 on the insurance premium paid. For a family, it helps ensure additional savings.
Care Health Insurance offers Care for Senior, the best senior citizen health insurance policy you can opt for your ageing parents without any pre-policy medical check-up. The tele underwriter might ask for medical check-up in few cases. Moreover, you can get cashless medical treatment facility at any of our 19000+ cashless healthcare providers.
Disclaimer: The above information is for reference purposes only. The tax exemptions are subject to the rules and regulations of the Income Tax Act of India 1961.
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