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Benefits of health insurance for senior citizens

16 Feb 2022 0 COMMENT

Introduction:

Growing old has several perks. You get more time and space to do the things you always wanted, you are free from the responsibilities of adult life, and you can fulfil all your dreams. But growing old also brings a few drawbacks. You become more prone to contracting various diseases and injuries, for which you require timely access to quality healthcare. However, paying for medical services out of pocket can put a dent in your earnings. Planning a bit ahead of time and getting senior citizens health insurance policy can serve you better instead. Here is why health insurance for senior citizens is beneficial and why you should consider getting it:

Benefits of Health insurance for senior citizens

No medical screening and health checks 

Health checks before the issuance of a health insurance policy are standard procedures for health insurers. Insurers check for any preexisting problems, harmful habits, or hereditary threats to a person before issuing the health insurance policy. However, most of the time, senior citizens are exempt from this standard requirement. That is to ensure they get the coverage they deserve without any hassle. But if senior citizens wish to get checked, insurers honour their requests. Sometimes, they even give added discounts for doing so.

Coverage for preexisting diseases 

Preexisting diseases are acute or chronic ailments. These include illnesses like diabetes, hypertension, asthma, thyroid, and the like. There is a long waiting period of 3 to 6 years in standard health insurance policies before the insurer covers them. But in a senior citizens health insurance policy, insurers reduce this waiting period to 1 year or less. This reduction of the waiting period gives relief to senior citizens and ensures they receive timely protection without any delay.

Additional Read: What is Insurance all about?

Coverage against critical illnesses 

For non-seniors, critical illness coverage is usually not in-built in a regular health insurance policy. Most of the time, people who aren’t seniors, have to get a separate health insurance policy if they want protection against life-threatening diseases. Life-threatening diseases include cancer, kidney failure, lung failure, heart disease, and the like. But in health insurance for senior citizens, critical illness coverage is a default feature. This in-built critical illness coverage is crucial given the likeliness of the elderly being more prone to developing serious ailments. 

Value-added services: 

More often than not, senior citizens health insurance policy offers several value-added services that benefit the elderly. Senior citizens get immediate access to daycare procedures and surgeries, cashless hospitalization, and out-patient departmental consultations. They also get the benefit of free annual health check-ups, ambulance expenses, telemedicine consults, more. Depending on the insurer, senior citizens also have a higher entry age (up to 75 years) for availing of the health insurance policy. 

Saving opportunities: 

One of the core benefits of a senior citizens health insurance policy is how well it battles inflation. Inflation eats away at the value of your money, but with health insurance, one can negate its effects and get a higher value for a lower investment. With healthcare expenses on a continuous rise, it is crucial to get health insurance, especially for senior citizens, whose primary source of income will come to a halt in their retirement years. Moreover, health insurance for senior citizens gives higher tax benefits under the applicable provisions of the Income Tax Act, 1961. Under section 80C, the premiums paid towards a health insurance policy for senior citizens are claimable as returns up to Rs. 50,000 in a year.

Additional Read: What is Life Insurance? What are its Coverages?

To conclude: 

Getting a senior citizens health insurance policy has multiple benefits. Instead of waiting till the last minute and paying out of pocket, it is wiser to get a health insurance policy. If you search enough and compare the different health policies available, you will find the best health insurance for senior citizens.  

Disclaimer :

ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec acts as a Composite Corporate agent having registration number –CA0113. Please note, Insurance related services are not Exchange traded products and I-Sec is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of the cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale.