A senior citizen is a person above 60 years of age. Many people at that age are retired or are about to retire. Their professional efforts are reduced a lot after retirement. It is the time when many people want to live their life without financial stress. While the professional worries dip, there can be a rise in health problems. Senior citizen health insurance offers cover to such people.
When you have parents or family members above 60 years of age, then, you must ensure their financial security as medical costs can be expensive. There are many difficulties that a person might suffer when they are above 60 years of age. The medical expenses are rising, and it can have a big impact on a person’s finances if they don’t have insurance. A health insurance policy offers cover against unforeseen events such as a medical emergency. Senior citizens are at high risk of a medical emergency and insurance can offer financial assistance in such a situation. You must get health insurance for parents as after retirement; they don’t get regular income.
Factors that one should look for in a Senior Citizen Health Insurance–
- Age of Renewal
Many insurers offer a renewal age up to 90 years of age. After that, insurers do not offer a renewal option for the health insurance policy. However, some insurers offer a higher renewal age.
- Age of Entry
Many insurers offer a health plan to people who are above 60 years of age. However, the entry age is different for insurers. Many insurers don’t offer policies to people who want to buy insurance after they are 69 years of age.
- Pre-existing Medical Conditions
A person needs to know the waiting period of a health insurance policy. Many insurers cover pre-existing problem after two years. However, some insurers offer cover after a long time. If a person is purchasing a health insurance policy for parents, then they should look for a plan which covers their medical problems.
- Sum Assured
Many insurers offer a low sum assured for senior citizens. However, a person can get parents in a family floater plan. In such a situation, there can be an increase in the sum assured.
The premium of a senior citizen health insurance can be a bit more expensive. But only health insurance policy will help you deal with unexpected medical expenses.
Benefits of a Senior Citizen Health Insurance–
- Some policies offer lifelong cover.
- Some policies don’t need medical tests until the person is 69 years of age.
- A policyholder can claim tax benefit of up to Rs. 75,000 as per the Section 80D.
- There are insurance policies that offer cashless hospitalization if the patient is in the hospital for more than 24 hours.
Health insurance offers many benefits to a senior citizen. While medical expenses are rising, a health insurance plan offers financial assistance to the policyholder if they need it.