Top 4 benefits of Planning Health Insurance for senior citizen care

Did you know that less than 1% of elderly people have access to health insurance schemes in India? Often due to the lack of awareness senior citizens become reluctant to make health insurance plans such as retirement SIP folio to save for the golden days This often leads to less saving and increased medical bills in old age. Here, we will set you free of your old age anxieties by making you aware of the benefits of health insurance for senior citizen care.

Are you worried about future expenses due to old age ailments? 

1.Tax benefits:

Health insurance for senior citizens provides tax benefits. According to Section 80D of the Income Tax Act, 1961, the premium paid by the elderly is deducted from his or her income at the time of tax calculation. According to this act, if the taxpayer has access to health insurance for senior citizens above 60 years  then an amount of 50,000 INR is deducted from the total tax amount.

2. Medical and health facilities

●     Facilitates annual health check-ups-

Often old people are reluctant to visit a good clinic or hospitals for annual check-ups out of fear of high expenses. If they have access to a senior health insurance program, they will not hesitate to visit a good hospital for an annual check-up.

●     Cashless treatment along with daily allowance

When you access to mediclaim for senior citizens, you don't need to worry whether you have enough cash with you during emergencies. For instance, in case of the immediate hospitalization, you do not need to pay cash instantly, rather you can show your insurance-related documents like senior insurance plans to cover the admission cost and other costs will be deducted.

●     Coverage for domiciliary hospitalization

Health insurance plans for senior citizens cover domiciliary hospitalization or hospitalization for long-term medical treatment, in which the patient remains admitted to a hospital for more than three days. Again, in the case of domiciliary hospitalization, the person may remain under the surveillance of the nurses at their own home for a long period of time. Getting a medical insurance for senior citizens lets you cover such post-hospitalization expenses, and save for health emergency purposes

3. Better Financial Planning for later adulthood

Health insurance for elderly facilitates a better financial planning for the late adulthood. Firstly, it reduces the health expenses in late adulthood. Secondly, it makes you financially independent and avails premium quality healthcare services even after your retirement.
You will be able to know about several policies of several companies associated with health insurance for seniors over 65 from the following chart.

Source: Economic Times

4. More Savings for Retirement

Either it is permanent medical insurance or temporary health insurance, both make provision for the savings of the seniors. Firstly, it reduces all health expenses during late adulthood. Secondly, it exempts part of the total tax amount, helping you to save a large amount for senior citizen care. In other words, medical insurance for senior citizens paves the way for more savings in retirement life.

To sum up, medical insurance gives seniors a tension-free retirement life along with good health and savings. So, go ahead and look for the best health insurance online to secure your old age by typing ‘best health insurance for senior citizens’.