With the rising cost of medical services and dynamic lifestyle scenario having proper health insurance will help you save a ton of money on hospital bills. If you are above the age of 60, having well rewarding health insurance for senior citizens is a must. Senior citizen health insurance offers various advantages to older people. It covers you for 80 years if the policy gets renewed yearly with lifetime privileges. If you are looking to purchase one for yourself or your parents, you can definitely consider purchasing the best-selling Aditya Birla health insurance. It compensates for the cost acquired on critical illnesses, hospitalization, surgery, accidental damages, and pre-existing diseases.
To help you understand better, here are some of the top benefits of buying health insurance for senior citizens in India. Read to know more!
1. Medical coverage for older people:
Individuals over 60 years of age receive coverage under health insurance for senior citizens, as the primary health plan represents coverage for up to 65 years. Moreover, you may buy the best senior citizen policies from Aditya Birla’s health insurance. Ranging from daycare expenses to medical bills, the health insurance plan covered a myriad of health services. You can also easily pick out the best plan that suits all your health requirements at a very affordable premium range.
2. Custom-made coverage benefits:
Health insurance for senior citizens has specific coverage features that suit older people. You can customize the coverage by adjusting premiums and creating a fully-customized health insurance plan. Moreover, various insurance companies compete to provide the best policies, such as Aditya Birla’s health insurance company.
You will find coverage for cataract treatments and knee and joint replacement surgeries in senior citizen plans. The plan gives them a suitable cover as they often require such therapies.
3. Low waiting periods:
Under Regular health insurance policies, the waiting period ranges between two to four years, with four years being more common. Since senior citizens have various ailments, such long waiting periods do not suit them and result in out-of-pocket expenses.
Alternatively, health insurance for senior citizens has low waiting periods ranging between one year to three years, ensuring quick service and coverage. Moreover, you may opt for Aditya Birla’s health insurance to get additional features on senior citizen plans.
4. Lifetime renewability:
Some health insurance plans do not allow a policyholder to renew the health insurance policy after a certain age period, resulting in heavy medical expenses. However, the best insurance companies, such as Aditya Birla’s health insurance, provide a lifetime renewability option on the health insurance for senior citizens policies. If you prefer, you can opt for short-term tenure such as a 1 year or so and then renew the insurance policy later according to your wish. Make sure to analyse the tenure year of the health insurance before you plan on purchasing them.
5. Cashless claim facility:
The insurance company will bear most of the hospitalization cost if the policyholder opts for the cashless claim facility. A senior citizen or their family member doesn’t have to stress about arranging money to get the treatment done if the patient admits to the network hospital and avails of the cashless claim in the health insurance for senior citizens. Moreover, you may buy the best senior citizen policies from Aditya Birla’s health insurance. Make sure to opt for the hospitals from the network available with your health insurance provider. So, your cashless claim process can be easy and hassle-free.
6. Discounts and pre-medical checkups:
Most health insurance for senior citizens does not demand pre-medical checkups. However, some insurance plans do require pre-medical tests.
Moreover, many health insurance plans offer discounts such as No-claim bonus, renewal discounts, etc., that reduces the premium of the senior citizen plans. Also, Aditya Birla health insurance policies do offer various discounts on health insurance plans.
7. Tax benefits:
Health insurance for senior citizens attracts a tax benefit under section 80D of the Income Tax Act of 1961. A tax benefit of Rs. 25,000 gets applicable to each senior citizen. The policy includes the cost of preventive health checkups worth Rs. 5,000.
A tax benefit also includes the treatment of specific diseases. You can avail of the deduction of Rs. 1 lakh under section 80DDB of the Income Tax Act, 1961. Moreover, you may buy the best senior citizen policies from Aditya Birla’s health insurance.
Why should people buy a senior citizen health insurance policy?
Senior citizens need more medical attention compared to young ones. Thus, frequent medical visit increases the cost of treatment and finances.
Thus, look at the reasons to buy health insurance for senior citizens:
- The insurance company bears hospitalization expenses.
- Preventive health checkups can detect early signs of diseases.
- A Cashless claim facility reduces financial stress.
- Daycare treatments get covered in the plan.