Elders are the backbone of every family. Yet, their growing age and multiplying health issues become burdensome at times. Apart from the common lifestyle diseases such as diabetes and hypertension, elders also suffer from chronic health conditions like cardiac and respiratory diseases, osteoporosis, and others. The treatment costs of these illnesses become double as people turn 60 and above. That’s what makes senior citizen health insurance in India the most essential investment in old age. It protects the lifetime savings of elders from draining due to old age-related medical treatment and hospitalisation expenses.
Read on to know how a senior citizen’s health cover secures elders and their families against life’s critical challenges.
Why You Should Opt for Health Insurance for Senior Citizens
Here’s why your parents need a health cover dedicated to themselves in the old age:
Rising Medical Inflation
According to stats, India recorded the highest medical inflation at 14% in 2021 among the Asian countries. The shooting healthcare expenses have largely impacted treatment costs, medications, medical equipment, and other consumables. Researches reveal that the Indian middle class and poor families struggle to pay for medications, especially in old age. What makes this worse is the added burden of limited income and pre-existing diseases.
That’s when a senior citizen’s health cover comes to the rescue. With lifelong renewability and coverage up to 10 lakhs, a senior citizen health insurance policy promises stress-free retirement. On top of it, senior citizens can increase their coverage by earning a no-claim bonus as a reward for staying healthy.
Expensive Old-age Treatment
The health complications associated with old age are more than those of adulthood. Data states that the average total cost per episode of hospitalisation among old people is around INR 11,200. Also, the next two decades will see a significant rise in out-of-pocket medical expenses for older adults.
Health insurance is an essential shield to curb these expenses and bear the unaffordable treatment costs borne by the elderly. It helps them lower their health care expenses while keeping a check on their health with free annual health check-ups.
Coverage for Pre-existing Diseases
As our parents turn old, a chain of illnesses continues to stick with them through old age. Most often, old age people suffer from perpetual cardiovascular illnesses, circulatory diseases, and cancers. The problem with pre-existing diseases is that senior citizens need to complete a certain waiting period– generally between 2 to 4 years – before they can raise any claims for such illnesses. Therefore, it is important to secure the seniors before any major hospitalisation occurs due to their pre-existing diseases.
One of the reliable health insurers, Care Health Insurance has recently launched an exclusive senior citizen health insurance in India- ‘Senior Health Advantage’. The plan offers a minimum of 2 years waiting period for pre-existing diseases under an affordable premium. You can check the plan details on their official website.
Special Tax Benefit
One of the biggest advantages of securing your elders under a health cover is the attached tax benefit. Under section 80D of the Income Tax Act, citizens above 60 years of age are eligible to avail of deductions up to INR 75,000 wherein the parents are above 60 years of age while the individual and family are under 60. In case both the parents and the premium paying individual and family are above 60 years, the deductible limit is up to INR 100,000.
This way, health insurance becomes a great investment that lowers the tax liability of senior citizens while strengthening their financial backbone.
Securing Your Elders with the Right Health Insurance
If you are willing to secure the golden years of your senior citizen parents in India, it is time you purchase the right health insurance for them. One of the leading insurance providers, Care Health Insurance offers affordable and customisable health covers that meet the different medical needs of elders. The insurer offers exclusive health covers designed for senior citizens complemented with unique benefits like annual health check-ups, co-payment waivers, AYUSH treatment, and other health benefits. So, gift your elders a happier and healthier retirement with Care Insurance’s senior citizen health plans.