Unfortunately, cardiovascular diseases are the primary reason for death in the elderly. Other chronic diseases like anaemia, high blood pressure, chest pain, kidney problems, and diabetes, are commonly found among senior citizens. The cost to cure any chronic or critical illness without health insurance is steep.
Healthcare costs are rising consistently, making it difficult for most to afford medical care expenses out of pocket. With increasing age, you are not only prone to major illnesses but also require regular monitoring of your health vitals.
Importance Of Health Insurance For Senior Citizens
If you are a senior citizen worried about medical care costs then health insurance for senior citizens is your solution. Apart from hospitalisation and medical treatment benefits, there are multiple financial benefits health policies for senior citizens hold.
This article explores the importance of health insurance for senior citizens and how it can help you manage finances in your golden years.
Health Insurance For Senior Citizens Eligibility Criteria
The general eligibility criteria to purchase a senior citizen health insurance plan are given below:
| Entry Age | Min: 60 Years Max: No limit |
| Policy Tenure | 1/2/3 Years |
| Renewability | Lifelong |
| Tax Benefits | Section 80D up to INR 50,000 |
Top 5 Reasons Why Health Insurance For Senior Citizens Is Important?
Here are the top 5 reasons why you must invest in the best senior citizen health insurance plan:
- Cover For Critical Illnesses
With the best senior citizen’s health insurance, you are covered for major life-threatening ailments, which are expensive to treat by utilising your lifelong savings. Coverage for in-patient hospitalisation, room rent, ICU, medicines, etc. are all a part of your senior citizen health plan.
- Combat Medical Inflation
In a recent study conducted by Plum, an insurtech company, it was found that India has one of the highest medical inflation rates in Asia at 14%. It is evident that with an increased probability of being diagnosed with severe age-related illnesses, senior citizens require the best medical coverage to beat the rising medical inflation.
- Comprehensive Coverage
Senior citizens’ health insurance plans provide comprehensive coverage which means more inclusions to combat a wide range of medical issues. This may lead to a slightly higher premium but it will be better than spending a fortune on hefty medical bills when the need arises
- Annual Health Check-ups
With increasing age, it is not only important to live a healthy lifestyle but also to keep your vitals in check. With senior citizen health insurance, you can keep your health in check with annual health check-up coverage. Annual health check-ups will help you identify health ailments timely and allow you to start treatment in time.
- Tax Saving Benefits
Under section 80D you are eligible for INR 50,000 tax exemption for health insurance premiums paid towards a senior citizen’s health insurance.
Best Senior Citizen Health Insurance Plans
Below mentioned are our top picks for senior citizen health insurance plans
| Senior Citizen Health Insurance | Sum Insured | Pre Policy Medical Check-Up |
| Star Senior Citizen Red Carpet Plan | 1 to 25 L | Not required |
| Care Senior Plan | 3.5 to 10 L | Not Required |
| ManipalCigna Prime Senior Plan | 3 to 50 L | No mandatory health check-up required |
| Niva Bupa Senior First Plan | 5 to 25 L | No mandatory health check-up required |
| Aditya Birla Platinum Essential Plan | 5 L to 1 Crore | Depending on medical history |
Health Insurance For Senior Citizens Tax Benefits
A senior citizen health insurance plan not only guarantees premium medical care when required but also is a great financial tool. Let us understand how below:
- Section 80D – Avail a tax exemption of INR 50,000 for premiums paid towards a senior citizen’s health insurance plan
- Section 80D Tax rebate – A tax deduction of INR 5,000 is applicable on payments done for preventive health check-ups for parents
Health Insurance Plans for Senior Citizens Claim Procedure
Filing an online senior citizen health insurance claim is easy and hassle-free for most insurers. You can either file for cashless or reimbursement claims.
Wrapping It Up
There are a plethora of health insurance plans for senior citizens in the market, but you have to select the best one that fits your bill. Apart from comprehensive coverage, senior citizen health insurance provides you with tax benefits, a high sum insured, and the peace of mind to enjoy your golden years of retirement. For further information on the best senior citizen health insurance plans, connect with PolicyX insurance experts.
PolicyX is one of India’s leading insurance aggregators, certified by IRDAI, that offers the latest and best health insurance information. From comparing health insurance premiums to understanding the value of additional benefits in detail – every crucial information will be at your fingertips before you make a purchase decision.
