Health insurances have been provided by a lot of insurance companies right now. It is essential that the senior citizens are covered by one of these health insurance plans.
You can cover your parents under this or your grandparents, it is up to you. You must choose health insurance for senior citizens that will help you to cope up with their medical expenses.
What is senior citizen health insurance?
Health insurancethat is designed especially for the senior citizens is called a senior citizen health insurance. Health insurance plans for senior citizens will save your family income and also make sure you provide the best medical treatment to your parents.
Medical treatments in private hospitals are becoming expensive, and the quality of healthcare in government hospitals is not at par. All this, therefore, leads to hefty bills and costly medicines. The health insurance policies available for you will easily take care of all this.You can use a health insurance premium calculator to calculate the cost of the premium.
Let us understand the benefits of opting health insurance for senior citizens:
- Financially Independent
The children do take immense care of their parents, but the medical bills tend to take up a major share of the family income. If you do not want your parents to become a liability, you must arrange their medical bills now via a health insurance plan.
- Regular Health checkups
Regular health checkups do wonders when it comes to keeping a tab on your health. Regular health checkups are not only beneficial for your elderly parents but also other members of the family. Even if you think your parents are perfectly fine and no health issues persist, you must still make sure there is a regular health checkup for them. Health insurance provides cashless treatments at the network hospitals.
- Cashless treatments
Medical conditions can come to you out-of-the-blue without seeing if you are prepared or not. If proper care is not taken about these situations, it might burn a big hole in your pocket. With medical expense and hospitalization becoming costlier, you need a proper plan to tackle such medical emergencies. Cashless hospitalization is one such benefit you can get if you buy a proper health insurance plan. You must opt for a health insurance plan that will offer a cashless claim settlement option. If you do not have emergency funds, you can inform the insurance company. They would directly settle the bills with the hospital rather than you having to pay first and then claim for reimbursement.
- Age brings critical illnesses
You tend to become more vulnerable to critical illnesses once you start becoming old. Hence, many elder or old age people suffer from illnesses like cancer, heart problems, and kidney problems.Therefore, it is better to prevent the situation, then finding the cure once it happens.
- Tax benefit under Section 80D
You can save big on your taxes if you invest in health insurance for senior citizens. Here is the list of deductions you can claim:
- The medical expense of INR 30000 is allowed as a deduction under section 80D if there is an uninsured senior citizen in a family over 80.
- You can claim a deduction of INR 25000 under section 80D if you pay the premium for the parents.
Health insurance plans for senior citizens will help you cope up with your parent’s medical expenses. Health insurance policies make sure your parents enjoy the best medical services and need not worry about the expenses. Also, it helps you in saving on taxes. Hence, there is a need for a separate health insurance plan for senior citizens.