Old age is one of the most beautiful and golden years of one’s life. One finally gets to taste the sweetness of a life of hard work. Elderly and retired people have all the answers that we have always sought in the form of fascinating stories. Though their wrinkles prove the indent of years of happy smiles and interesting memories, the twinkle in their eyes indicates the youthfulness of their spirit and hearts. For most, while the body ages gracefully with the love and wisdom gained over a lifetime of adventures and experiences, it is no secret that those advancing in years may not be in the best shape of their lives and may need a little extra care. Insurance providers understand this and have curated the Senior Citizen Health insurance plan to sweeten those entering their sunset years with an additional dosage of love and care.
What is Senior Citizen Health Insurance?
The plan, as the name suggests, is a type of health insurance plan that provides coverage for all the medical expenses incurred by people over the age of 60. The policy provides quality healthcare at a wide network of hospitals and covers the expenses of pre and post hospitalisation costs, daycare treatments, pre-existing diseases, critical illnesses, ambulance charges, preventive health check-ups, etc. The senior citizen health insurance policy can be availed by people over the age of 60 with lifetime renewability and has no maximum age limit.
What are the Benefits of Senior Citizen Health Insurance?
The senior citizen health insurance plans offer a wide range of benefits that are as follows.
- Medical Coverage – General Health Insurance plans provide coverage to people up to 65 years of age. But, as age increases, so does the premium. However, with a senior citizen health insurance plan, it becomes slightly affordable.
- Medical Screening – Generally, health insurance policies require the applicants to undergo a series of medical tests to screen them for pre-existing diseases and to understand their medical history before considering the application for approval. However, there is no need for one with a senior citizen health plan.
- No-Claim Bonus – Similar to general health insurance, the policyholders in a senior citizen plan can avail no-claim bonus for every non-claim year with discounts ranging from 20% to 100%, based on the insurer.
- Tax Benefits – The plan also provides tax benefits for the policyholder under section 80D of the Income Tax Act.
- Cashless Treatment – The senior citizen plan allows the policyholders to avail their medical treatments at a network of hospitals provided they are admitted at least for a period of 24 hours.
With the senior citizen health insurance policy in place, the policyholders can avail and afford their medical expenses and annual medical check-ups, especially when healthcare has become very expensive. The plan allows policyholders to avail treatments for any critical illnesses as a part of their basic plan or as an add-on cover. Most important of all, it keeps you away from the hassle of having to deal with paying off medical expenses and lets you enjoy your life in peace.