Senior Citizen Health Insurance Plans: It is never too late to buy Insurance

Posted on Mar, 2021

Insurance, be it a term insurance plan or a health insurance plan, is fundamental to provide a financially stable ecosystem. A Health Insurance policy is considered a crucial investment for its comprehensive coverage that takes care of medical expenses and ensures a payout for the family in case of any eventuality. Although a traditional health insurance policy contains features that cater to every insurance need, it falls short in benefitting senior citizens who are over 60 years of age.

Senior Citizen health insurance is an insurance policy specifically designed to offer all the benefits of traditional health insurance plans for people between the age of 55-80 years.

How are Senior Citizens’ plans different from traditional health insurance plans?

Senior Citizen insurance plans do not differ in their core design to traditional health insurance plans as they are an extension rather than a completely different policy. The features that differ are:

  • Minimum Entry Age:

    The minimum entry age starts from 55 years to buy the insurance policy.
  • Pre-Medical Test:

    Most senior citizen health insurance policies don’t include compulsory pre-medical checkups or screenings before buying the policy.
  • Higher Premiums:

    Most senior citizen health insurance policies come with a higher premium than traditional health insurance policies.
  • Specific Disease Based Coverage:

    Many Senior citizen policies are especially designed to help individuals with existing conditions of diabetes, hypertension and so on.

Benefits of Senior Citizen Plans

Senior Citizen health insurance plans come with some unique features targeted towards older people:

  • Financial Stability:

    Most elderly after 60 are retired and don’t have a significant income source. With a higher possibility of health-related issues, ongoing medical expenses can burn a hole through their savings. A senior citizen health insurance plan ensures that the policyholder can cover health-related expenses and provide a handsome amount for the spouse in case of your unfortunate demise.
  • Cashless Treatment:

    Simple process and ease of payment are crucial for the elderly as they may not have someone to take care of these affairs when ill. Senior citizen health insurance policy, the policyholder can avail cashless treatment in hospitals as per the policy terms. With this, the policyholder can get the best treatment without having to pay cash for the treatment.
  • Extensive Medical Coverage:

    With a Senior Citizen health insurance plan, policyholders benefit from extended medical coverage. The policy, along with basic medical expenses, pays for pre-hospitalization, post-hospitalization, inpatient hospitalization, day-care costs, ambulance charges, domiciliary hospitalization charges, etc.
  • Tax Benefits:

    Senior Citizen health insurance plans also offer tax benefits to provide an investment aspect to the insurance policy. Policyholders can avail of tax rebates up to Rs 50,000 under section 80D of the Income Tax Act, 1961. Furthermore, additional tax deductions of Rs 5,000/year for preventive health checkups is also available under the policy.
  • Additional Benefits:

    A comprehensive senior citizen health insurance plan also includes additional benefits such as no claim bonus and lifelong renewability. The no-claim bonus facility offers a discount on the premium if the owner has made no claim in a year. The lifelong renewability allows for uninterrupted lifelong coverage without any restrictions on age or the period.

As you get older with age, the potential health risks rise along with the medical expenses. Although it is always wise to buy an insurance policy as early as possible, it is never too late to invest in a comprehensive health insurance policy. For people over the age of 60 without a health insurance policy, senior citizen insurance plans make up for an ideal way to get benefits over a traditional health insurance policy.

If you are looking for a hassle-free way to buy senior citizen health insurance plans, PINC Insurance is a one-stop solution for all of your insurance needs. Backed by a host of experts, the policies available result from extensive market research to offer the most suitable insurance policies. You can visit PINC Insurance to buy the most comprehensive senior citizen benefit plans.