In the modern era, the value of health insurance cannot be overstated. When it comes to elderly people, this significance is increased. The natural process of ageing makes the human body more susceptible to many ailments. Therefore, it is preferable to be proactive and choose senior health insurance as soon as possible.
The tax benefit related to acquiring the policy is another benefit of choosing health insurance. Section 80D of the Income Tax grants you the right to earn tax benefits on health insurance premiums. **
Five reasons why senior citizens need health insurance
- Rise in diseases
Urban places may have had great progress, but they are cursed because of pollution and other concerns with their way of life. People who live in cities suffer the effects of modern life. Growth in the prevalence of diseases also affects residents of semi-urban and rural areas. Compared to a few years ago, this makes developing an illness more likely. A good strategy to protect the family’s finances in case of illnesses and medical problems affecting the elderly is to purchase senior health insurance and learn how to claim health insurance when needed.
- The cost of medical care is rising
The growth in illnesses has been matched by the development of medical innovation that provides treatment for such illnesses. Such medical progress, however, has a price. The cost of medicine is increasing tremendously quickly. As a result, it makes financial sense for senior persons to buy health insurance in order to combat the rising cost of medical care and be ready in case of an emergency. *
- Expensive medical insurance plans
When calculating the health insurance premium for medical insurance policies, a person’s age is a vital factor. As a person ages, the cost of health insurance for seniors rises. In order to save money on premiums, it is, therefore, preferable to choose medical insurance for older folks early on. ##
- Comprehensive medical insurance for senior citizens
Many companies include group health insurance as part of their benefits package for employees. In rare cases, the parents of the employee are also included. Does it, however, provide sufficient coverage? Instead of getting individual policies for each family member, some people choose to get a Family Floater plan that covers the entire family. Furthermore, when it comes to offering substantial personal coverage, such floater plans fall short of the requirements of insurance. *
A thorough plan offers several benefits of health insurance, which will be essential for covering a range of medical problems that could afflict the elderly.
- Battling critical illness
Cancer was a rare disease just a few years ago. These days, it is typical. However, the expense of treatment is extremely high. The cost of cancer treatment can be prohibitive. As a result, these expensive and potentially fatal diseases are classified as critical illnesses by insurance companies and covered by critical illness plans. It is a type of health insurance that provides a lump sum payment in the event that a critical illness is discovered. *
It is essential to thoroughly compare health insurance plans and examine the terms and conditions before purchasing such a plan.
- Health insurance online
An easy option to cover senior citizens is to buy health insurance online. In contrast to the conventional approach, you do not need to fill out lengthy documents or pay attention to agents. Regarding the plan you desire, you are free to make your own decisions. On the insurer’s website, the coverage and exclusions are described in a straightforward manner. *
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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