Did you know– two out of every three senior citizens in India suffer from some form of chronic illness, according to the first Longitudinal Aging Study in India (LASI). CVD, chronic hypertension, diabetes, bone, and joint problems, etc. are some of the most common illnesses among the elderly.
A constant rise in chronic conditions among senior persons results in increased medical costs– draining their retirement savings. Worse, the cost of medical treatment shoots as people get older. Thus, elderly people must secure their health and savings with specially designed health insurance for senior citizens to meet their medical needs. But first, let’s understand how a senior citizen health cover works and why you need it.
What is a Senior Citizens Health Insurance Policy?
The senior citizen health insurance plan is specifically designed for elders above 60 years of age. The policy caters to senior citizens by offering wide coverage of medical procedures from day-care to OPD with provisions for pre-existing diseases and lifelong coverage. Elders can buy this plan on an Individual and Floater Sum Insured basis. It is ideal for older people seeking the most cost-effective medical insurance for senior adults in India. If you buy the policy, you can also take advantage of tax deductions under section 80D.
Why is it necessary to have health insurance for senior citizens?
Seniors are at a higher risk of catching diseases and becoming sick. Hospitalization might be mentally and financially difficult for them and their families if they have limited or no income. As a result, having a senior citizen health insurance plan is essential for taking care of financial obligations during one’s golden years. Here are some reasons why it is necessary to havesenior citizen health cover:
- According to estimates, the healthcare costs for elders are four times higher than those of young people. A senior citizen’s health policy can help them deal with rising high medical costs.
- The prevalence of critical illnesses such as cancer, heart attacks, kidney failure, and other serious illnesses is substantially higher amongst older individuals. A health plan for senior citizens covers enormous expenditures associated with the treatment of such ailments.
- Older people need regular medical consultations and health check-ups to detect the likelihood of sickness. Senior citizens can get free medical consultations and annual health checks at any network hospital with a senior citizen health insurance coverage.
How do senior persons avail of health insurance?
Today, there are plenty of insurers offering different health plans for senior citizens. For instance, Care Health Insurance (formerly known as Religare Health Insurance) offers comprehensive coverage to older people from all walks of life.
With affordable premium and wide coverage options, Care Health Insurance promises complete support to elders during medical emergencies. You can use their ‘Care Senior’ health policy to cover the costs of unexpected hospitalization, critical disease treatment, operations, and accidental injuries. Once you request a quote through the website, a medical staff member will contact you and do a telephonic examination of your medical history.
Senior citizen health insurance plans are designed to meet the needs of people over the age of 60 who are retired and do not have a regular source of monthly income. This necessitates a financial backup to cover healthcare costs, which is impossible for everyone, making health insurance essential.