Why health insurance is important for senior citizen parents?

Many people spend their healthy years making wealth and then spend their wealth to regain their lost health. Moreover, as we age, the risks of falling ill also increase subsequently. This could be a heavy financial burden, not just for you but also for your family members. Considering that as we age, we are not very physically active, financially sound and have probably even retired, medical costs could be a major concern for all.

Health insurance for a senior citizen is one of the best investments you can make for medical care for your parents. These senior citizen health plans are usually for those aged between the years of 65 to 80 or above. There are several companies offering health insurance in India for senior citizens. Some of the IRDA approved ones also have niche products that cater to this segment of people. In order to keep up with the escalating medical costs, most of these insurances ensure that your financial conditions are protected while offering you the medical care and assistance that you need.

There are some important aspects you need to pay attention to while choosing a health insurance policy for senior citizen. For instance, ensure that the policy covers hospitalization costs, critical care, chronic illnesses as well, and more.

Some important aspects that a good health care insurance for senior citizen should cover are:

• Has no upper-age limit
• Treatment due to illness as well as accidents
• Hospitalization expenses due to injury, accident or illness
• Pre-medical Costs incurred prior to being admitted in the hospital
• Post-hospitalization costs occurring after discharge from hospital
• General day care treatment, exclusive of 24hr hospitalization
• Ayurvedic treatment expenses, if required
• Emergency ambulance

A comprehensive health insurance policy not only gives you financial stability in your golden years, but also has many more benefits. Some of the top benefits of investing in an insurance for senior citizens are:

1)    Tax benefit – Under the income tax Act of 1961, the premiums paid on health insurance are eligible for tax exemption/deduction

2)    Psychological effect – Money plays an important role in our lives and knowing that you are medically insured gives you a sense of security, resulting in peace of mind

3)    Lessens financial burden on family – senior citizens are less likely to have a regular source of income due to retirement. This, therefore, leads to their family (children mostly) looking after them. By this time, the children will have a family of their own and spending on parent’s medical costs adds to their expenses. A good health insurance policy can avoid this from happening. There are also several health insurance plans for family, as a whole available.

It is important to remember that health insurance for senior citizens charge a higher premium as we grow older. This is because the risks of claiming the rights of the insurance are much higher. Thus, it makes sense to invest in your health insurance scheme at an earlier possible age.