Why senior citizens need health insurance, now more than ever!

Amongst the many things in life that are impossible to control are your age and inflation. As per data, the cost of medical treatment in India doubles every 5 years. And with age, the body has to deal with many health issues like hearing loss, arthritis and more, which are expensive and demand regular care. So that your well-being in your twilight years is not cut short by your pockets, it is important to have solid health insurance.

Here are some reasons every senior citizen, or those older than 60 years, should have comprehensive health insurance:

Coverage for your pre-existing diseases

Whilst ideal, it is impossible to live through life sans health issues. By the time we touch 60, most of us already have a list of ailments that trouble us. Unfortunately, most usual health insurance policies don’t completely cover your pre-existing diseases. But many health insurance policies that focus exclusively on senior citizens do cover conditions you might be suffering from, after a specific waiting period.

This becomes all the more necessary in case you have chronic conditions like diabetes, Alzheimer’s, Osteoporosis and others, which require constant care and costly medicines.

Tax benefits, why not?
The premiums you pay towards your health insurance policy are eligible for tax deductions under Sec 80D of the Income Tax Act. While those aged below 60 years can claim deduction of up to Rs 25,000, senior citizens can avail up to Rs 50,000 annually as tax deduction. So, not only are you saving and reducing your tax liabilities and strengthening your financial umbrella to combat any unplanned health scares.

Regular check-ups a must
Have you been missing out on visiting the doctor because of high consultation fees? Most health insurance policies offer complimentary annual check-ups as part of the policy, so that you don’t skip out on your date with health and wellness. Moreover, you can also claim a deduction of up to Rs 5,000 annually for all expenses you incur for such check-ups.

Got everything covered
Need organ donation? Want a cover for all your expensive medicines and OPD visits? What about your financial security post hospitalization, when you are recuperating? Well, a good health insurance policy will take care of all of this for you, so that you don’t have to spend  your hard-earned savings and pension funds on this. There’s a lot to your life after 60. And with a comprehensive health insurance policy by your side, you can experience it all, without any health or financial worries.