In today’s times, when medical costs are increasing exponentially every year, there is no way we can undermine the importance of health insurance. When it comes to medical insurance for senior citizens, the importance is much more than the youth. Senior citizens need medical insurance more than the youngsters because they are at such a stage in life, where the body is weak and more vulnerable to infections and not to forget lifestyle diseases which can lead to complications. The occurrence of disease in the elderly and the severity sometimes is more and to ensure there is no financial burden, health insurance is important.
Besides the coverage, medical insurance for senior citizens is also important because of the tax benefit under section 80D of the Income Tax.
Let us now list some of the reasons why medical insurance for senior citizens is a must.
Increase in Medical Costs
It cannot be denied that the medical field has grown by leaps and bounds in the last few decades but this has also come with the rise in diseases. Thankfully, most diseases today can be cured but the cost of treatment is also very high and difficult to afford by many. Medical inflation is rising more rapidly than the advancement in the field and because of this, medical insurance for senior citizens is a must-have. If you are looking for independent living options in California just visit the site and contact us for more details.
At this stage of life, when they rely upon their savings and investments, it is always advisable to have health insurance that will take care of all unexpected costs in times of a medical emergency.
Treating Critical Illness
There has been a rise in the occurrence of critical diseases in the last few years. Most of these critical illnesses come with a lot of suffering but also very high costs of treatment. Insurance companies offer special medical insurance policies for critical illnesses and these are a must-have for senior citizens to ensure they do not have any stress of paying huge hospital bills in case they are diagnosed with one of these illnesses.
Rise in Diseases
Lifestyle-related diseases are on a rise and this is seen more in urban areas. We are all paying a price for the development we are enjoying. The eating habits, the sleeping schedules, and the rising pollution levels take a toll on the health of people living in cities. Things are slightly better in rural and semi-urban areas but still, they are also facing rising cases of diseases. Medical insurance for senior citizens becomes a must to ensure they are not stressed financially and are not able to get the best of treatments.
Another very important reason for buying senior citizen health insurance is the tax benefit it offers. Premium paid for health insurance is exempted under Section 80D of the Income Tax Act, up to a maximum of Rs. 30,000 per annum. A rebate of Rs. 5000 is also given for preventing health checkups annually. Due to these benefits, buying medical insurance becomes advisable. Not only do these health plans provide insurance coverage but also help in saving taxes.
Benefits of Medical Insurance for Senior Citizens
Medical insurance is a must-have for everyone but when it comes to medical insurance for senior citizens, it is mandatory to have it. Besides the coverage that the health insurance policy provides, there are many other benefits that the insurance policy has for the elderly.
Some policies provide annual health checkups which are good to monitor health. Pre-existing conditions are also covered usually after a waiting period. Most of the plans can be renewed for life and with easy renewal options, these are very convenient for senior citizens.
Medical Insurance Bought Timely
There is no doubt that medical insurance for senior citizens is highly recommended but there is one thing that must be kept in mind. Senior citizens should not wait to buy health insurance late in life. The premiums of these policies go up with age. When calculating the premium of a health insurance policy, age is a big factor and it increases the premium drastically. Thus, it is always advisable to ensure that health insurance for the elderly is bought early in life so that they are covered and also do not pay very high premiums.
There are many benefits of having medical insurance for senior citizens but the most important thing to be kept in mind is that the coverage should be adequate and comprehensive. Very often it happens, health policies are taken early in life and the coverage is compromised for saving premium or thinking of adequacy.
A comprehensive policy is mandatory to ensure all medical conditions are covered and sometimes policies like corporate health insurance or a family floater do not provide these. More than being covered it is important that senior citizens are adequately covered with a comprehensive medical insurance policy.