Cashless Health Insurance for Senior Citizens & It's Benefits

Health risks increase as we get older. Routine medical check-ups become a common phenomenon once you are 60 and above. Now that you’re young, you may not feel the need to have a health insurance cover, but once you reach a certain age – you cannot be sure that there will be no health issues.If you do not have a health cover in old age, you would have to use your savings / take a loan / borrow from someone to treat age-related health conditions. It can be painful to be in a situation like this. Therefore, senior citizens should be covered under a health insurance policy. Cashless Health insurance for senior citizens offers medical coverage to individuals between the age group ranging from 60 to 75 years. As per the Insurance Regulatory and Development Authority of India (IRDA), every insurance company now offers health coverage to individuals up to 65 years. As a senior citizen, you also have a provision to switch insurers if you’re not satisfied with the services.

Below Are Some of The Benefits of Health Insurance for Senior Citizens:

1. Policy Benefits: Just like other health insurance policies, this type of insurance covers pre& post hospitalization charges, in-patient hospitalization, room charges, daily allowance, cost of medicines, etc. These are general coverage benefits you can get in a policy; however, it differs from one insurance company to another.
2. Cashless Treatment: This is one of the primary benefits of a health insurance policy. The cashless facility allows you to avail treatment without spending money from your own pocket. Overall, it covers doctor fees, medical bills, room charges, etc.
3. No Claim Discount or NCB: If there is no claim request made in the previous years, you are entitled to get No Claim Discount , which is either in the form of a discount on premiums or the sum assured is hiked up to a per cent.
4. Tax Benefits: Senior citizen health insurance offers tax exemption under Section 80C of the IT Act. The exemption is applicable to the premiums you pay for the policy.

There are many health insurance companies that offer the benefit of covering your parents in a health insurance policy. With the skyrocketing health expenditures, it may not be easy to avail certain treatments for certain diseases or illnesses that require huge funds. In such circumstances, the health insurance policy for senior citizens will bring financial relief to you and your parents.You can buy a separate Senior Citizen Health Insurance policy as it will offer a comprehensive medical cover. This type of policy pays for hospitalization, surgeries, accidental injuries, critical illness, and pre-existing diseases.

Having health insurance in place for seniors will help you take advantage of the cashless facility. Cashless health insurance means no need to pay from your pocket, thereby reducing the financial burden to some extent.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.