The health insurance called senior citizen health insurance pays for medical costs that are incurred by those over 60. It provides older patients with preventive health checkup services as well as cashless hospitalisation at the insurance company’s network hospitals.

Advantages of senior citizen medical insurance 

  • Medical Coverage for Seniors: Senior citizen health insurance plans cover medical expenses for those over 60, as traditional family health insurance policies often only cover those under 65. 
  • Pre-medical screening: Contrary to standard plans, most health plans do not demand that elderly individuals undergo any kind of medical examination before purchasing the insurance. 
  • Hospitalisation Expense Coverage: Under these plans, elderly citizens are protected from a variety of medical costs, including those related to inpatient hospitalisation, outpatient hospitalisation, and pre-hospitalisation. 
  • Cumulative bonus: It offers senior citizens a Cumulative Bonus, which entitles them to a concession on their renewal rate for each year in which they have not filed a claim. In some programmes, it might range from 20% to 100%. *
  • Lifetime renewability: The majority of senior citizen health insurance provide a lifetime renewability option. 
  • Tax benefits: Tax advantages are provided by senior health insurance policies under section 80D of the IT Act for the premiums that are paid each fiscal year. **

What is included in a senior health insurance plan? 

The following list consists of some of the typical coverage included in senior health insurance plans:

  1. Hospitalisation expenses: This plan covers hospitalisation costs such as room and board, physician and nursing fees, the cost of medications and supplies, ICU fees, the cost of surgical supplies, and operating room fees. Additionally, it covers the price of orthopaedic implants, prosthetic devices, artificial limbs, and diagnostic procedures needed while the senior person is in the hospital.
  2. Daycare treatments – The majority of insurance policies cover specific daycare procedures like chemotherapy, dialysis, and other procedures that don’t require more than a day in the hospital.
  3. Pre and post-hospitalisation expenses – Pre- and post-hospitalization expenditures are covered by a senior citizen mediclaim policy, as are medical expenses incurred before being admitted to the hospital and following release. A health insurance premium calculator is an easy-to-use tool to check the amount of premium you would have to pay.
  4. Organ donor expenses – The majority of medical insurance plans pay for the costs associated with organ donation during transplants.
  5. Ambulance fees – It pays ambulance fees up to the predetermined amount incurred to transport the insured to the closest hospital.
  6. Pre-existing conditions – After a set waiting period, any pre-existing conditions of the senior insured are likewise covered.
  7. Domiciliary hospitalisation coverage – If the senior patient’s doctor recommends in-home care, their insurance provider will also cover the costs associated with such care.

Insurance for senior citizens that provides tax benefits 

A senior citizen health insurance plan not only ensures the payment of medical bills but also entitles you to a tax break under Section 80D of the Income Tax Act of 1961. If you have an older medical insurance policy for your parents, you may be eligible for a tax credit of up to Rs. 50,000. **

Every financial year, you are also eligible for an additional tax credit of Rs 5,000 on expenses paid for preventive health checkups. Moreover, if the elderly person receives treatment for a severe illness, they may be eligible for a rebate of up to Rs 1 lakh. **

A further income tax credit of Rs 25,000 is available to senior citizens still working and paying their son’s or daughter’s health insurance payment. This indicates that section 80D allows for a tax deduction of up to Rs 75,000 every fiscal year. **

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

The Insurance is a subject matter of temptation. For more Information and details on benefits, limitations, exclusions, , T&C, please read carefully the sales policy/ brochure wording carefully before Purchasing a sale. 

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