Senior citizens are more likely
to be affected by disease and other medical conditions. Senior citizen health
plans (SCHP) help senior citizens with health insurance coverage of their
health expenses that is typically not available from regular health plans. Here
are three things you need to know about them to help yourself and your parents
be financially secure from large health expenses.
Health insurance coverage during age 60-80 While most individual health plans
do not allow people above 60 years to enter into health plans, a senior citizen
health plan is usually for people in the age group of 60-80 years. This type of
plan could be renewed for lifelong or till the age of 90 years.
Fixed coverage The health insurance amount is fixed for such health
policies meant for senior citizens. Obviously, you will need to check whether
the amount will be adequate. Since these medical insurance plans have
reasonably high premiums compared to premiums for younger individuals, you need
to have a plan in place for medical emergencies. For instance, you might keep
an emergency fund, say, equivalent to 6 months of expenses in a bank
savings-cum-fixed deposit account and a liquid mutual fund.
Well-defined coverage of ailments Before you buy a senior citizen
health plan, you need to find out whether they cover the ailments you would
like the coverage for. Also, check for clauses regarding coverage of
pre-existing ailments at the time of buying the plan.
A senior citizen health
insurance plan is a much need financial protection for senior citizens who might
otherwise not be covered by traditional health insurance plans. What’s more,
senior citizens can get Rs 30,000 tax deduction under Section 80D for their
health insurance premium payments. Knowing some of the features of senior
citizen health plans will help you cover yourself and your elderly parents with
much needed health insurance.
Suggested video 3 Things About Senior Citizen Health Plans You Must Know
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