Have you thought about how your life would unfold once retired? For senior citizens, age is no more a mere number. It affects their everyday life, lifestyle and sometimes, throws in a few surprises too, especially with respect to their health.

Many retirees do not have the same earning capacity or returns as before. In such conditions, if their health demands spending, it becomes a huge burden and they become hand-tied.

Today, hospitalization, medical bills, treatment and medicines do not come at a cheap price. Added to the lack of the same level of income, retirement life might not be peaceful.

In such a case, a senior healthcare insurance can come to the rescue.

What is Senior Health Care Insurance?

It is a health care insurance offered by many insurance companies across India in order to financially secure those who are of the age 65 and above.

The policyholder is generally given a cover of all medical expenses they might incur. It is almost compulsory to buy senior health care insurance and would be the perfect gift for your ageing parents or loved ones.

Why does one need to buy insurance?

Health reasons:

As you age, your health declines and might be prone to illnesses. With the rising cost of everyday medicines, one can’t rely on the savings alone to pay for when in need.

Urgent medical expenditure:

Though getting an ailment is a part of the ageing process, suddenly falling sick or getting treated for a disease can come in as a big financial blow. You will need to be prepared for such circumstances.

Debt crisis:

When an ageing person in the family suddenly falls sick, the complete expenses fall on the shoulders of the breadwinner of the family. They may have to take loans to suffice for that moment but it becomes difficult while repaying. To avoid such a situation, it is advisable to apply for a senior health insurance.

There are many benefits to taking a senior health care insurance in India.

• Tax benefits on premiums.
• Quick claim settlements.
• Renew policy option is available.
• Free annual health check-ups in certain cases.
• Cashless hospitalization can be availed is the patient is admitted for more than 24 hours.
• Daycare costs are covered for patients undergoing treatments like chemotherapy and dialysis on a regular basis.
• Covers hospitalization, treatment and room rent.
• Cover for any pre-existing disease.

Being prepared beforehand is important and applying for a senior healthcare insurance is the best thing you can do. There are multiple insurance plans and good ones you can choose from. You might have to ask your bank and your advisor about the best health insurance for seniors. So, are you prepared?

Are you a retiree or looking to retire soon? The Chennai Homes offers luxury retirement villas at the most affordable rates. We have adopted an “Age In Place” concept where all the requirements of the seniors are taken care within the campus. Our expert financial advisors offer senior investment tips, insurance advice and help maintain your portfolio too. Call us today at +91 91766 77770 to know more.

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