Health Insurance

Benefits Of Health Insurance For Senior Citizens


When the next phase of your life starts at 60, it is time for you to relax and enjoy life. One of the key aspects of a good, retired life is good health. You must take care of your body to be safe from any illness.

Though, in the later years of your life, there are chances that you may need to visit a doctor or hospital many times. This can lead to money problems as you need to use your savings. Hence, you must get the best health insurance for senior citizens.

It is better to have a health plan early as it will offer better benefits in older age. If you do not have a mediclaim plan, you need to get one soon, or the premium will be higher.

With a good senior citizen health insurance policy, you do not need to pay for medical care from your savings. The insurance company (insurer) will pay for the expenses before, during, and after the treatment. Read on to learn more about the benefits of health insurance.

What is Health Insurance for Senior Citizens?

Health insurance is also called Mediclaim policy by many. It is a policy that takes care of expenses for health care services at hospitals and clinics. As senior citizens, persons over 60, need medical care more often, insurers now offer unique health plans for senior citizens.

A senior citizen’s health insurance policy is a health plan for people over 60. The main reason to opt for this policy is to cover the cost of hospital and health-related expenses. The rules for this plan are based on the unique needs of older people and cover many existing ailments.

As medical care costs rise yearly, seniors can not afford to pay all the costs from their pocket. With the help of a good health policy, they can lead a happy life in old age.

Benefits of a Senior Citizens Health Insurance Policy

Having a health insurance plan is crucial for senior citizens. If you do not have the best health insurance for senior citizens, you must get one as soon as possible. Many benefits are on offer and can impact the quality of life in the later years. Here are some of the benefits of health insurance for seniors:

Good Facilities

The cost of medical care is rising every year. As a result, inflation can impact the savings of senior citizens. This will make it harder to afford good treatment facilities. Your worries are taken care of by the best health insurance for senior citizens. You can access good medical facilities to take care of your health. Insurers will pay for the cost of treatment at a hospital or clinic. Many plans do not need hospital admission for certain kinds of therapy. So, you can get the opinion of the experts and need not need to worry about the cost. You can lead a better quality of life with access to good facilities.

Tax Savings

Many think you need tax savings only when working and not after retirement. This is not true, as you need to save tax even after you retire to save more money for your needs. When you pay the premium for a health policy, you can also save on your income tax. Under Section 80D of the Income Tax Act 1961, you can claim a tax rebate for the health plan premium. The tax deduction limit for 2022 on health policy is Rs. 25,000. So, you get the dual benefit of better health and tax savings when you pay for health insurance.

Beat Inflation

The cost of medical care is rising by the year. You have to pay more every time you visit a doctor or hospital. So, having health insurance is crucial for you. The insurer will pay back all the costs you will have to pay at the hospital. So, you can opt for higher limits every year, which will take your health plan limit to a given amount. Hence, you will not need to worry about inflation in medical care as the insurer will pay the costs. This will help you make the most of your money and use it for needs other than medical care. Indeed, you can lead a stress-free life this way.

Medical Tests

When you have the best health insurance for senior citizens, the insurer covers the cost of medical tests. This includes pre-policy and annual tests that check for any issues in the body. When you undergo regular medical tests, it is easier to keep a check on any serious ailments. It will help the doctor to monitor your health closely and suggest a treatment on time. This will save you from many problems later on.

Cashless Facility

The best health insurance for senior citizens will always offer this benefit. You need not worry about paying money to the hospital every time. If your insurer offers a cashless facility, you need not pay any money from your pocket. The insurer will pay directly to the hospital until the policy’s limit is available. This is a great facility, as arranging for money is the last thing you should worry about when going to a hospital to get treated.


A senior citizen’s health insurance policy is vital to ensure that paying for medical care does not wipe out your savings. Health insurance plans are affordable and offer peace of mind when you need them the most. As plans might vary across insurers, you must perform in-depth research to get the best plan that meets all your needs. If you need help with finances, you can always take the help of experts such as Piramal Finance to guide you through your personal finance woes.