India’s elderly population (aged 60 and above) is projected to touch 194 million in 2031 from 138 million in 2021, a 41 per cent increase over a decade, according to the National Statistical Office (NSO)’s Elderly in India 2021.
Yes, that’s true!
Going by the 2011 Census, the total number of senior citizens in India already touched 104 million. Today, almost a decade later, it can be reasonably expected that the elderly population in the country has risen by a significant margin.
With senior citizens lacking self-sufficiency both in terms of health and finance, the onus to provide necessary medical attention in their advancing age lies with their children. Not to mention, the increasing cost of medical care in India can strain your finances.
But wait! Why worry when you have options like senior citizen health insurance plans to provide comprehensive care to your elderly parents? These health coverage plans come with extensive benefits that help lift the burden of medical bills off your shoulders.
Below, we have listed some of the compelling reasons that reinstate the importance of buying a health insurance for parents in India.
#1. Increasing Risk of Illness with Advancing Age
With advancing age and deteriorating health, developing illnesses and lifestyle diseases is prevalent among senior citizens as against other demographics.
Development of cardiovascular diseases, circulatory illnesses, disabilities, etc., is more common among the elderly population.
While such illnesses require immediate treatment, they also involve high costs which can erode the available funds. Availing an insurance policy for parents aged above 60 years thus ensures such diseases are catered to urgently, while putting minimum strain on your finances.
Benefits like treatment of critical illnesses, as well as, covering hospitalisation expenses (both for accidents and illness) ensure the expenditure involved with the increasing risk of diseases is mitigated to the maximum.
#2. The Sum Insured Can be Availed for Covering Alternative Treatment Costs
Even though we mostly resort to western medicine for treating any disease or ailments, their side effects can become a cause for concern, especially for elderly people.
That is why, many are ditching allopathic medicine in favour of alternative treatment options like Ayurveda, Yoga, Homeopathy, etc.
Worried about the cost for these?
Well, good news! The health insurance for senior citizens covers these costs too under the AYUSH add-on cover!
#3. High Sum Assured to Suffice the Rising Cost of Medical Care
In the past decade, the average cost of hospitalisation both in rural and urban India rose by approximately 3 times. Given this rise combined with an increasing need for medical attention for senior citizens, the insurance coverage needs to be high-valued too.
Health insurance plans customised for elderly citizens, thus fulfil this requirement of a higher coverage amount with ease. Availing such a scheme for your elderly parents can, therefore, sufficiently meet the rising cost of medical care, especially in cases of accidental hospitalisation and treatment of critical illnesses.
#4. Coverage for Pre and Post Hospitalisation Expenses
With a senior citizen health insurance plan for your parents, you can now side-line your worries about the cost incurred in due course of treatment, both pre and post hospitalisation.
From the perspective of senior citizens requiring frequent hospitalisations and additional care, the costs incurred during hospitalisation, as well as the adjacent costs for diagnostic tests, OPD visits, etc. can be huge. With an insurance plan in place, such expenses can be claimed conveniently.
#5. In-Home Hospitalisation for Domiciliary Care
Advancing age can result in an inability to travel for hospitalisation. Health cover plans for senior citizens, however, facilitate in-home hospitalisation of elderly patients to provide them with domiciliary care. Such a benefit can be availed on the basis of the health condition of the elderly.
Apart from these, such insurance policies also impart benefits like daily hospital cash cover, coverage of psychiatric treatment expenses, bariatric surgery costs and organ donation, etc.
So, wait no more to gift your parent’s health and wellness through improved medical care, courtesy a suitable senior citizen health insurance plan.
#6. Availability of Cashless Treatments
A cashless health insurance plan for senior citizens also facilitates cashless treatment of diseases and illnesses. With most health insurance policies, the insured can make claims either as reimbursement or opt for a cashless treatment.
It helps the elderly as they can opt for such treatment at any of the network hospitals without worrying about the immediate availability of cash.
#7. Provision to Save on Taxes
The perk of availing a health insurance plan for your elderly parents also extends to tax benefits. Individuals who have availed a healthcare insurance plan for themselves along with their parents above 60 years of age can claim tax benefits of up to Rs. (25,000+50,000) = Rs. 75,000 on premium payment under section 80D of the Income Tax Act, 1961.