Health insurance for senior citizen

Health insurance provides a wide range of policies for every age group. However these options can be considered as ‘many’ only if one is below 50 years. Age and the available options for health insurance policy are said to be inversely proportionate i.e. with the increase in age the options are limited. Although the number of options available to senior citizen pales in comparison to people below 50, but still there are some great policies at their disposal to choose from.

The maximum age upto which one is allowed to buy a health insurance policy or even renew it is around 65 years of age. It is never too late to opt for a health insurance policy. The health insurance policies for senior citizen is a bit pricey as with increase in age the risk of falling victim to a number of health problems and disorders increases.

The income of the senior citizen has less scope for step-up and thus any sudden medical expense causes a strain on their financial well-being. At such times health insurance policy for senior citizens proves to be a boon. HDFC Ergo require prospective applicants above the age of 45 yrs to undergo a fixed number of medical tests like complete blood test, test for diabetes etc. to diagnose whether the senior citizen is already suffering from any health problems, known as pre-existing conditions.

The health problems that are discovered or detected in these pre-determined tests are not included in the cover. Owning a health insurance policy certainly leads to undergoing the best of treatment when required. One of the major advantages of a health insurance plan for senior citizen is that it curtails the need for critical illness insurance cover, thus saving significant sums of money.

Also the senior citizen who is insured can avail up to Rs. 20,000 as tax exemption under the section ‘80D’. Considering all the parameters and the rising cost of medical expenditure, it is imperative for all affording senior citizen to own a health insurance policy.

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