Retirement starts a new phase in your life. It is a time of lesser responsibilities and more relaxation. To make your retired life more enjoyable, you must take care of your health. Now, after retirement, your financial condition also changes. On the other hand, medical expenses rise. Therefore, you must plan well your medical care after retirement. Having a senior citizen health insurance can be one of the best ways to tackle such expenses. There are plenty of health insurance plans for senior citizens such as the Max Bupa Health Insurance Plans.
Let us have a look at some of the benefits of having a senior citizen health insurance plan.
The number of health complications increases with old age. With arising medical emergencies, medical expenses also become high. Therefore, a senior citizen health insurance such as the Max Bupa Health Insurance plan is a must for retired persons. It allows you to plan your future medical care without worrying about the finances.
Protection against the debt crisis
After retirement, you may not have a regular source of income. Therefore, any medical emergency during such a period may lead to a financial emergency. You may have to borrow money during such situations that can result in a debt crisis. Thus, having a senior citizen health insurance plan can prevent such situations from happening.
To remain financially independent
After the age of 60, the income of a person becomes unsteady. As a result of unstable earning, senior citizens become financially dependent on their children. Since the entire responsibility of the family is on the only earning member, it leads to a financial crisis during any medical emergency. Therefore, to avoid such financial dependability on your children, you must go for senior citizen health insurance.
Medical expenses in India have increased a lot in the last few years. In today’s world, health insurance has become a necessity without which all your savings can be lost. A senior citizen’s health insurance covers all such medical costs including hospitalization expenses, ambulance cover, doctor’s fee, costs of medicines, nursing, and likewise.
Almost all the insurance companies have their network hospitals, where you can undergo treatment without spending any money from your pocket. There is an agreement between the hospital and the insurance company, and all the expenses will be settled between them.
According to Section 80D of the Income Tax Act, you can get tax benefits by having a health insurance policy. If you are planning to get senior citizen health insurance, you can check the Max Bupa Health Insurance plans. If you are buying health insurance for your senior citizen parents, you can save up to Rs. 75,000 per financial year. Moreover, if you are also above the age of 60, then you can claim an annual deduction of Rs. 1 lakh under Section 80D of the Act.
Enjoy a stress-free life
After retirement, you must want to live a stress-free life. Worrying about your medical expenses may hinder your peace. Hence, having senior citizen health insurance will provide you with much-needed financial stability so that you can enjoy your retired life, without depending on anyone else.