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Benefits of Senior Citizen health insurance & Senior Citizen Saving Scheme

Chaitali Mehendale Chaitali Mehendale 11 July 2019

Want to know how you can benefit from Senior Citizen Health insurance plans & Saving Schemes? Read on to know more!

Senior Citizen Health Insurance

When it comes to financial management and well-being, there are quite a few options available to the senior citizens of India. From buying a health insurance policy to investing in a savings scheme, there indeed are many beneficial options available for them. In this article, we explore the main advantages of choosing the senior citizen health insurance plans and the senior citizen saving scheme plans. Take a look.

Benefits of senior citizen health insurance

Let us begin by looking at the benefits of buying a health insurance plan designed specifically for the senior citizens:

  • Cover for existing illnesses- When it comes to a standard health insurance plan, you may not get immediate coverage for an existing ailment like hypertension or diabetes. However, a major benefit of a senior citizen plan is the exclusion of pre-existing illnesses. You can expect to stay covered from the very first day of the plan, without worrying about any waiting period. So you can rightfully get a wholesome health cover and stay protected in return for the premium you pay. Since a number of ailments strike you at this phase in life, it is very helpful to have a total coverage at all times.
  • Complete hospital coverage – When you choose to buy a health insurance plan for senior citizens, you also ensure yourself of a lot of mental peace. This is because such a plan offers to cover all your hospital expenses. From room rent charges to the doctors’ fees and diagnostic tests – you can expect your insurance provider to take care of all the expenses when you buy their specialised senior citizen health insurance policy.
  • Day care expenses – Many health plans require you to get admitted in the hospital for at least 24 hours before you can file a claim. However, a senior plan offers day care coverage. This is beneficial as many a time you need only a day trip to the hospital to get your procedure or treatment done. This is helpful and saves your time and effort considerably.
  • Pre and post hospitalisation cover – You often need pre and post hospitalisation coverage, more so when you have a serious health issue. The senior citizen plans help at such times by covering all the relevant medical costs involved in the pre and post hospitalisation phases.
  • Annual health checks – We all know exactly how important it is to have an annual health check-up done. As a senior citizen, you should take extra care to prevent certain illnesses and put a check on some that may already have affected you. Most of the modern day senior health plans have provisions for the health checks and you get compensated for the expenses incurred.
  • Ambulance cover – If you are an independent person who doesn’t like relying on others, you will enjoy this benefit. With such a plan, you get an ambulance cover too. So if you fall ill at any time, all you need to do is make a call. The ambulance will reach you and take you to the hospital right away.

Keeps your finances in check – Last but not the least, a senior citizen health insurance policy helps you to keep your finances safe. In the absence of such a plan, you will end up spending all your savings if you need serious medical care. So, get a plan at a lower cost and keep your hard earned money safe.

These are the main benefits of a senior health insurance cover. Do get one, if you haven’t done so already.

Benefits of senior citizen saving scheme plans

The other good investment option is a senior citizen savings scheme. Let us take a detailed look at the benefits of such a plan:

  • Low risk – As a senior citizen who doesn’t have a regular salary anymore, you will surely be very protective of your money. You would like to invest some money, but would not like too many risks. In such a scenario, it works in your favour to invest in a senior citizen saving scheme plan. The risk involved is minimal and you stand to earn returns without losing anything.
  • Safety – Since the government monitors and implements these schemes, they are highly safe. There is no chance of any fraudulent transactions, losses, etc. You can safely invest your money in a completely worriless manner.
  • High returns – Get high returns of over 8%. This helps your money to grow at a fast and steady rate. You can earn rich dividends by investing a humble amount.
  • Multiple schemes available – Since the government encourages you to get a senior citizen saving scheme plan, it gives you the option to make multiple investments. You can take one plan or multiple plans. You can take them individually or jointly with your spouse. There are many options for you to explore here.
  • Flexible ¬ The senior citizen saving schemes are very flexible in nature. You can stay invested for five years and then extend it for another three years. You can use this as a mid-term investment or long term investment.
  • Tax saving – You can claim a TDS on a senior citizen saving scheme. Section 80C of the Indian Income Tax Act has this provision in place. It thus acts as a solid tax saving tool for all senior citizens.
  • Minimal documentation – And finally, the documentation work is simple and uncomplicated. You can easily get a plan by just submitting some basic KYC and financial documents.

Just like the senior citizen health insurance plans, the senior citizen saving scheme plans are also loaded with many beneficial features. Make sure you get such a plan at the earliest to keep your finances healthy.

In conclusion

You have worked hard your entire life and now after your retirement, all you want to do is relax. There are many ways in which you can achieve this dream. You just need to plan your finances properly. Secure your health with a good senior citizen health insurance policy and invest your money in a senior citizen saving scheme plan. This will give you the correct coverage and also keep your money safe.. So, before you zero in on one, do some research and locate your ideal plans to get them without any further delay.

Recommended: How Senior Citizen Health Insurance Can Help With Medical Expenses

Chaitali Mehendale
Written by Chaitali Mehendale
Chaitali Mehendale is an avid reader, blogger and traveller. When she is not busy writing stupendous content, she prefers to explore new places and meet new people!