Senior citizen health plan are specifically designed to provide coverage for older individuals. Senior citizens aged 80 years can avail comprehensive health coverage under suitable insurance plans. Age consideration is crucial when buying a Senior Citizen Insurance Plan in India because it determines the eligibility, premium cost, and coverage options, ensuring suitable coverage for the specific healthcare needs of the elderly population.
This post provides some basic information on the age required to buy a senior citizen insurance plan.
Minimum and maximum entry age for Senior Citizen Insurance Plan
Since senior citizens are those aged 60 and above, senior citizen plans to fix the minimum entry age at 60 years. These insurances are then renewable lifelong for the senior citizen. Where normal health insurance plans limit the entry age to 65 years, senior and super senior citizen health plans allow the entry age to be higher, going up to 75 or even 80 years of age. Some insurers have no upper limit on the entry age and individuals 60 years of age and above can buy senior citizen plans easily.
Some health insurance plans double up as senior citizen plans. These have no age restrictions. Individuals of all ages can buy these, thus making these plans both normal health insurance plans as well as senior citizen plans.
Additional read: What constitutes a best Senior Citizen Health Insurance Policy
Renewal of Senior citizen health Insurance
Renewability allowed under Senior citizen health plan is lifelong. This means that there is no cover-ceasing age if the insured persons renew the plan regularly.
Medical check-ups
Senior citizens might have to undergo pre-entrance medical check-ups before the insurance provider issues the policy. Since senior citizen plans cover older individuals, health check-ups become necessary to gauge the health of the individual buying the policy.
Pre-existing conditions
Most insurers are careful to list out pre-existing conditions and their related exclusions carefully. A senior citizen may find it difficult to buy insurance because they have illnesses such as diabetes, cancer, or hypertension. In such cases, they can avail of specific insurance plans that cater to people with such issues. Reach out to SecureNow to know more about this.
Co-payment
Plans for senior citizens might have a co-payment clause since the insured is 60 years or older. Under the co-payment clause, the policyholder has to bear part of the claim while the insurance company bears the remaining. The co-payment ratio usually ranges from 10% to 25%. This means that the policyholder has to pay 10% to 25% of the claim and the insurance company pays the rest.
Senior Citizen health policy- Tax Benefits and Exemption limit
The Income Tax Act of 1961 outlines criteria under Section 194P. It excuses individuals aged 75 and above, classified as Senior Citizens, from filing income tax returns in the new tax regime. Income tax law not only provide tax benefits to resident Senior Citizens in post office deposit schemes but also on their medical insurance premium. The income tax slab determines the applicable tax rates for different income levels.
In India, senior and super senior citizens enjoy various tax slab associated exemptions. These include higher interest earnings and investment exemption limits on bank deposits and investments. Also, senior citizens with no business income skip advance tax. Super seniors are entirely exempt from advance tax. These exemptions provide significant relief to elderly taxpayers and help reduce their tax liabilities. Medical expenses on health insurance premiums are eligible for deductions under Section 80D.
Starting from 1st April 1, 2018, Section 80TTB allows resident senior citizens aged 60 years and above during a Financial Year (FY) to claim a designated amount as a deduction from their gross total income for that particular FY. Higher income tax exemptions are available for senior citizens aged 80. A maximum deduction of either Rs. 50,000 or the income amount, whichever is lower, is permitted from the gross total income.
Senior citizen health insurance plans are ideal for the elderly as they provide good coverage at affordable premium rates. For more information on senior citizen plans, do visit SecureNow.
About The Author
Mahesh
MBA Finance
With seven years of experience in the insurance industry, Mahesh is a seasoned expert in Senior Citizen Insurance. As a dedicated writer for SecureNow, they specialize in crafting informative blogs and articles that address the unique insurance needs of senior citizens. He is passionate about providing valuable insights and practical advice to help seniors and their families navigate the complexities of insurance coverage in their golden years. Their extensive knowledge and commitment to serving the senior community make Mahesh a trusted resource in the insurance landscape.
