As you grow older with age, your body goes through significant changes, especially on the health front, as your body becomes more susceptible to major ailments. In India, it is crucial for retirees and elderly individuals to secure comprehensive health insurance
coverage. However, rising healthcare costs can pose a financial burden. To alleviate this concern, senior citizens can adopt effective strategies to reduce their medical insurance costs without compromising on coverage. Let’s explore key strategies that can help you lower your insurance expenses, specifically in your old age.
How To Save Up On Health Insurance?
The pointers given below can help you exponentially reduce insurance experiences, either in your old age or for your parents as well:
- Start Early and Maintain Continuous Coverage
Starting health insurance coverage at a younger age and maintaining it consistently can lead to lower premium costs in the long run. Insurance providers often consider the age at which the policy was initiated, and continuous coverage demonstrates a lower risk profile. Therefore, it is advisable to purchase the policy at an early stage and continue coverage to benefit from lower premium rates. Claims are subject to terms and conditions set forth under health insurance policy.*
- Compare Plans and Premiums
Conduct thorough research and compare health insurance
plans and premiums from multiple insurance providers in India. Consider factors such as coverage, sum insured, waiting periods, co-payments, and exclusions. Comparing plans allows you to identify cost-effective options that provide adequate coverage for your specific healthcare needs.
- Consider Senior Citizen Policies
Generally, younger people tend to cover their elder parents under the same family plan as other members. While this is economical if the parents are below the age of 60; for senior citizens it is little more than complicated. Most insurers do not allow the inclusion of senior citizens in family health plans. Even if it is allowed, the premiums increase sharply. An alternative for this predicament is senior citizen health insurance
. As the name suggests, the policy is designed to provide medical coverage for senior citizens. This ensures your parents receive proper financial assistance to cope with the medical expenses. Claims are subject to terms and conditions set forth under health insurance policy.*
- Opt for Higher Deductibles
There are certain conditions that the insurer may take into consideration if senior citizen/s are to be included in the coverage of the family floater plan. One such condition is the deductible. Opting for a higher deductible can result in lower premium costs. A deductible is the amount you pay out-of-pocket before the insurance coverage kicks in. If you have sufficient funds to cover potential out-of-pocket expenses, opting for a higher deductible can help reduce premium costs while maintaining essential coverage. Claims are subject to terms and conditions set forth under health insurance policy. *
- Utilize Government-Sponsored Schemes
India has several government-sponsored health schemes aimed at providing affordable healthcare to senior citizens, such as the Pradhan Mantri Jan Arogya Yojana (PMJAY) and the Varishtha Mediclaim Policy. These schemes often offer specific benefits and coverage options for senior citizens at subsidized rates. Research and explore these schemes to determine if you qualify and can take advantage of the cost benefits they offer.
- Utilize Health and Wellness Programs
Some medical insurance providers in India offer health and wellness programs that focus on preventive care and healthy living. These programs may provide lower rates for health check-ups, consultations, and fitness-related services. Take advantage of these offerings to not only maintain good health but to also potentially save on insurance costs.## Claims are subject to terms and conditions set forth under health insurance policy.*
- Take Advantage Of Tax Benefits
If you have a health plan to your name, you must be aware of the tax benefits in health insurance
you can enjoy on the premium payments. If your policy is covering senior citizens, you can claim tax deduction of ₹50,000 on the premium you have paid for their coverage in addition to the deduction of ₹25,000 you claim for yourself. If you are senior citizen who is paying premium for your own policy, you can claim a maximum deduction of ₹50,000. If you are a senior citizen whose parents are also senior citizens, you can claim deduction of ₹50,000 for yourself with an additional deduction of the same amount for your parents as well.**
Reducing medical insurance costs for senior citizens in India requires a proactive approach and informed decision-making. With a clear idea about your requirements, conducting proper research, and comparing available products can help you narrow down your search by a lot. Even if you are not a senior citizen, you can ensure your parents are properly taken care of in the event of a medical emergency. While searching for plans for your parents or for yourself, take the assistance of a health insurance premium calculator
. The quote that will be provided to you may give you an idea about which policy fits your budget.
*Standard T&C apply
** Tax benefits are subject to change in prevalent tax laws
## All savings are provided by the insurer as per the IRDAI-approved insurance plan
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.