Why Should Senior Citizens Review Their Healthcare Plan Annually

Outlook Money

Healthcare Needs To Evolve With Age

Various types of health issues arise with age. It may be the management of diabetes, hypertension, or arthritis, which may need regular consultations or special treatments.

Senior Citizens

Inflation in Medical Expenses

Healthcare in India is becoming very expensive, and the amount that would cost Rs 50,000 today might go up to Rs 1 lakh over a few years.

Inflation

Add-on Benefits Available

The insurance market is dynamic, and the insurers keep introducing new benefits to attract more customers. Features such as day-care procedures, mental health support, and home healthcare have become very common in recent years.

Add-Ons

Policy Terms May Change

Sometimes, the terms and conditions change. Sometimes, co-payment clauses increase or even benefits are reduced. The update allows for alertness about such changes to avoid surprises in case of claim filing.

Policy terms

Freedom to Switch to Better Plans

What worked for you a decade ago might not be the best option today. New policies with higher coverage, lower premiums, or better benefits might be available.

Health Insurance Policy

Tax Benefits May Alter

Health insurance premiums qualify for tax deductions under Section 80D of the Income Tax Act. These rules are changed periodically, however. Reviewing your policy keeps you updated on whether you are really maximizing your tax benefits or if adjustments are required in that regard.

tax benefit

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