Ageing comes naturally and brings along lot of challenges for everyone. As compared to other age groups, the proportion of elderly people aged above 60 years is increasing due to longer life expectancy. Senior citizens undergo lot of physical and physiological changes due to health issues, income deficiency, loss of employment etc. Senior citizens constitute a precious reservoir of varied experiences, deep insights and knowledge of various sorts.

Health Insurance:

In old age, health insurance becomes a practical necessity as that’s the time one has to be extra conscious of one’s health. Medical insurance enables senior citizen’s to pay for emergency medical cost including hospitalisation, ICU, nursing, surgeries, long term treatment expenses etc. However, it is highly recommended to read policy wording regarding deductibles, policy exclusions and other finer details before purchasing a health insurance policy. Some insurers also offer specific policies for senior citizens.

Travel Insurance:

Medical expenses are exorbitantly high in foreign countries. When one travels abroad he/she has to be prepared for any unplanned and unforeseen events like sickness, injury, loss of baggage, loss of passport, accident etc. A travel insurance policy for senior citizen covers emergency medical cost, loss/delay of checked baggage, emergency cash assistance, personal accident cover etc.

Tax Planning:

In case they purchase medical Insurance, they are also eligible for rebate of Rs 15,000 under section 80D from gross taxable Income.

Tax slabs for senior citizens: