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Senior Citizen Health Insurance Plans

What is a Senior Citizen Health Insurance Plan?

Health insurance is a very important component to buy during your lifetime. It becomes even more critically important past the age of sixty. In our old age, we become more vulnerable to disease, medical emergencies and overall health problems. A senior citizen health insurance plan is tailored to suit the diverse medical needs of the elderly. In order to protect yourself against the high medical costs of treatment for various ailments, it is highly advisable that you invest in a good senior citizen health insurance plan to cover you financially. The policy will take care of any medical expenses, and treatment and hospitalization costs.

What are the benefits of buying a Senior Citizen Health Insurance Plan?

There are several benefits of senior citizen health insurance plans.

Cover against rising medical costs:
Medical costs rise exponentially over the years. In the later years of life covering medical expenses becomes even more difficult as the person may be retired and may not have a stable income source. In this case, medical insurance is a boon which can take care of the financial component of medical treatment.

Hospitalization expenses:
Senior citizen insurance comes with the standard benefits of normal health insurance, such as hospitalization expenses which are borne by the insurer. This will cover the costs of the room, food and other miscellaneous expenses.

Pre-existing disease cover:
Many policies today are offering pre-existing disease cover for senior citizens as well, but usually after a waiting period. This is beneficial for seniors who already suffer from some condition prior to enrolling in the policy. Post the waiting period, the policy will cover the expenses for the pre-existing disease as well.

Cashless hospitalization:
These days, most insurers have a network of allied hospitals under the policy terms. If you go for treatment in these hospitals, there is a cashless policy in place which simply works off your insurance number. This saves the seniors from a lot of hassle of paying up front and getting reimbursement claimed later.

Day care expenses:
Due to technological advancement, several disease treatments and medical procedures can be completed within a day. Many policies offer to cover the expenses for such day care treatments as well.

Ambulance charges:
Ambulance charges are borne by the insurer in case of a medical emergency where the insured had to be rushed to hospital in one.

Tax benefits:
Senior citizens are offered higher premium exemptions, up to 30,000 rupees for health policies they take. The deductions are made under section 80D of the IT code.

Free health checkups:
Many insurers offer regular annual or semi-annual medical checkups free of cost to policyholders. However, these are generally subject to a claims free history of a certain number of years for senior citizens.


Things to consider when buying a Senior Citizen Health Insurance Plan?

There are several factors that should be kept in mind while looking for a senior citizen health insurance policy.

Entry age:
This is a critical factor to consider while looking for insurance policies. There may be insurers who do not offer policies to individuals due to their advanced age. Generally, insurers offer senior citizen health insurance to individuals between 60 and 80 years. There are some insurers who do not a maximum entry age for their senior citizen policies.

Maximum renewability age:
There may be clauses in your policy that it will not be renewed after the insured reaches a specific age. Read your policy terms carefully to know up to what maximum age the insurance policy can be renewed. It is a good practice to go for lifelong renewable policies.

Many insurers have a co-payment option in the policy which reduces the premium costs of the policy. For example, under an 80-20 clause, the insured has to bear 20% of the treatment costs and the insurer bears 80% of the costs. This is a good option to go for.

Waiting periods for pre-existing illnesses:
If you’re purchasing a health policy for a senior, there is a chance of them suffering from a pre-existing condition. Many insurers have exclusions against covering certain diseases and may have minimum waiting periods for certain other diseases. It is good to have a complete medical history before applying for these policies to know your options.

Coverage amount:
This is probably the most important thing to look for in an insurance policy. What is the maximum limit of coverage the insurer is willing to offered. In other words, the maximum sum assured offered under the policy.

Hospital network:
You should consider the kinds of hospitals that fall under the network of the insurance policy, their reputation and facilities for care. The treatment facility is really important in case of any problem.

When is the right time to buy a Senior Citizen Health Insurance Plan?

Ideally, you should purchase senior citizen health insurance for your elderly family members early on, before their age advances and health deteriorates. A senior plan bought at the right time will waive most of the problems such as waiting periods, pre-existing exclusions and a number of other things. Moreover, buying the policy early on ensures that it will be there for you and your family if and when the need arises. Rushing to buy a last minute coverage plan is ill advised as it will limit your options and not lead to getting a good insurance cover, if at all.

How can Senior Citizen Health Insurance Plans help protect my Family?

Senior citizen health insurance plans can take a lot of stress out of caring for elderly members of your family, such as your parents or in-laws. Elderly people are more vulnerable to medical complications and a good health insurance plan makes sure that you and your family are not excessively financially burdened in such trying times. You can focus on providing help and support to your parents while the insurance policy takes care of the medical expenses and other treatment costs. In case you’re travelling and there is a medical emergency back home, the medical policy comes into effect and provided end to end coverage to the insured even in your absence. Thus, senior citizen health insurance plans offer security, both material and psychological in the unfortunate incident of a medical exigency in the family.

For a genuine and transparent advice on your Senior Citizen Health Insurance Plans, call our advisors on 9948 661 204 and get a Free Consultation for the first time. Alternatively, submit our enquiry form and one of our Financial Advisors will get back to you at your convenience.

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