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Benefits of Senior Citizen Health Insurance Plans

Published On Mar 14, 2021 5:30 AM By Sakshi Aggarwal

Senior Citizen Health Insurance is a medical insurance policy that offers medical coverage to individuals belonging to the above 60 age bracket. Benefits of Senior citizen mediclaim policy include cashless hospitalisation cover, daycare expenses, and coverage for pre-existing diseases.

As per IRDAI regulations, every health insurance provider now offers coverage to individuals above the 60 years age category. These guidelines help individuals to get coverage at later stages of their life when they are more likely to get ill.

Benefits of Senior Citizen Health Insurance Plans

Medical insurance comes with a lot of benefits which makes it easier to deal with financial crises at the time of medical emergencies and makes it a hassle-free process to claim coverage for hospitalisation expenses under such policies. Read the points mentioned below to know more about the benefits of such plans.

1. Medical Coverage for elderly people

It is difficult to choose the right health insurance plan for Senior citizens because they are more prone to illnesses and diseases and have no fixed source of regular income, companies have come up with tailor-made health insurance plans for citizens belonging to the above 60 age bracket. These plans are specially made according to the needs of elderly people and reduce the stress to choose the right plan among all the options available in the market.

2. Cashless Treatment

Insurance policies offer facilities of cashless treatment in their network hospitals, which means you wouldn't need to pay anything from your pocket. The claim will be settled by the company itself. Companies have a list of their network hospitals where they provide cashless facilities, you can get treatment in any of these hospitals through cashless mode.

3. Coverage for Hospitalisation Expenses

Medical insurance provides coverage for hospitalisation expenses to the extent of the sum insured. Hospitalisation expenses include all the expenses incurred during the period one is hospitalised.

4. Tax Benefits

According to section 80(D) of the Income Tax Act, 1961 you can enjoy tax deductions on the premium paid for health insurance policies. You can enjoy up to ₹50,000 tax deductions on premiums paid for health insurance of people falling in the category of above 60 age.

5. Coverage for Pre-Existing Diseases

It is common for Senior citizens to suffer from pre-existing diseases. Diseases such as BP problems, diabetes, etc. Insurance companies provide coverage for such diseases too. Senior citizens can claim coverage for pre-existing diseases as per the terms and conditions of their given policy.

6. Coverage for Ambulance Charges

Health Insurance policies provide coverage for ambulance charges too. There are many Senior citizen plans ik the market, in which you can claim for ambulance charges too but those charges are not covered under hospitalisation expenses. They are to be settled separately.

7. Coverage for Daycare Costs

Daycare costs include expenses incurred on the treatment done in day time which may not require hospitalisation or a night stay in the hospital. Usually, insurance policies don't cover these expenses. But in the senior citizen category, companies provide coverage for such expenses too as per the terms and conditions of the policy.

8. Coverage for Pre and Post Medical Charges

Health insurance policies are to financially secure yourself from future hospitalisation expenses. But some policies provide coverage for pre and post-medical expenses too. Which may include diagnostic test costs, medication costs incurred before or after hospitalisation. Senior citizens can claim coverage for such expenses to the extent of the sum insured as per the terms and conditions of the policy.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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