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Things To Remember While Buying Health Insurance Plans For Senior Citizens In India

Published On Feb 26, 2021 5:30 AM By Sakshi Aggarwal

Senior citizen health insurance plans are insurance policies that are specially designed for people between the age of 60 years to 75 years. These health insurance plans are highly specialized and come with unique benefits such as a cashless treatment benefit, daycare expenses, a pre-existing medical cover, and critical illness cover. However, the challenge is to choose the right plan for elderly people and the following are a few points that you should keep in mind while buying a health cover for a senior citizen in India -

Things To Remember While Buying Health Insurance Plans For Senior Citizens In India

Senior citizen health insurance offers a wide range of benefits to seniors in India. The following are a list of pointers that one should be mindful of-

1. Entry Age

Most general health insurance policies in India offer coverage till the age of 65 years. Health insurance for senior citizens has an eligibility cap of 60 to 75 years and in certain cases, this cover can be renewed for a lifetime. You must be wary of this wide age limit when buying health insurance for an elderly person to ensure that you get the maximum benefit and coverage option.

2. Coverage Options

Health insurance plans for senior citizens offer comprehensive coverage. From paying pre and post hospitalisation charges, in-patient hospital expenses, pharmacy bills, and a cashless treatment benefit, these health insurance plans ensure that senior citizens are financially cushioned from every aspect and that there is no compromise for their healthcare and medical needs. Certain policies come with an additional domiciliary treatment benefit as well, that covers all kinds of expenses should a person be unable to get treatment at a hospital. Understanding that with old age comes reduced mobility, senior citizen health insurance plans also cover ambulance and transportation charges.

3. Annual Check-Up Facilities

Senior citizen health insurance plans come with this unique feature where they can avail of yearly medical check-ups at no extra costs. Recognizes the need for elderly people to be under regular medical supervision, this feature gives elderly people a better shot at early diagnosis and prevention. . With age our immune system begins to weaken and it makes us susceptible to many diseases and critical illnesses and so it is important for being under the medical radar on a regular basis. Hence, while buying a health insurance policy you should keep this aspect in mind.

4. Higher Sum Assured

Health insurance companies in India calculate their sum assured on a number of factors such as the age, lifestyle, and occupation of a policyholder. Furthermore, since the risk of dying or being diagnosed with a critical illness in our younger days is quite less, the coverage amount is also not much. But the status quo is reversed in health insurance policies for senior citizens, where the sum assured amount promises a higher sum, simply for the greater age of senior citizens and their increased chances of falling ill. While buying a health insurance plan for senior citizens you should settle for a plan that comes with a high sum assured, ensuring access to the best healthcare facilities and coverage of all medical expenses.

5. Tax Benefits

The tax benefits earned from health insurance plans can be a valuable source of regular income for senior citizens who have retired and need a steady flow of funds. Under Section 80D of the Income Tax Act in India, all premiums paid for the health insurance plan of a senior citizen are exempted from tax calculation every financial year. This is an advantageous feature as it not only adds to the pool of extra funds but also enables elderly people in India to have access to a share of the same sum that they can utilize to meet their different demands.

These are, in brief, some of the important points that you should be mindful of while buying a senior citizen health insurance plan. In addition to these, there are many other benefits that allow senior citizens to consult alternative modes of medicine apart from allopathic treatment, offer monetary assistance for many daycare medical procedures, and cover several pre-existing medical conditions as well. It is advisable to be wary of these few points and the ones mentioned above while buying a health insurance plan for senior citizens to secure enhanced coverage options.

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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