Senior Citizen Health Insurance Plan - Everything You Need To Know About It
Updated On Apr 08, 2022
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Senior citizen health insurance takes care of the healthcare needs of the elderly. Like a regular mediclaim policy, health insurance for senior citizens covers unforeseen medical expenses resulting from hospitalisation, health check-ups, day-care procedures and critical illnesses.
Health insurance plans for senior citizens may be able to provide extensive coverage. Facilities like a high sum assured, no co-pay clause and cashless treatment across a vast hospital network make such a plan reliable.
Why Do You Need Senior Citizen Health Insurance?
Senior citizens stand at a greater risk of contracting diseases and falling ill. And with limited or no income, hospitalisation can be mentally and financially challenging for them and their families. Hence, having a senior citizen health insurance plan is imperative to take care of financial emergencies during the golden years of a person's life.
Below are some more reasons why health insurance for senior citizens are a must:
1. Tackle hefty medical costs
As per the estimates, senior citizens' healthcare expenditures are approximately four times higher than young people#. A health insurance policy for senior citizens helps them to tackle such hefty medical expenses.
2. Coverage for critical illnesses
Prevalence of critical illnesses such as cancer, heart attacks, kidney failure etc. is much higher in senior citizens. A health insurance policy for senior citizens covers the astronomical costs associated with the treatment of such diseases.
3. Medical consultations and health check-ups
Senior citizens need to undergo regular medical screenings to detect the possibility of an illness. With a senior citizen health insurance policy, older people can avail regular medical consultations and annual health check-ups free of cost at any network hospital.
Benefits Of Buying Health Insurance For Senior Citizens
Below are some of the benefits of buying health insurance for senior citizens:
1. Medical Coverage to Elderly People
Medical coverage to elderly people
Health risks increase as a person ages. By opting for health insurance for senior citizens, the elderly can ensure that they're not left uncovered in an unforeseen medical emergency.
2. High sum insured
You can opt for a senior citizen health insurance plan with a high sum insured (up to ₹20 to 25 lakhs). Additionally, you can also get health boosters to top-up the health insurance coverage if it gets exhausted during a year.
3. Coverage for pre and post hospitalisation expenses
Health insurance plans offer coverage for medical expenses incurred up to 30 days before hospitalisation and up to 60 days after hospitalisation.
4. Coverage for pre-existing diseases
Insurance also covers pre-existing illnesses after the waiting period, as per policy terms and conditions. Look for a health insurance plan for senior citizens with a short waiting period.
5. Cashless treatment facility
If a senior citizen has a health insurance plan, he/she can avail cashless treatment facilities at any network hospital across the country.
6. Provides tax benefits
By procuring a senior citizen health insurance policy, the policyholder can claim a tax benefit of up to 50k (for above 60 years) under section 80D of The Income Tax Act of 1961.
What To Consider While Buying Health Insurance Policy For Senior Citizens
Listed below are some of the things you should consider while buying health insurance policy for senior citizens:
1. Sum insured
The sum insured refers to the maximum amount you can claim towards a health insurance policy during a year. Since senior citizens are at a greater risk of catching illnesses and infections, it's better to opt for the policy offering a high sum insured.
2. Maximum entry age
The insured person's maximum entry age is a critical aspect of any senior citizen health insurance policy. Pick a plan that allows entry at the maximum age and provides coverage for the longest tenure.
3. Waiting period
The waiting period refers to the initial period when the policyholder cannot make a claim. This is before the coverage for pre-existing illnesses kicks in. A senior citizen can require treatment for a pre-existing ailment any time and hence, opting for a policy with the least waiting period is a wise idea.
4. Network of hospitals
One of the advantages of a health insurance policy for senior citizens is that it offers a cashless treatment facility at any network hospital. Hence, opt for the policy with a broad network of hospitals, including the major ones in your vicinity.
5. Top-up plan
If you want to opt for enhanced protection, you can also go for our super top-up plan, Health Booster. This top-up insurance comes with a higher sum insured for better financial protection in case of a crisis.
Conclusion
While buying a senior citizen health insurance policy, the first thing you need to look at is the sum insured it's offering. It should be adequate to meet the high medical costs for the treatment of older people. It would be best if you also looked at the co-pay clause, deductibles, and sub-limits. Also, check for additional benefits like OPD cover, complementary annual health check-up, and the insurer's network hospitals. It would also help if you compare various plans online before choosing one for yourself or your family members.
You may also like to read - The Advantages Of Purchasing A Health Insurance Policy Of Rs. 1 Crore
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