The ever-evolving healthcare requirements coupled with aging inevitably alleviate health risks for older people. This is why you must choose an excellent senior citizen health insurance plan as your companion for the time.
Senior citizen health insurance is a specific type of health insurance policy covering medical expenses incurred by those above 60 years. It offers cashless hospitalization at network hospitals of the insurance company and preventive health check-up facilities. A senior citizen health insurance may include annual medical check-ups, cashless claims, post-hospitalization cover, organ donor cover, and provide you with tax benefits.
In this article, let us understand everything you need to know before buying senior citizen health insurance.
Image Source: Shutterstock
Why is Senior Citizen Health Insurance Important?
With rising medical inflation, the healthcare costs in India are increasing rapidly. Therefore, having the right senior citizen health insurance is essential to beat the rising inflation. Here are some of the reasons why you should buy senior citizen health insurance:
Rising Medical Costs
Healthcare costs in India are always on the rise. You can ensure that unexpected health conditions in old age do not impact your finances with senior citizen health insurance. Buying a good policy from a reputed insurer can help you beat medical inflation.
Critical Illness Cover
Under this policy, you can avail timely treatment for critical illnesses without worrying about the finances. The critical illnesses covered may include kidney or heart-related ailments, etc.
Daycare Treatments
Daycare treatments refer to the treatment that requires hospitalization for less than 24 hours. Uninvited health conditions in old age may require frequent hospital visits. The senior citizen health insurance covers a specified number of daycare treatments. The number of daycare procedures covered varies from insurer to insurer. So, make sure you read the policy terms and conditions carefully before choosing.
Regular Health Check-Ups
A senior citizen health insurance offers vital health check-ups regularly. It can help older people keep track of their health conditions.
Pre-existing Diseases
If you have any pre-existing diseases, you may require medical treatment. Older people can rely on senior citizens health insurance to take care of their pre-existing medical conditions.
Benefits of Senior Citizen Health Insurance
Senior citizen health insurance can help senior citizens to lead carefree lives by taking care of all their medical needs. Here are some of the key benefits offered by a senior citizen health insurance cover:
Comprehensive Coverage
The policy provides comprehensive protection for senior citizens and helps them get advanced healthcare facilities.
Affordable Premium
It is very easy to buy a senior citizen health insurance since it offers ample coverage at an affordable premium.
Vast Hospital Network
A senior citizen health insurance from top insurance providers benefits you with a vast network of hospitals to avail cashless claims. With this facility, you do not have to worry about spending money out of your pocket.
Discounts
Senior citizen health insurance offer discounts on the premium if you opt for a multi-year policy.
Tax Benefits
The premium paid toward this policy is eligible for tax deductions under section 80D of the Income Tax Act of India.
Who is Eligible?
These are some eligibility conditions to get senior citizen health insurance policy: –
· The minimum age for most policies is above 60 years
· There is no maximum age limit
· It comes with lifelong renewability
· The waiting period for pre-existing diseases is usually 48 months
· It has a grace period of 30 days from the date of expiry
· The members above 61 years have to pay a 20% co-payment per claim
Exclusions
Here are some of the exclusions under the senior citizen health insurance plan: –
· Expenses attributable to self-inflicted injuries such as suicide or attempted suicide.
· Injuries arising due to consumption of alcohol or any other drug are also not covered under this policy.
· Treatments and tests related to infertility can’ be claimed.
· The treatments arising from pregnancy and childbirth, abortion, and miscarriage are not eligible for claims under this policy.
· Hospitalization due to injuries from wars, riots, or nuclear weapons is considered permanent exclusions.
There are many options available in the market today to buy a senior citizen health insurance. And finding the one that best suits you can be difficult. Therefore, you can consider buying ‘Care Senior Plan’ by Care Health Insurance. It is a health insurance plan designed exclusively for senior citizens with affordable premiums and extensive benefits that can help relieve you of your financial burdens. So, do check out their official website for more information.
