
There is a proverb, ”Health is Wealth.” If you are healthy and fit, you are wealthier than all. Stay fit and healthy is a blessing but now a days it is very difficult to maintain and stay fit as the climate is changing, pollution is increasing, do not have purity in vegetables and fruits, work pressure, lack of mental peace, etc. We all fall in ill and pay a good amount of medical expenses. Sometimes these medical expenses reach so high which is beyond our budget.
After retirement, everyone wants to live a happy life without stress but growing older tends to attract ailments and contraction of diseases. As we are getting older; our immune system becomes weak. Old age makes you prone to illnesses. On the other side, the cost of healthcare in India is increasing at 20 percent every year, which is more than double that of overall inflation. And I think at this age, people have a limited source of income so it is very difficult to meet the medical expenses for them. This situation is very tough for the family’s breadwinner also. This adds to the ill and aged person’s guilt, making them feel like a burden to the family. To fight with all these problems, health insurance for senior citizen is a very good idea. With the increasing costs of medical treatments, health insurance is necessary for all.
Health Insurance for Senior Citizens in India is particularly designed for elderly people. By opting for such a plan, you can live without tension from any future medical emergency. There are lots of health insurance companies in India who provides an ample range of health insurance plans for senior citizens. You can choose as per your requirement and as per your budget.
Who is a senior citizen?
Senior citizen health insurance is designed for individuals between the age group of 60 years to 80 years of age, though it varies between insurance companies. This type of health insurance can also be availed by children for their aging parents. Gifting health insurance to your aged parents or senior citizens in the family is the best way to care for their needs.
Key Features of Health Insurance for Senior Citizen
- No need for any pre-medical test before buying a health plan
- Health insurance for senior citizens offers free-look period
- Cashless Hospitalization including doctor’s fees, medical bills, room charges, etc.
- Annual health check-ups also covered
- Day Care expenses covered if special medical equipment uses during dialysis and chemotherapy procedures
- Ambulance charges are covered
- You can avail tax benefit on insurance premiums
- Pre and Post hospitalization expenses are also covered but under terms and conditions
- Faster and hassle-free claim settlement for senior citizen
- The plan also covers pre-existing diseases once the due waiting period is over
Exclusions of Health Insurance for Senior Citizen
It is a common mentality that if we buy an insurance policy than everything is covered under that policy but it is not correct. There are always some exclusions of every policy. Here are also some exclusions of health insurance for senior citizen which are not covered under policy-
- Any pre-existing injuries/diseases
- Treatment cost of HIV/AIDS/STDs
- Any diseases diagnosed within 30 days of availing the policy
- Any non-allopathic treatment
- Expenses arising out of self-inflicted acts
- Drug abuse-related treatments
- Cost of lenses/spectacles
- Cost of Dental Treatment
- Cosmetic Treatment and Surgery, joint replacement but there are some conditions
- Treatment expenses of injury caused due to civil war or act of foreign army, etc.
Some important points when buying Health Insurance Policy for Senior Citizen:
Buying the best health insurance plan is a very difficult task. There are a lot of health insurance companies in India who provides the good plans and their services. Out of these providers, choose the best one is not a little task. Here are some important points when buying health insurance policy for senior citizen.
Research and Analysis: – This is highly recommended that before choosing any plan or any company, please do some research online or with an individual. Search some websites or visit their offices, do some comparisons of companies and their plans, see customer’s review, talk to your known who already have an insurance policy, see the claim settlement ratio, etc. These all points will help you and guide you to buy the best health insurance policy for senior citizen.
Network Hospitals: – This is also one of the important points. Do check with the insurance company about their network hospitals; check whether these hospitals are around you and confirm whether they include the services that you often come across. Network hospital provides you cashless facilities.
Sub-limits on hospital expenses: – Check the sub-limits also on hospital expenses. Sub-limits usually a percentage of the sum insured value which insurance company paid against hospital expenses. Expenses could be any like doctors’ fees, surgery/operation charges, nursing expense, medicine cost, room rent, etc. We can call it capped system. Suppose a person has a policy of ₹ 5 Lakh and room charges is capped with 1% of insured value than that person can avail room up to ₹ 5000 which is 1% of insured value. If a policy-holder avail room rent more than ₹ 5000 then the excess amount will be paid by policy-holder only.
Waiting period: – In Health Insurance policy, no disease gets covered during the first 30 days from the commencement of any policy, only the expenses against accident gets coverage from day one. Further, some diseases are covered only after the expiry of a specified period. We should take this point also in consideration. Choose a plan with a lower waiting period so that the insurance cover can come in handy.
Individual policy for parents: – It is recommended to take an individual policy for senior citizen in the family floater plan. Do not include other family members with them because of the premium under family floater scheme basis the eldest member who is covered in the plan. Even the highest renewal age is fully dependent on the covered eldest member’s age. It means whenever the eldest member’s age is fissured, every member in that policy will lose the cover. There is one more possibility in floater plan; the sum assured value could be utilized by parents in one claim while the entire family shares the sum assured value. So it is good to take individual health insurance policy for senior citizen.
Co-payment: – It is typically a mandatory feature in all senior citizens health insurance plans. Co-payment means Insurance companies will not bear 100% expenses, policy-holder also bear a part of the medical expenses. Co-payment will be applicable primarily on three things – Specified ailments, specified hospital charges, and treatment hospital. Co-payment is usually a minimum of 20% of the claim amount. However, some insurers offer a reduction in co-payment for every renewal.
These are some important and basic point while selecting a health insurance policy for senior citizen. Make ensure about specific medical conditions that you or your family members are more prone to, based on family history, are at least covered. Always compare and evaluate some plans based on their features, premium, and facilities. And the most important points; disclose everything in truth, all your pre-existing ailments for smoother claim management, as non-disclosures may lead to a repudiation of a claim.
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