With the increasing medical expenses, purchasing a comprehensive health insurance policy has become a necessity. Moreover, individuals are more prone to illnesses and health issues with age, resulting in hefty medical bills.
To address this issue, several reputed insurance providers extend senior citizen health insurance policies that wholly cover the cost of medical expenses for individuals more than 60 years of age. Such insurance policies also include a list of network hospitals for cashless treatment.
What is the best way to choose health insurance plans for senior citizens?
Medical insurance for senior citizens offers extensive coverage to aged people who are prone to serious illnesses that may require expensive treatment. Moreover, the market is flooded with different healthcare plans and comparing becomes challenging at times.
Therefore, it is essential to procure the most suitable health insurance policy so that you can receive the appropriate medical treatment without worrying about finances.
Here are some of the tips to choose senior citizen health insurance policies:
- Age limit: All health insurance policies come with an age limit. Usually, senior citizens' health insurance policies are active until an individual reaches the age of 90 years. However, some insurance companies have started extending lifelong renewal policies. It is better to purchase a policy at a young age because the premium increases with age.
- Check the sum insured and premium: The insured amount and the premium vary for different insurance providers. You must thoroughly check the premium and coverage amount for any hidden charges.
- Co-payment: Various health insurance plans come with a co-payment condition where the policyholder agrees to pay a certain portion of the claim amount. After that, only the remaining claim amount is paid by the insurance company. Hence, selecting a plan with a low or zero co-payment condition is ideal.
- Domiciliary hospitalisation: There can be certain situations where one's health condition does not permit him/ her to get admitted to the hospital. In such situations, senior citizen health insurance plans in India come with the benefit of domiciliary hospitalisation that provides cover home treatment expenses efficiently.
Types of insurance plans that provide senior citizens health insurance
Here are the types of various health insurance plans where senior citizens are provided with substantial coverage:
- Group plans: Most employers provide health insurance policies that cover extended family members as well. Although these plans are suitable for salaried individuals, they might not offer adequate coverage to senior citizens. This is why choosing an additional health insurance plan becomes necessary on top of the base plan.
- Individual plans: Such plans offer individual coverage for a wide range of illnesses along with additional benefits that match individual requirements.
- Family floater plans: Under the family floater health insurance plan, the entire family is insured. In such plans, the entire claim can be made by one family member or individual claims can be made by an individual family member up to the insured sum.
- Senior citizen plans: According to IRDAI regulations, all insurance companies must provide health insurance for senior citizens above 60 years. As a result, leading insurance companies have carved out dedicated policies for senior citizens where the waiting period is comparatively lower for pre-existing illnesses than regular policies.
Benefits of senior citizen health insurance plans
Health insurance policies for senior citizens extend a range of benefits. Here are some of the advantages of purchasing a senior citizen insurance policy in India:
- Unlike regular insurance plans, certain insurance providers do not mandate individuals to undergo medical check-ups before purchasing the policy.
- Purchasing a health insurance policy for senior citizens will allow individuals to get admitted to the network of hospitals registered under the insurance company. However, he/ she must be admitted for a minimum of 24 hours.
- One can avail of a no-claim bonus when renewing the policy after every claim-free year.
- Health insurance plans for senior citizens allow tax exemption benefits on the paid premium under Section 80D of the Income Tax Act.
- These insurance plans cover senior citizens against a wide range of medical expenses, including pre- and post-hospitalisation, in-patient hospitalisation, etc.
However, leading insurers like Bajaj Finance Limited also offer affordable health insurance policies where one can also avail of senior citizen health insurance plans to cover essential medical expenses. In such plans, applicants need to undergo a medical check-up before availing of the plan. Besides, one can apply for or renew a policy online in a few simple steps.
Policy additions and limits beneficial for senior citizens
There are certain additions in the policy under the senior citizen health insurance plan.
Following are some of the additions that one should keep in mind:
- The senior citizen cover can be purchased as a standalone policy or in addition to the base plan. Under this plan, there is a list of certain diseases that are covered under this plan. Under such plans, the premium is comparatively on the higher side.
- Most health insurance plans do not cover pre-existing illnesses, especially for senior citizens. There is a certain waiting period, and one must go through the list of diseases covered under this plan and choose the plan accordingly.
- Usually, such policies come with a co-payment clause where the policyholder is required to pay a certain amount. This safeguards insurers against the risk of having high-cost claims.
- A deductible is an amount paid by the policyholder before the insurance coverage comes into the picture. Ideally, one should choose a plan that has the least deductible clause.
Policy exclusions in senior citizen health insurance
Here is a list of exclusions in the health insurance policy of senior citizens:
- Non-allopathic, aesthetic, or cosmetic-related treatments are not covered
- AIDS and other associated disorders are excluded
- Diseases like hernia, cataracts, piles, etc., have a waiting period
- War injuries are not covered
- Self-inflicted injuries are excluded
- Any disease contracted within the first 30 days of the policy
- Expenses related to alcohol, drugs, and mental or psychiatric illness
Therefore, by going through the above-mentioned information, you must have got a detailed idea about the senior citizen health insurance plans and their specifications and limitations. These pointers will help you select the appropriate policy that suits your financial requirements.
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