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Medical Insurance for Senior Citizens

Health insurance policies for senior citizens offer coverage of medical expenses for people above the age of 60. These plans are specifically created to provide financial aid to senior citizens in a medical emergency. Most of these policies cover pre-existing conditions and critical illnesses.

Most senior citizens have health problems. Considering the inflation in medical expenses, it becomes imperative to have insurance to cover medical expenses, which become inevitable with age. With health insurance plans for senior citizens, one can have a happy old age without worrying about hefty hospital expenses.

Key Features of Health Insurance for Senior Citizens

Here are the features senior citizen health insurance:

Features Specification
Minimum Entry Age 21
Sum Insured 8050*
Coverage 5,00,000*
Tax Benefits Available
Cashless Hospital Network 8500+

Key Benefits of Medical Insurance for Senior Citizens

Here are the benefits of senior citizen health insurance:

  • Pre-existing diseases coverage

    You can avail coverage for pre-existing diseases after the first year of the policy, depending on the policy you choose. Some plans offer coverage value after the second or third year of the policy.

  • Better savings

    Keep the savings or pension money intact as the health insurance pays for the medical expenses.

  • Online facility

    You can apply or renew your policy online with a few easy steps.

  • Cashless facility

    A cashless facility lets you settle your medical claims without paying cash at the network hospitals.

  • Pre-and post-hospitalisation coverage

    The policy covers medical expenses incurred before and after hospitalisation.

  • Sum assured

    You can choose a sum assured of your choice.

  • Tax-saving benefit

    Premium paid is exempted from tax.

  • No-claim bonus

    You can avail of a no-claim bonus while renewing the policy after every claim-free year.

  • Transportation coverage

    You can avail coverage against ambulance charges.

Overview of senior citizen health insurance

Here's a quick look at the specifications of medical insurance plans for senior citizens.

Categories Specifications
Minimum age 60 years
Maximum age 99 years, some insurers have no limits
Cashless claims Available at insurer's network hospitals
Preventive health check-ups Available
Tax benefit Applicable up to Rs. 75,000 under section 80D of the IT act

Why invest in a Senior Citizen Health Insurance Plan?

Senior citizens health insurance is a great tool to safeguard your savings from unexpected medical expenses. With the odds of a medical emergency rising in the second innings, buying health insurance is one way to ensure that your savings don’t get depleted due to a health issue.

Senior citizen health insurance comes with benefits like preventive health check-ups and quality medical guidance, which helps detect serious diseases at a nascent stage. It also helps save tax as the money invested in the premium of a senior citizens health insurance is non-taxable.

How to make a claim for your Senior Citizen Health Insurance?

The claim procedure for health insurance plans for senior citizens is simple and hassle-free. You can either avail the treatment from the network of hospitals associated with the policy and get a cashless claim. In such claims, the insurance company will settle the medical bills directly with the hospitals within the limit of the sum insured.

If there is an emergency or a planned treatment to be taken place, the policy holder needs to prepare the documents, and submit some forms to the Third-party Administrator (TPA). TPA takes it to the insurer, subsequent to which the approval process starts. It takes more time to make the claim in case of reimbursement than a cashless treatment from a network hospital.

Depending on your policy, there may be a few expenses that would not be reimbursed. It is therefore important to read the policy terms and conditions carefully before buying a senior citizens health insurance plan.

Why buy Senior Citizen Health Insurance Online?

Medical insurance for senior citizens is essential as age brings with it unexpected health risks. While investing online, you can browse through and compare multiple insurance plans from the comfort of your home. Other than the convenience of getting all the plans,quotes, policy documents on a screen, you may also get the benefit of some discounts and offers.

Making payments online also adds ease to the process. The whole process is much smoother and hassle-free allowing you to pick any policy, read through the policy wordings and conduct an extensive research to make an informed decision.

Inclusions of senior citizen health insurance

Health insurance for senior citizens includes hospitalisation and health benefits ranging from domiciliary treatmentto coverage of diagnostic tests.

Below are some key benefits of health insurance for senior citizens:

• Coverage of hospital expenses

Senior citizen health insurance covers various hospital expenses such as room charges, doctor fees, nursing fees, medicines and drugs, ICU charges, and fees of other medical staff such as anaesthetists, surgeons, consultants, and specialists.

• Day-care treatments

Treatments that require hospitalisation for less than 24 hours, such as chemotherapy, dialysis, and physiotherapy, are also covered under health insurance. This benefit can vary from policy to policy.

• Cover for AYUSH Treatments

Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) treatments are alternative medical options available and preferred by many seniors. Many health insurance policies for senior citizens also cover AYUSH expenses.

• Other Medical expenses

Medical/ health insurance for senior citizens also covers other expenses such as medical appliances, blood transfusion, medicines, operation theatre, pacemakers, stents, and various tests like x-ray, blood tests, or other expensive tests.

Exclusions of senior citizen health insurance

1. Pre-existing diseases are covered in the second year of the policy. It can be from the third or fourth year in a few cases.

2. Non-allopathic medicines, cosmetics, and aesthetic or related treatments are not covered.

3. Any disease contracted during the first 30 days of policy is not covered.

4. AIDS and related disorders are excluded.

5. Expenses related to self-inflicted injuries.

6. Any expenses due to drug addiction, alcohol, or any mental or psychiatric illness are not covered.

7. Few diseases, such as hernia, piles, cataract, benign prostatic hypertrophy, etc., usually have a waiting period.

8. Joint replacement surgery (other than due to accidents) also have a waiting period.

9. Cosmetic surgery is not covered.

10. Injuries arising due to war are not covered.

Things to look at while buying health insurance for senior citizens

Here are the things to look at while buying senior citizen health insurance.

• You must check if the policy provides coverage for daycare treatments or procedures where you need to be hospitalised for less than 24 hours.

• Know the list of network hospitals your insurer has to avail of cashless claims facility.

• You must check the claim settlement ratio on the selected medical insurance plan for senior citizens.

• You must also know the waiting period, if applicable, for pre-existing diseases.

• Many health insurance plans for senior citizens offer preventive health check-ups to their customers. Know if there's a time period to avail of the facility.

Eligibility for senior citizen health insurance

1. Insured person should be above 60 years of age. For senior citizen health insurance, it is also important to note the upper limit, which in some cases may be capped at 80 years.

2. The insured will have to get a medical check-up before applying for the policy. This requirement may vary from policy to policy.

Frequently asked questions (FAQs) about senior citizen insurance

Q-1 What is the best health insurance for senior citizens?

Deciding the best health insurance for senior citizens depends on the person's individual needs. You can pick the most suitable one per the personal needs of senior citizens, such as health status and so on.

Q-2 How much does health insurance cost for senior citizens?

Basis the entry age, health insurance plans may differ in their premiums based on multiple factors. The provider will share this information before you make your purchase.

Q-3 Can an 80 old get health insurance?

Health Insurance plans have a maximum

Q-4 Why is health insurance coverage required for senior citizens?

When the person crosses 60 years, they will likely experience health ailments. Some may experience illnesses that are not very serious, while some cases can also become severe, leading the senior citizens to hefty medical expenses. Health insurance becomes a need of the hour for senior citizens to mitigate this unexpected financial burden.

Q-5 Do I need to undergo medical screening before purchasing a senior citizen health plan?

Yes, before acquiring any health insurance, the person needs to go through a full-body health check-up. Any company providing health insurance for senior citizens asks for pre-insurance medical test reports.

Q-6 Are there any health insurance plans for senior citizens covered by cashless hospitalisation?

Yes, there are cashless claim processes in health insurance for senior citizens. One can easily take advantage of the same by informing insurance companies before pre-planned treatment.

Q-7 Will I be required to bear the cost of a pre-insurance medical check-up to apply for medical insurance for senior citizens?

As per the latest guidelines laid down by the IRDAI, at least 50% of the cost of the medical tests is to be borne by the insurance company, and the remaining amount is to be paid by the policyholder.

Q-8– Does Bajaj Finance offer free annual health check-ups in health policies?

Some insurance partners of Bajaj Finance do provide free annual health check-ups in their health policies.

Q-9 Who should I submit claim documents: TPA or insurance company?

All the claim documents should be submitted to the TPA or insurer; if there is no TPA, they can submit them to the insurance company.

Q-10 Is health insurance worth it for senior citizens?

Yes, a policy like this is definitely worth the investment for senior citizens. A health insurance policy offers financial coverage of medical expenses for individuals above 60 years. These insurance plans are designed to provide much-needed support against unforeseen medical expenses. Most of these plans encompass pre-existing conditions and critical illnesses.

Q-11 Is there any medical policy for senior citizens?

Yes, various medical insurances for senior citizens are available and offer many benefits to the elderly. It covers a wide range of medical expenses such as pre-and post-hospitalisation costs, in-patient hospitalisation costs, cashless treatment, tax benefits, etc. Different insurance companies offer various health insurance plans at affordable premiums and unique benefits. Therefore, one must carefully choose one that meets their financial requirements and constraints.

Q-12 Which policy is best for senior citizens?

There are many medical insurance policies for senior citizens available in India. Each comes with its unique benefits, features and rates. When choosing the best health insurance for senior citizens, individuals must check the eligibility, cashless hospitals, no claim bonus, free medical health check-up facility, policy renewability, and co-payment. Apart from these aspects, individuals must check the premiums to avoid any financial burden in the long run.

Q-13 Are senior citizens eligible for medical insurance

Yes. Senior citizens are eligible to buy medical insurance. Insurance companies offer health insurance policies that are specially designed for senior citizens, understanding their requirements, and providing adequate financial coverage at the time of need. These policies cover pre-existing diseases, critical illnesses, pre-and post-hospitalisation expenses, hospitalisation expenses, daycare procedures and domiciliary treatments. Health insurance policies offer free annual health checkups that enable one to track their health record.

Q-14 What is the maximum entry age for senior citizen health insurance?

Usually, the maximum entry age for senior citizen health insurance is 80 years. But the entry age differs from policy to policy. Some insurers provide health insurance plans for senior citizens up to the age of 100 years as well. Therefore, check the age criteria with your insurer while buying the plan. Also, a regular health insurance policy allows individuals up to 65 years old to enrol in the policy.

Q-15 Can an 80-year-old buy a health insurance policy?

Yes. There are several health insurance policies for senior citizens that allow an 80-year-old individual to buy the policy. The minimum and maximum age criteria to buy a health insurance policy depend on the insurance company and the policy chosen. Therefore, check with your insurance provider for the eligibility criteria before buying the policy. Also, ensure you get adequate coverage on the policy to meet your requirements.

Disclaimer

*Conditions apply. This product is offered under the Group Insurance scheme, wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above-mentioned benefits and premium amount are subject to various factors such as the age of the insured, lifestyle habits, health, etc. (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post-sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third-party products.

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