Senior Citizens Health Insurance

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 case of 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 vital to have insurance to cover medical expenses, which become inevitable with age. With health insurance for senior citizens, one can have a happy old age without worrying about hefty hospital expenses.

Key Features and Benefits

Here are the features and 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 the 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

    Cashless facility enables you to 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 a no claim bonus while renewing the policy after every claim-free year.

  • Transportation coverage

    You can avail coverage against ambulance charges.

Inclusions of Senior Citizen Health Insurance

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

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

• Coverage of hospital expenses

Senior citizens’ 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.

• Daycare 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 Homeopathy (AYUSH) treatments are alternative medical options available and preferred by many seniors. Many health insurance policies for senior citizens also covers AYUSH expenses.

• Other Medical expenses

Medical / Health insurance for senior citizens also covers other expenses such as medical appliances, blood transfusion, medicines, operation theater, 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. In a few cases, it can be from the third or fourth year.

2. Non-allopathic medicines, cosmetic, 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 the addiction to drugs, 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 While Buying health insurance for senior citizens

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

• Check maximum entry age

• Check for an offer of lifetime renewal

• Check benefits and premiums

Eligibility for Senior Citizen Health Insurance

1. Insured person should be above 60 years of age. In a few cases, the upper limit is 80 years.

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

Frequently Asked Questions (FAQs) for Senior Citizen Insurance

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

Deciding what the best health insurance for senior citizens depends on the individual needs of the person. You can pick the most suitable one as 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 the premiums they offer based on multiple factors. This information will be shared by the provider 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 the age of 60 years, they are likely to experience health ailments. Some may experience any illness that is not very serious, while some cases can also become severe, leading the senior citizens to hefty medical expenses. To mitigate this unexpected financial burden, health insurance becomes a need of the hour for senior citizens.

Q-7 – Do I need to go through medical screening before purchasing a senior citizen health plan?

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

Q-8 – Are there any health insurance plans for senior citizens covered by cashless hospitalization?

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-10 – Will I bear the cost of a pre-insurance medical checkup 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-11 – Does Bajaj Finance offer free annual health checkups in health policies?

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

Q-12 – 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.

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 age of 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.