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Posted by Royal Sundaram on 09 Aug 2018
As you get older, the need for a health insurance plan becomes stronger. With age come a lot of diseases and ailments that require medical attention, and a good health insurance helps us tackle the financial burden of the said attention. Whether it is surgery, life-threatening illness or even regular medical check-ups – the bills are hefty. A health insurance plan ensures these bills are paid and your good health is always looked out for.
Ideally, one should invest in insurance plans as early as possible in order to reap maximum benefits in later stages of life. However, if you or your parents who are in the senior age category (60 and above) have been without a health insurance plan, not to worry.
There are some good senior citizen health plans in the market that you can benefit from. However, the options for such plans are few, and you must consider the following things before purchasing a health insurance policy for senior citizens:
- 1. Coverage: The foremost thing to check is the coverage provided. Higher the coverage, the better it is. Old people are much more prone to ill health than young, and thus require more medical attention. A higher coverage amount will ensure that expensive treatments are taken care of.
- 2. Co-payments: Some insurance companies have a co-payment clause which decrees that a percentage of the claim amount be borne by the insured and the rest to be settled by the insurance company. This way even if a policy is affordable, you may not be able to enjoy the full coverage amount if it comes with a co-payment clause.
- 3. Waiting period: The waiting period restricts the insured to avail the risk cover provided by the policy for a certain period of time. This is especially the case with pre-existing diseases. Its only once the waiting period is over that the insured becomes eligible for the cover amount. It is advisable to choose a plan that has a lesser waiting period.
- 4. Floater vs. Individual policy: Individual health policies are generally preferred for senior citizens as they require more medical help. Additionally, under floater policy, the premium amount is determined by the age of the eldest member. Once a claim is made, the cover amount reduces to that extent. This leaves the other members of the floater plan exposed to health risk.
- 5. Illnesses covered: Have a look at the number of diseases and illnesses covered in the plan. Compare more policies and choose the one that provides protection against maximum ailments.
Benefits of Senior Citizen Health Insurance
Here are the benefits of a health insurance policy for senior citizens –
- * It covers all day care costs that arise due to treatments or procedures such as dialysis, chemotherapy, etc.
- * Existing diseases are also covered, post completion of waiting periods as per policy terms and conditions.
- * It covers ambulance charges
- Medical costs prior and post hospitalization
- * It covers hospitalization expenses which include doctor’s fees, room charges, cost of medicine and drugs, etc.
- * You get to avail health check-ups annually
- * It offers quick and hassle-free claim settlement
- * You can enjoy higher sum insured benefit
- * What’s not covered under this policy?
Below mentioned is a list of common exclusions of a senior citizen health insurance –
- * Cosmetic surgery
- * Expenses that arise from drug abuse
- * Pre-existing injuries or diseases, up to a specific period of time, as per the policy T&C.
- * Treatment cost of AIDS
- * Cost of dental treatment
- * Expenses that are related to non-allopathic treatment
Senior citizen plan claim procedure:
To file a mediclaim, all you need to do is fill out the claim form online from the website of the insurer and then submit it back to the insurer. Also, you need to attach all the medical bills and reports given by the doctor or hospital as supporting documents. Besides, what you need to do is to make sure that you meet all the requirements for fast claim processing.
How to compare senior citizen health insurance policy?
If you want to compare Senior Citizen Health Insurance policies in India, then you must remember that the type of policy a person wishes to avail depends on the following factors –
- * Age
- * Number of insured individuals in the policy
- * Sum insured
- * Hospital network
- * Premiums
- * Coverage of specific diseases
- * Waiting period
- * Inclusions and exclusions
Why is it important to buy senior citizen health insurance?
Here’re the following reasons that make it important to buy senior citizen health insurance in India –
- * For stress-free planning: Though falling sick is obvious with ageing, but you should still plan to ensure that all your expenses are taken care of in a hassle-free manner.
- * Ageing makes you more prone to illness and diseases: It is quite obvious that growing older makes us more prone to diseases and ailments. And after a certain age, a person wishes to retire and survive on the pension or earnings they have earned from their lifetime savings. Thus, it’s good to have a senior citizen health plan as it covers all your medical expenses and let you live peacefully.
- * To save you from debt crisis: Situations like debt crisis can be a huge financial blow to your family. And if the older person of the family doesn’t have any senior citizen health insurance plan, then it will be difficult for the family to manage medical expenses along with household expenses, paying-off loans, etc. Thus, it’s advisable to have a health insurance for the well-being of senior citizens in your family.
Who should buy senior citizen health insurance?
Senior citizen health insurance policy is aimed basically to cover people who are above 60 years and have no regular income after retirement. This type of a health insurance policy can also be availed by children for their old parents.
Key Things to Know While Choosing a Senior Citizen Health Insurance –
- * Choose a plan that provides proper coverage at an affordable rate. It would be great if it covers critical as well as pre-existing illness, with a limited waiting period
- * Choose a plan that allows you to renew your policy to the maximum age.
Remember, old age is a conflicting time. So make sure it is a smooth and easy going one with a robust health insurance plan for senior citizens.
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