Things to Remember Before Buying Senior Citizen Health Insurance

Indians are known for their strong family bonding. Most people stay with their parents and make efforts to ensure their good health and comfortable life.  However, medical inflation in India has been rising more alarmingly, resulting in increased health care costs and creating financial stress for many. So, if you also have elderly parents and want to give them the best healthcare, senior citizen health insurance is your one-stop solution. Let’s understand its importance and know the things to remember before buying it:

Health insurance Policy for Senior Citizens

It is the health insurance designed specifically for senior citizens. It caters to their healthcare needs. In old age, they get more vulnerable to infectious diseases like coronavirus, flu, infection, etc. Many of them struggle with pre-existing illnesses such as diabetes, hypertension, high BMI, or thyroid, and a large number of them diagnosed with cancer, kidney failure, heart ailments, and more. Of course, the treatment cost is skyrocketing. Thus, the best senior citizen health insurance covers their maximum expenses and free them from monetary stress.

Features of Health Insurance Policy For Senior Citizens

Trusted brands like Care Health Insurance, ICICI Lombard, Godigit, etc. offer a health insurance plan for senior citizens with the following standard features:

• Individuals above the age of 60 years can opt for health insurance for senior citizens
• No pre-policy medical check-up
• Annual health check-up
• Cashless treatment facility in the network hospitals
• Coverage for pre-existing diseases
• Reduction in a waiting period with OPD care
• Life long renewability
• No upper age for enrolment

Benefits of  Health Insurance for Senior Citizens

With a health insurance policy for senior citizens, your parents can live a dignified and healthy life after retirement. It serves them with several benefits mentioned below:

• Cashless treatment facility in case of emergency or planned hospitalization
• Coverage against pre and post hospitalization expenses, domiciliary hospitalization, and daycare treatments
• Coverage for recurring costs for treatment, medication, therapies, and dialysis
• Annual health check-ups including blood test, kidney function test, urine test, and more
• Avail tax benefit, under section 80D of the Income Tax Act of India 1961, as the premium paid against mediclaim insurance policy for dependent parents or senior citizens is exempted from tax
• Add-on benefits such as a reduction in the waiting period, no claim bonus, and OPD care
• Daily allowance, automatic recharge, organ donor, etc. are additional benefits

Things to Remember Before Buying Senior Citizen Health Insurance

Medical insurance for senior citizens gives them access to better health without financial implications. Therefore, it is vital to choose wisely. Listed below are some points that you should remember before buying it:

Check Eligibility: The most crucial factor while buying health insurance policy for senior citizensis age eligibility. Some insurance providers offer health policies to individuals age between 60-80 years, while some have lifelong maximum entry age so, pick it accordingly.

Maximum Coverage- In India, the treatment costs of critical illnesses, lifestyle diseases, chronic diseases are increasing. Opt for the plan that gives full coverage, including treatment, medication, and hospitalization expenses.

Compare Premium- You should compare the premium of various health insurance plans and opt for the one that won’t give a financial burden to the pocket. You can look for an additional discount on the premium.

Minimal Exclusions- Exclusions are the treatments/diseases/procedures/conditions not admissible under a health insurance policy for senior citizens. Senior citizens will not get the claim for exclusions. So, pick the policy with minimal exclusions.

Higher Claim Settlement Ratio (CSR)-  Remember, the health insurance company with higher CSR is always good to go. So, compare the CSR of leading health insurance providers and choose the one with a higher claim settlement ratio. It gives you reliability for timely claim settlement.

Coverage for OPD Expenses-  OPD expenses cost thousands of rupees to senior citizens because of their frequent visits to the hospital. That’s why it is wise to opt for the senior citizen insurance policy that provides coverage for OPD expenses.

Pre-Existing Diseases Cover – Many older people have pre-existing diseases such as hypertension, diabetes, thyroid, etc. So, ideally, choose the cover that includes the treatment for such chronic diseases as well. 

Reduction in Waiting Period- While opting for the best senior citizen health insurance with pre-existing diseases cover, look for the option to reduce the waiting period. These days, you can get this add-on benefit to reduce the waiting period from 48 months to 24 months.

Co-payment Clause- Generally, health insurance providers have a co-payment clause, which means that the insured senior citizen has to pay some percentage of the total medical bills. So, opt for the health insurance policy for senior citizens that has minimum co-payment.

Additional Benefits- Senior citizens can avail of other benefits as well under their policy coverage. Some of the additional benefits are second opinion, ambulance cover, annual health check-ups, lifelong renewability, tax benefits, and more. It increases the coverage of the policy.

Check Online Reviews- Always read online reviews and check the customers’ ratings about health insurance companies, their pre and post-sale services, claim settlement, customer support, etc. and make your decision accordingly.

Top Health Insurance Companies Offer Senior Citizen Health Insurance Policy

Takeaway

Therefore, as medical inflation is continually increasing and incidences of life-threatening diseases rising, choose the best senior citizen health insurance that brings new hopes for older people. It helps them to avail of advanced healthcare and gives freedom to enjoy their good health in the second inning of life.

Jenna Walter