Health insurance for senior citizens is explicitly delineated to meet their financial requirements at the time of medical emergencies. With the increase in age, medical expenses may also increase, though these can be avoided with the help of insurance, hence leading to financial security. These plans include benefits such as coverage of pre-existing ailments, critical illnesses, higher sum assured, etc. Thus, choosing the right plan becomes quite essential as it leads to security & safety, further managing health-related requirements.
Contents
Reasons to Buy a Separate Health Insurance for Senior Citizens
Provided below are the reasons to buy separate health insurance for senior citizens:
-
Increasing Medical Costs
Planning health insurance helps deal with increasing medical costs& inflation factors in case of emergency situations & hospitalisation.
-
Critical Illness Coverage
These plans also cover critical illnesses that can occur during old age, further providing financial support to the elderly & families thereof.
-
Annual Health Check-Ups
Subsequent regular health checkups are essential. Hence, these plans offer regular health checkups to help detect diseasesat an early stage.
-
Stress-Free Retirement
These plans provide financial security, so they offer mental peace to senior citizensduring their retirement period& reduce their mental stress.
-
Higher-Entry Age & No Claim Bonus
Some of the best plans allow the elderly to buy these customised plans without any age-related restrictions.
Benefits of Health Insurance Plan for Senior Citizens
Provided are the benefits of a Health insurance plan for senior citizens:
-
Cashless Facility
You can use a cashless claim facility at network hospitals for both planned & unplanned hospitalisations. The only condition is that you have to be admitted for a minimum of 24 hours.
-
Easy Claim Procedure
The online facilities have made the claim process easier & more manageable, making it quick & easily accessible.
-
Paperless Policies
The application process & transactions have all become digitalised, making them completely paperless, hence saving costs & time. Also, the claim process can be done online, i.e., without any physical documents.
-
Taxation Benefits
Section 80D Deduction of tax can be availed towards the amount of premium paid maximum up to INR 50,000 for self & up to an additional amount of INR 25,000 in case of an additional family member.
-
High-End Diagnostics
These plans also include diagnostic tests, as mentioned in the policy, up to a maximum limit of INR 20,000 annually on an OPD basis.
-
Cumulative Bonus
These plans also allow you to increase your sum assured annually in case no claim has been made without any additional premium costs.
-
Safe & Secure
The web portal provides a safe & secure platform where you can provide your confidential data without any fear.
Inclusions & Exclusions
Provided are the inclusions of a health insurance plan for senior citizens:
-
Hospitalisation
This plan includes hospitalisation expenses incurred for more than 24 hours.
-
Day Care
The expenditure incurred on daycare treatments such as chemotherapy, radiotherapy, dialysis, etc., which require hospitalisation of less than 24 hours, is also included.
-
Modern Treatments
The expenses incurred for the treatments with the latest technologies, such as robotic surgeries, balloon sinuplasty, stem cell therapies, etc., are also included.
-
Pre & Post Hospitalisation
The expenses incurred before hospitalisation of up to 30 days & post-hospitalisation expenses of up to 7% are also included.
-
Donor Expenses
This plan also includes expenses for the donor’s hospitalisation in case of the donation of an organ, which is up to INR 10 lakhs.
-
Domiciliary hospitalisation & home care treatment
The domiciliary expenses are included in a maximum of up to the amount of the annual sum insured& the home care treatment is covered by a maximum of up to 5% of the annual sum insured.
-
AYUSH treatment
AYUSH stands for Ayurvedic, Yoga & Naturopathy, Unani, Siddha, & Homeopathic treatment. Expenses incurred on it are also included.
-
Ambulance Coverage
Road & air ambulance charges are also covered under this plan.
Provided are the exclusions of a health insurance plan for senior citizens:
- Expenses incurred for cosmetic surgeries
- Expenses incurred for treating venereal diseases (except HIV/AIDS)
- Cost of dental treatment, unless arising due to an accidental injury
- Expenses incurred on the treatment of any pre-existing diseases till the waiting period of 2 years is over
- Expenses incurred for the treatment of self-inflicted injuries
- Expenses incurred on treatment of injuries occurred due to a civil war
- Expenses incurred for hospitalisation without the doctor’s recommendation
Steps to Purchase a Health Insurance Plan by Senior Citizens
Follow the below steps to buy a Health Insurance from the chosen insurance company:
- Click the option “Get Quote” to open the online application form.
- Fill out the application form with all the basic details of the insured, such as name, contact details, gender, date of birth, address, etc.
- Again, click the tab “Get Quote”.
- Click on the tab “Buy Now” to get the list of policies. Choose one policy amongst them.
- Choose the desired premium amount along with the policy tenure.
- Provide your e-mail ID & click “Next” once the details entered are verified.
- Provide some additional information, such as height, weight, marital status, nationality, address, details of nominees, etc.
- Provide answers to the lifestyle & health-related questions & click “Next”.
- After verifying the correction of all the details, you will be redirected to the payment page.
- The payment can be made through UPI, net banking, credit card, etc.
- An SMS will be received confirming the payment has been processed successfully.
- The policy document can be downloaded instantly, & a copy of it will be sent to your registered e-mail ID within 5-7 working days.
Conclusion
A health insurance plan for senior citizens helps to deal with health & financial requirements with the increase in age. Before buying a policy, one should consider particular factors such as critical illness coverage, pre-existing conditions coverage, hospitalisation, etc. These health insurance plans provide mental peace & financial security to the elderly without worrying about their post-retirement.