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Senior Citizen Health Insurance Plans are specially designed to fulfil the needs of individuals who lie in the age group of 60 to 75 years. When it comes to health insurance for senior citizens, you would get several benefits such as cashless admission in hospitals, free-of-cost ambulance service, and coverage for critical illnesses, etc.
Senior citizen health insurance plan is more of a necessity, especially in those cases where a person is retired and wants to enjoy the post-retirement life with the pension amount and interest that he/she would receive upon their savings. Multiple general insurance companies deal with senior citizen health insurance plans and it is imperative to select the one that can easily go well with all your needs and can offer an effective health cover for all your ailments.
Some of the key features of senior citizen health insurance plans are:
• It allows senior citizens to choose a higher Sum Assured option that would be sufficient to meet all the medical needs.
• Many senior citizen health insurance plans offer lifetime renewability.
• Several medical-related amenities, e.g. Emergency ambulance services & cover for certain illnesses are covered by almost all the health insurance policies for senior citizens.
• Pre-existing diseases would be liable to get cover after a fixed period of time.
• Policyholders can go for cashless treatment and even ask for reimbursement of all medical-related expenses post the actual hospitalization.
• There are a few health insurance plans for senior citizens that offer coverage to individuals along with the option of enrolling their spouse as well under the same plan.
• Many senior citizen insurance policies provide the option of co-pay. Opting for co-pay can lead you towards paying lower premiums and in a few cases; it will assure your eligibility to receive discounts.
A senior citizen health care plan is developed in such a way that it can offer multiple advantages to the customers:
Most of the insurers do not ask for medical tests before buying health insurance policy for senior citizens.
Senior citizen health insurance companies offer OPD cover which helps to manage the financial needs when the treatment of some diseases can be done by visiting a doctor's clinic or on the advice of a medical practitioner.
<If you are enrolling for a senior citizen health insurance policy together with your spouse, the insurance company will offer family discounts of 5% on the total premium.
Your first opinion is not always effective and you are willing to go for a second opinion for the proper treatment of a disease. Senior citizen health plans allow you to take a second opinion from a medical practitioner, typically an e-opinion (every year).
Many senior citizen plans provide coverage for domiciliary treatment, i.e., when the doctor suggests getting treated from home, which otherwise requires hospitalisation to be covered by other health insurance plans.
Get the benefit of free annual health check-ups along with lifetime renewal facility.
The best thing about investing in a senior citizen health insurance plan is that all premiums paid by the policyholder will be liable to get tax benefits ranging from Rs. 25,000 up to Rs. 75,000 under Section 80D of the Income Tax Act, 1961.
There is a cap or sub-limit on different hospital expenses like the cost of medicines, room rent, doctor's fees, etc. and mostly the insurer pays a percentage of the Basic Sum Assured during the claim. You need to check for sub-limits to prepare for out-of-pocket expenses.
Nothing can beat the benefits of a cashless facility. Do not forget to note down all the network hospitals around your residence area before finalizing any senior citizen health insurance plan
There are several waiting period intervals (pre-existing disease, particular ailments like ENT disorders, osteoporosis, etc., maternity) in the policy that one should take care of while choosing a plan for senior citizens. Only accidental hospitalization is covered from day one and no other disease is covered within 30 days from the commencement of the policy. Usually, pre-existing diseases get coverage only after a waiting period of 4 years.
It is an important element in senior citizen health care plans. The coverage should be clear before buying one. Some of the companies offer 2 to 3 years waiting period but are liable to pay only 50% of the claim. While in a few cases such as diabetes along with its complications, hypertension, a waiting period of 18 months is applicable but only after paying extra premiums.
Insist for a medical check-up before purchasing a senior citizen health plan, even though the insurer is denying the same. Insurance companies are responsible to pay or reimburse the fees or impose any charges to undergo tests, particularly when done in their enlisted hospitals.
If you wish to add your spouse in the same plan along with you, there is a need to make decisions as per your and your spouse's health conditions. Remember to plan accordingly, keeping all the requirements in mind before you proceed to buy one.
To avoid undue hassles and smooth claim settlement, make sure to check the claim settlement ratio and time for settling claims. A higher claim settlement ratio defines the reliability of the insurance company.
