Here’s What You Need To Know About Health Insurance For Senior Citizens

Today’s insurance solutions are designed to alleviate financial hardship that can arise at any point in life due to an unfortunate incident. It is no news to anyone that health expenses are increasing at an alarming rate and it can be extremely difficult to manage an illness or an injury without appropriate financial support.

This is especially true for the senior citizens of the country who have a limited source of income or are financially dependent on their family members. Keeping this in mind, insurance providers have introduced health insurance plans for senior citizens that are tailored to the age and requirements of people and their specific coverage needs. 

Health insurance plans are financial instruments that cover medical expenditures incurred by the insured individual in case of hospitalization. Most health plans offer financial assistance for the expenses incurred pre-and post-hospitalization. However, you will find numerous varieties of benefits and features offered by different kinds of health plans by well-known insurers such as Care Health Insurance. Some of these include family health plans, critical illness plans, health insurance for senior citizens, individual health plans, etc. 

It can be daunting to purchase the right health insurance for senior citizens in India, as one might expect expensive premiums and overheads since the insured individual is more susceptible to illnesses due to old age. But insurance providers have designed specific insurance solutions which balance out these concerns with robust coverage and claim benefits of their own. With diseases on the rise due to lifestyle choices and medical inflation on the other hand; it has become increasingly crucial to invest in health insurance for senior citizens if you are making a financial plan for your parents or other older dependants. 

Now that you are aware of the importance of health insurance for senior citizens,  here are some basic things you should know about the policy so you can make an informed purchase:

1. Coverage: With health insurance for senior citizens, the insurer person can extend coverage for their health needs. The plan can cover pre-and post-hospitalization bills, doctor fees, ambulance fees, and much more, depending on the benefits stated in the particular policy. You can also ask the insurer to help you customize the coverage according to the insured person’s specific health needs.

1. Cashless Claim Facility: The cashless claim facility can come in handy especially for health insurance for senior citizens. It will enable the insured person to get their healthcare services fulfilled at any of the network hospitals of the insurance provider, without stressing over the financial aspect of it. The bills are settled between the insurer and the hospital administration.

1. No Claim Bonus: In case a policy year goes by without any claims, the insured person is eligible for No Claim Bonus in the following policy year.

1. Tax Benefits: Individuals can get tax benefits on the premiums paid for health insurance for senior citizens as stated under Section 80D of the Income Tax Act, 1961.

1. Renewal Age: It is the specified age at which a policyholder can renew their policy. They are typically stated to shield the insured from financial hardship caused by medical bills at a later stage in life, which is why there is a lifelong renewability option under health insurance for senior citizens.

1. Health Screening: The person who is to be insured may not be required to go through a medical check-up before getting the coverage. However, this is something you should confirm with the insurance provider since it may depend on the insured person’s health profile.

1. Annual Check-ups: Insurance providers offer annual check-up benefits under health insurance for senior citizens where they can get a complete health check-up under the policy benefits. This can help prevent hefty medical costs resulting due to illnesses discovered at a later stage in life.

1. Critical Illness Cover: The critical illness benefit is possibly the most crucial aspect of health insurance for senior citizens since they are more prone to illnesses at this age. The critical illness cover gives them coverage for more than 30 critical diseases such as cancer, kidney diseases, stroke and more.

1. Domiciliary Hospitalization Cover: In the event that an older insured individual becomes disabled to the point where they are unable to be transferred to a hospital, health insurance for senior citizens covers the costs of home treatment if recommended by a doctor.

1. Policy Limitations: Each insurance policy has its own list of exclusions when it comes to coverage. Certain pre-existing conditions may be excluded from coverage under health insurance for senior citizens. Make sure you have this information ahead of time so you aren’t dissatisfied with the cover when you need it most. Check to see if the insurance has a co-payment provision, which implies you’ll have to pay a percentage of the costs.

It is in your best interest to compare several plans and policies before purchasing health insurance for senior citizens. To avoid future misunderstandings, double-check that you have all of the relevant information and properly read the policy document.