Compared to younger people, older adults are more vulnerable to some diseases and health issues. Health issues associated with becoming older require expensive and ongoing therapy. If you get a senior health insurance plan, you won't have to worry about covering the costs of medical care associated with health issues as you become older.

What Is Health Insurance for Seniors?

A type of health insurance called senior citizen health insurance pays for medical costs incurred by those over 60. It provides older patients with preventive health check-up services as well as cashless hospitalisation at the insurance company's network hospitals. Pre-existing conditions, hospital costs, urgent illnesses, pre- and post-hospitalization costs, and coronavirus treatment are all covered.

Senior citizen health insurance

What Are The Advantages Of A Health Insurance For Senior Citizens In India?

A senior citizen medical insurance policy provides a range of advantages to the elderly. The following are some of the main advantages of purchasing an Indian senior citizen medical insurance policy:

  • Medical Coverage for Seniors: A health insurance for senior citizens above 60 years covers medical expenses for those over 60, as traditional family health insurance policies often only cover those under 65.
  • Contrary to Standard Plans: Most health plans do not demand that elderly individuals undergo any kind of medical examination before purchasing the insurance.
  • Hospitalization Expense Coverage: Under these plans, elderly citizens are protected from a variety of medical costs, including those related to inpatient hospitalisation, outpatient hospitalisation, and pre-hospitalization.
  • Cashless Treatment: Seniors who are admitted for at least 24 hours are eligible for cashless medical care in network hospitals of the insurance provider.
  • No-Claim Bonus: It offers senior citizens a No-Claim Bonus, which entitles them to a discount on their renewal rate for each year in which they have not filed a claim. In some programmes, it might range from 20% to 100%.
  • Lifetime Renewability: The majority of senior citizen health insurance provides a lifetime renewability option.
  • Tax-Benefits: According to Section 80D of the IT Act, senior citizen health insurance policies offer tax exemption benefits on the paid premiums every fiscal year.

What Are The Coverage Of Health Insurance For Senior Citizens In India?

The following list includes some of the typical coverage included in senior health insurance plans:

  • Hospitalization Expenses: This plan covers hospitalisation costs such as room and board, physician and nursing fees, the cost of medications and supplies, ICU fees, the cost of surgical supplies, and operating room fees. Additionally, it covers the price of orthopaedic implants, prosthetic devices, artificial limbs, and diagnostic procedures needed while the senior person is in the hospital.
  • Day Care Treatments: The majority of insurance policies cover specific daycare procedures like chemotherapy, dialysis, and other procedures that don't require more than a day in the hospital.
  • Pre- and Post-Hospitalization: Pre- and post-hospitalization expenditures are covered by a senior citizen mediclaim policy, as are medical expenses incurred before being admitted to the hospital and following release.
  • COVID-19 Cover: The coverage additionally covers the expense of coronavirus treatment up to the allotted maximum. 
  • Organ Donor Expenses: The majority of medical insurance plans pay for the costs associated with organ donation during transplants.
  • Ambulance Fees: It pays ambulance fees up to the predetermined amount incurred to transport the insured to the closest hospital.
  • Pre-Existing Conditions: After a set waiting period, any pre-existing conditions of the senior insured are likewise covered.
  • AYUSH Therapy Cover: Some senior citizen mediclaim policies additionally cover the cost of AYUSH therapy received in a government-recognized hospital or institute.
  • Domiciliary Hospitalization Coverage: If the senior patient's doctor recommends in-home care, their insurance provider will also cover the costs associated with such care.

What Does a Senior Health Insurance Plan Not Cover?

The following medical costs are excluded from coverage by senior health insurance plans:

  • Prior Illnesses or Injuries.
  • Costs Associated with Self-Inflicted Injuries or Suicide Costs Associated with Drug or Alcohol Misuse and Any Necessary Treatment.
  • Medical Problems Discovered Within 30 Days of Policy Purchase (Except For Accidental Injuries).
  • Costs Associated with Alternative Medicine Treatments.
  • The Cost of Medical Care for Injuries Brought on By a Civil War or An Act of a Foreign Force.
  • Cosmetic Procedures.
  • The price of getting new glasses or lenses, unless they are necessary because of an accident.
  • The Expense of Aids Treatment

Why Do Senior Citizens Need Health Insurance Plans?

Seniors must have health insurance since, as they get older, they may experience serious health problems. Your parents' emergency hospitalisation might be difficult on an emotional and financial level. You can control the costs of a hospital stay with the aid of parental health insurance. 

Other important justifications for purchasing a senior health insurance plan are listed below:

  • Meet the Increasing Costs of Healthcare: In order to get the greatest healthcare services, elderly individuals must purchase a senior citizen health insurance coverage because the cost of hospitalisation and medical care is increasing owing to medical inflation.
  • Critical Illness Coverage: As people become older, the likelihood that they may get critical illnesses like cancer, kidney disease, or heart disease increases. You can add critical illness coverage to your base plan or purchase it separately with a senior health insurance policy.
  • Annual Health Checkup Facilities: Most senior citizen health plans include free annual health checks for seniors. This institution can reduce out-of-pocket costs because they frequently need to undergo medical screening. Some plans, however, might provide this option every two or three years of being claim-free.
  • Peace of Mind: For elderly individuals, having to pay off hospital bills can be upsetting, especially with the rising costs of treating both minor and catastrophic illnesses. Seniors in such circumstances may find comfort in having health insurance.

FAQs - Frequently Asked Questions

Q1. Why should senior persons purchase health insurance?

The likelihood and severity of various ailments also rise with age. As a result, older patients find up paying more for healthcare. However, older persons frequently do not have a consistent source of income outside of their pension. It could be challenging for them to manage their restricted income while paying for pricey medical care. It is crucial that you purchase senior health insurance at this time for this reason.

Q2. What characteristics should a senior citizen medical insurance coverage have?

Pre-policy medical exams are typically required, there is usually a limited amount of coverage, and there is usually a long list of exclusions. Before purchasing a plan, you must carefully consider these considerations. When purchasing the policy, you should also keep an eye out for details like entry/exit age, maximum renewal age, co-payment, domiciliary treatment, etc.

Q3. What paperwork is needed to purchase a senior citizen medical insurance policy?

In order to purchase a senior citizen medical insurance policy, the following paperwork is needed:

  • Evidence Of Age
  • Proof Of Identity
  • Proof Of Address
  • Income Evidence
  • Complete Proposal Form
  • Reports Of Pre-Insurance Medical Tests (If Applicable)

Q4. Are severe illnesses covered by senior citizen health plans?

Yes. Many senior health insurance policies include coverage for serious illnesses. While some plans include coverage for critical illnesses as a standard benefit, others offer it as an add-on benefit for a fee.

Q5. Does the price of health insurance increase with age?

Yes. As you get older, purchasing health insurance will get more expensive. As a result, you are urged to get senior health insurance as soon as you are qualified to do so.

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