Why is Health Insurance Coverage Required for Senior Citizens?
Health insurance for senior citizens gives medical coverage to people between 60 to 80 years of age group. There are several benefits of owning a senior citizen health insurance policy few of the key benefits include daycare charges, cashless hospitalization, pre-existing illness protection, etc. There are lots of insurance companies offering senior citizens health insurance plans in India. However, the biggest challenge is to pick the right health plan from a trustworthy insurance provider. Companies like Care health insurance provide the best senior citizen health plan. It covers all hospitalization and treatment expenses along with multiple benefits. You can easily opt for a senior citizen’s health plan online.
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Benefits of Senior Citizen Medical Insurance
Most insurance companies offer health plans for senior citizens between 60 years to 80 years of age. Below we have listed down some of the major benefits of buying a senior citizen medical insurance plan.
- Cashless Hospitalization: It offers a cashless hospitalization facility if the hospital chosen for treatment is added to the list of network hospitals.
- Hospitalization Expenses: All the hospitalization expenses like medical costs, doctor’s fees, etc are covered by the insurance policy.
- Pre-existing Conditions: Most of the health insurance for senior citizens cover pre-existing illnesses, subject to some specified conditions.
- Daycare Costs: It also covers the expenses for treatments not requiring any hospitalization.
- Income Tax Benefits: Under the 80D section of the income tax act, The money paid as the premium amount on health policy is qualified for tax exemption.
- Hospitalization Charges: In this policy, the insurer will reimburse all the amount paid before and after hospitalization.
- Sum Insured: Since for a senior citizen the healthcare needs are critical, therefore, the policies generally come with a higher coverage amount.
Key Points to Follow while Buying Senior Citizen Health Insurance Policy:
Below are a few key points that you need to consider before buying health insurance for senior citizens.
Post Hospitalisation Coverage:
It includes reimbursement of expenses incurred after getting discharged, attributable directly to the sickness for which the insurer was admitted. Generally, the eligibility for post-hospitalization is between 60 days to 90 days. However, there are many health plans for senior citizens where this period is shortened. Also, there are policies restricting post hospitalization cost to 7% to 10% of the amount claimed. Therefore, read everything carefully before purchasing the policy.
Pre Existing Illness:
Senior citizens may have pre-existing diseases. So before purchasing a policy, read all the terms about pre-existing sicknesses. Check what all illnesses are covered, their waiting period, etc.
The waiting period is the time during which no insurance claims will be allowed. While purchasing a senior citizen health insurance policy, read carefully about the waiting period. For senior citizens, many companies have taken down the waiting period to 1 year. In general, the lesser the waiting period the better is the policy.
Premium Amount vs Benefits:
Senior citizen’s health insurance has a much higher premium amount than individual health plans. So don’t opt for the plan offering the lowest insurance premium, instead purchase a policy that provides the maximum benefit at a lower premium.