Why senior citizens must have a health insurance policy
Below are some key benefits of health insurance for senior citizens:
Provides cover for age-related ailments
Senior citizens’ health insurance policies are designed to provide financial coverage for age-related medical conditions. These policies cover hospitalisation for illnesses like cancer, heart issues, kidney failure, and more. Also, covers pre-existing diseases like blood pressure, diabetes, and cholesterol.
Shields your savings from long-term medical costs due to lifestyle diseases
With our changing lifestyles and environment, we are today far more vulnerable to several lifestyle-related diseases. With age, any diseases require consistent and long-term medication. Some may lead to hospitalisation. A health insurance policy come at our rescue at such times. These policies provide financial relief to the senior citizens during medical emergencies.
Keeps you financially prepared for rising healthcare expenses
Advanced medical facilities and new technologies has made treatment for many medical conditions possible. This has also been the reason for higher healthcare costs. A health insurance policy can bring you great relief to deal with finances at such times.
Insurance companies cover all the medical expenses against treatments or tests required for any ailment. You can avail the coverages up to the sum insured on the policy. Get coverage for hospitalisation expenses, medications and more. Health insurance policies help you keep your savings intact.
Offers comprehensive benefits
Medical insurance for senior citizens covers expenses against hospitalisation, pre-and post-hospitalisation, daycare, and domiciliary treatment, and many more. You can also avail of free health check-ups that many insurers offer to help you keep a tab on your health vitals.
Does not let you compromise on healthcare
Senior citizen health insurance policies offer extensive coverage that caters to the needs of senior citizens. These policies come at a higher price but having one is worth. From offering online doctor consultations to covering modern and alternative treatments, these policies provide adequate coverage. These policies also cover critical illnesses. Nonetheless, you can also benefit from the sum reinstatement facility if you exhaust the sum insured. It enables you to restore the entire sum insured on the policy and continue to provide financial security.
Therefore, it is wise to have medical insurance for senior citizens. It ensures that your loved ones have access to quality healthcare without worrying about finances. You can also include your parents above 60 years of age under your family health insurance policy.
Myths about senior citizen health insurance
Misconceptions about health insurance for senior citizens often deter them from securing adequate coverage. Addressing these myths is crucial:
- Myth: Health insurance plans do not cover senior citizens.
Reality: Many insurers offer policies specifically designed for seniors, providing comprehensive coverage for various medical needs.
- Myth: Family health insurance is sufficient for senior members.
Reality: Individual plans for seniors ensure tailored coverage, addressing specific health risks associated with aging.
- Myth: Health insurance for seniors is prohibitively expensive.
Reality: While premiums may be higher due to age-related risks, numerous affordable options are available, especially with government-sponsored programs.
- Myth: Pre-existing conditions are not covered.
Reality: Many policies cover pre-existing illnesses after a waiting period, ensuring necessary medical support.
Understanding these realities enables informed decisions, ensuring seniors receive the health coverage they need.
Top things to consider when buying a medical policy for senior citizens
Check for the following things before buying medical insurance for senior citizens:
Daycare treatments
Check if the medical insurance for senior citizens includes coverage for daycare treatments. Know the list of daycare treatments against which you can avail coverage. Daycare treatments offer advanced medical treatments and surgeries that require hospitalisation for less than 24 hours. These include dialysis, chemotherapy, radiotherapy, and more.
Policy renewability
Opt for a policy that offers lifetime renewability, as it ensures continuous coverage without age restrictions. Lifetime renewability is crucial for seniors, providing long-term health security and peace of mind.
Policy inclusions and exclusions
Carefully review the policy's inclusions and exclusions. Look for coverage of common senior health issues and be aware of any exclusions, as these define the scope of medical support and prevent claim-related surprises.
Enhancement of sum insured
Consider plans that offer a sum insured enhancement option, either annually or as a reward for claim-free years. This feature increases coverage over time, aligning with potential rising healthcare needs of seniors.
Maximum age of entry
Check the maximum age of entry for the policy. Some plans allow enrollment up to 80 years or more, ensuring that even elderly seniors can secure health coverage.
Cashless hospitals
Check the list of network hospitals where you can avail of cashless treatment. Insurance companies tie up with several hospitals across the country to offer cashless treatment facility. This enables you to get the treatment without worrying making immediate payment or arranging funds.
Easy claim settlement process
You must know the entire claim settlement process of the insurance company. This will help you understand the efficacy of claim settlement, helping you avoid any hassle when raising a claim.
Free health check-up facility
Most medical insurance policies for senior citizens offers free annual health check-up facility. This facility in mediclaim for senior citizens helps you to track the health record of senior citizens. It ensures you know about any occurrence of serious illnesses, so you get immediate medical attention.
Waiting period for pre-existing diseases
Check the duration of the waiting period for pre-existing diseases. You can avail of the coverage only when the waiting period gets over. Hence, know the duration so your claims do not get rejected if made during the waiting period for the mentioned diseases.
What is covered in a health insurance plan for senior citizens?
Health insurance for senior citizens includes hospitalisation and health benefits ranging from domiciliary treatment to coverage of diagnostic tests. Below are some key benefits of the best health insurance plans for senior citizens:
Coverage of hospital expenses
Senior citizens’ health insurance covers various hospital expenses. Get coverage for doctor fees, nursing fees, medicines, and drugs. It also covers room charges and ICU charges. Some health insurance policies also cover the fees of other medical staff. These include anesthetists, surgeons, consultants, and specialists.
Daycare treatments
Covers treatments that require hospitalisation for less than 24 hours. These include chemotherapy, dialysis, and physiotherapy.
Cover for AYUSH treatments
Ayurveda, yoga, unani, siddha, and homoeopathy (AYUSH) treatments are alternative medical options available and preferred by many seniors. Many health insurance policies for senior citizens also cover AYUSH expenses.
Modern treatments
Most health insurance plans for senior citizens also cover modern treatments. These include immunotherapy, stem cell therapy, robotic surgeries and more.
Donor expenses
Health insurance policies cover the treatment cost of the organ donor. You can avail this benefit in case an organ transplant is required.
Other medical expenses
Medical insurance for senior citizens also covers other expenses such as medical appliances, blood transfusion, operation theatre, pacemakers, and stents. Also, various tests like X-rays, blood tests, or other expensive tests.
Pre-and post-hospitalisation
Comprehensive health insurance plans often include coverage for pre and post-hospitalisation expenses, such as diagnostic tests, medications, and consultations, incurred before and after hospitalisation, ensuring holistic care for policyholders.
Domiciliary hospitalisation (Home Care Treatment)
Some health insurance policies extend coverage for domiciliary hospitalisation, also known as home care treatment, where necessary medical care and treatments are provided at home instead of in a hospital setting, offering convenience and comfort to patients.
Ambulance coverage
Many health insurance plans offer coverage for ambulance services, ensuring prompt and safe transportation to a hospital during emergencies. This coverage typically includes expenses related to ambulance charges, providing policyholders with peace of mind during critical situations.
What is not covered in a health insurance plan for senior citizens?
Below are some key exclusions under health insurance for senior citizens:
Pre-existing diseases
It covers pre-existing diseases in the second year of the policy. In a few cases, it can be from the third or fourth year.
Cosmetic treatments and non-allopathic medicines
It does not cover non-allopathic medicines, cosmetic, aesthetic, or related treatments.
Diseases contracted during the first 30 days
It does not cover any disease contracted during the first 30 days of the policy.
Injuries from war or army acts
The policy excludes coverage for injuries caused by war, military operations, or similar activities.
Dental or vision costs
Routine dental or vision-related treatments, including spectacles or contact lenses, are not included in the policy coverage.
AIDS treatment costs
Costs related to the treatment of AIDS and associated disorders are not covered under senior citizen health insurance.
Other exclusions
It excludes AIDS and related disorders, and expenses related to self-inflicted injuries. Also, any expenses due to the addiction to drugs, alcohol or any mental or psychiatric illness.
Bajaj Finance Limited along with leading insurance providers offers a range of health insurance policies at affordable premiums. You can choose from any of the health insurance policies and stay financially secure.
How to make a claim for your senior citizen health insurance?
The claim procedure for mediclaim insurance for senior citizens in India is simple and hassle-free. You can either make a cashless or reimbursement claim. You can make a cashless claim if you choose to avail the treatment from a network hospital. If you go to any other hospital, you can raise a medical reimbursement claim. Read below to know the claim process for both options.
Know more about claim settlement ratio in health insurance.
Cashless claim process for senior citizens health insurance
- Visit any of the insurer’s network hospitals to avail the cashless claim facility.
- The network hospital will connect with the insurer to complete required formalities.
- The insurer will verify the claim application after receiving all the details.
- Once verified, the insurer will directly settle the bills with the network hospital.
- The best health insurance plans for senior citizens helps you focus on the treatment and recovery and stay stress-free.
Know more about Cashless medical insurance.
Reimbursement claim process for senior citizens health insurance
Apply for a reimbursement claim if you have taken treatment at any of your preferred hospitals with health insurance for parents above 60, ensuring coverage outside network hospitals:
- Apply for a reimbursement claim if you have taken treatment at any of your preferred hospitals.
- Collect the documents like medical reports, discharge summary, bills, and prescriptions from the hospital.
- Submit these documents to the insurer along with the reimbursement claim form.
- You can submit the claim online on the insurer’s website or their nearest branch office.
- Upon receiving the documents, the insurer will verify and contact you if they have any queries.
- Once your claim gets approved, you will receive the reimbursement amount on your registered bank account.
What are the tax benefits of senior citizens health insurance?
Senior citizens often have unique healthcare needs that require more frequent medical attention than younger individuals. Purchasing health insurance policy for senior citizens reduces the financial burden of healthcare costs for seniors but also comes with tax benefits. Here are some tax benefits of senior citizens' health insurance:
- Tax exemption:
Claim a tax deduction of up to Rs. 50,000 for premiums paid towards health insurance under section 80D of the Income Tax Act.
- Tax rebate:
Avail of a deduction of up to Rs. 5,000 under section 80D on payments made towards preventive health check-ups for parents.
- Medical expenditure:
Section 80DDB allows for a tax deduction of expenses incurred towards senior citizens' medical treatment. It includes deductions for treatment of certain specified illnesses and disease.
A step-by-step guide to buying senior citizens health insurance plans
Follow these steps to buy senior citizens health insurance plan on Bajaj Finance Insurance Mall:
Step 1: Click on ‘Get Quote’ to open our online application form.
Step 2: Fill in the application form with your basic details or the person whom you want to insure. Provide name, gender, mobile number, date of birth, and residential PIN code.
Step 3: Now click on ‘Get Quote’ to proceed.
Step 4: Choose from the list of health insurance policies by clicking the ‘Buy Now’ button.
Step 5: Select the policy term and premium amount.
Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
Step 9: Verify if the previously filled details are correct. Click on the ‘Proceed’ button to visit the payment page.
Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.
After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment is processed successfully. You can also access your policy details through the ‘My Account’ section within 5-7 days after the purchase.
Why should people of 60+ age take senior citizen health insurance?
Individuals aged 60 and above face increased health risks, making senior citizen health insurance essential. Key reasons include:
- Comprehensive coverage: Policies often cover hospitalization, surgeries, and critical illnesses, reducing financial strain during medical emergencies.
- Pre-existing conditions: Many plans provide coverage for pre-existing ailments after a waiting period, ensuring necessary treatments are accessible.
- Tax benefits: Premiums paid towards these policies may qualify for tax deductions under Section 80D of the Income Tax Act, offering financial relief.
Investing in senior citizen health insurance ensures timely medical care without depleting savings, providing peace of mind during the golden years.
Why should you buy health insurance for senior citizens online?
Myths about health insurance for senior citizens in India:
1. High premiums:
False belief that premiums for seniors are unaffordable.
2. Limited coverage:
Misconception that policies offer limited coverage for pre-existing conditions.
3. Waiting periods:
Myth that there are long waiting periods for availing benefits.
4. Exclusions:
Belief that certain treatments or diseases are not covered.
5. Complexity:
Misunderstanding that purchasing insurance at an older age is complex.
6. No need:
False notion that seniors don't need health insurance.
7. Inadequate Plans:
Assumption that plans don't cater to the specific needs of seniors.
8. Poor claim settlement:
Fear that claims won't be settled efficiently.
Conclusion
Health insurance for senior citizens is an essential tool for ensuring financial protection against rising medical costs and health-related uncertainties in later years. With tailored coverage options, such plans offer various benefits, including coverage for critical illnesses, preventive check-ups, and no pre-medical screening. Despite certain exclusions, such as coverage for pre-existing conditions in the initial years or cosmetic treatments, these policies provide valuable support to elderly individuals. Ultimately, investing in health insurance for senior citizens ensures better healthcare access and peace of mind, safeguarding their well-being and financial security.
