The later years of an individual’s life are physically challenging compared to when they were younger. As an individual ages, the risk of contracting diseases also increases. A clever move here would be to purchase a health insurance scheme that helps you take care your medical expenses during your old age. An even better decision would be to buy health insurance for senior citizens, which is tailor-made for the elderly who need special attention.
Importance of health plan for senior citizens
Many insurance companies provide you with senior citizen health insurance policies to secure you financially. As you’re aging, you would want to invest your savings in something else rather than in hospitals. These insurance plans are customized according to the needs of senior citizens, which can’t be covered by basic health insurance plans.
Also, it is your time to look after your parents now as they might face difficulties in carrying out their day-to-day activities after a certain age. To get them a senior citizen plan would be a great gesture because you’re considering their medical requirements as well as taking care of them.
Once you’re retired, your income or savings might not be sufficient to cover medical expenses and long hospital bills. Also, with growing age, you are at risk all the time and prone to falling sick. Additionally, coping with medical inflation is not easy at all. Some old parents would even depend on their children to look after their hospitalization expenses, which means that the financial burden is split. Also, in your old age, there are chances that you might contract serious illnesses that definitely cannot be covered by a basic plan. Hence, you require a critical illness insurance to provide protection for major diseases.
Features of a Senior Citizen Health Insurance Plan:
- Cumulative Bonus
You get a concession for every year that you don’t make any claims. The maximum limit on this is 50%.
- Pre- and post-hospitalization
Along with regular hospitalization expenses, it also covers pre- as well as post-hospitalization charges.
- High entry age
Under this policy, members up to the age of 70 will be covered.
- Waiver of co-payment
Co-payment is basically a voluntary amount that is calculated in percentage. This amount is generally paid by you while the insurer takes care of the remaining sum.
- Free health check-up
You can avail this option at the insurance company’s selected medical centers once you’ve completed four consecutive claim-free years.
- Ambulance cover
The policy also provides coverage for ambulance charges in case of emergencies.
- Pre-existing illness cover
After a pre-defined period, pre-existing illnesses are covered by the policy.
More pointers:
- Hassle-free claim settlement
Your insurance company must provide you with a claim settlement facility that isn’t complicated. This helps during emergencies.
- Cashless facility
See if your insurance provider offers you the facility to make cashless health insurance claims. As the name suggests, you don’t have to pay for anything if you are hospitalized at a network hospital. Your insurer directly settles the bills with the hospital while you sit back and get the treatment.
- Customized plans
Flexibility is provided so that you can customize the plan according to your medical needs.
- Tax-saving
You also get the benefits of tax deduction on the premiums paid under per Section 80D of the Income Tax Act.
Salient Points
- Pre-existing medical conditions are covered after a minimum waiting period of 2 years
- During emergencies, ambulance charges are also taken care of
For senior citizens, these are their golden days of life and they would want to spend them peacefully without having to worry about medical bills. If your loved ones fall under this category, it is your responsibility to take care of them and their finances by purchasing health insurance for senior citizens.
