The likelihood of developing illnesses and being ill rises with age. Since our later years are more physically and financially demanding, it is a good idea to have health insurance to cover medical crises. As we live longer, the likelihood that we'll need medical care later increases. Many of us fail to consider how much these medical costs can reduce our retirement savings. Senior citizen health insurance comes with several advantages, such as coverage for life-threatening illnesses, cashless hospitalisation, and specialised coverage for ailments like cancer, stroke, and others. Therefore, the Star Health Red Carpet Plan will be a wonderful place to start if you are already thinking about getting anything for your parents.
It is intended to meet the healthcare requirements of people over 60. The plan provides a wide range of benefits, including reimbursement for cutting-edge therapies, in-patient hospitalisation, and daycare procedures, among others. It is offered as both a family and individual floater and includes a lifetime renewability option to help you with medical costs for the rest of your life. After one policy renewal, the policy also covers pre-existing conditions without the need for a pre-policy health examination.
7 Reasons to Choose Star Health Senior Citizen Red Carpet Plan
Star Health Senior Citizen Red Carpet Plan comes with numerous benefits for elderly people. The immense coverage, lifelong renewability option, and other specialties of the plan make it useful for old-aged people. Let’s check some of its USPs.
1. Multiple Sum Insured Option
The policy provides alternatives for selecting the sum insured amount in accordance with one's insurance needs. The choices are as follows:
- INR 1-7.5 lakh (Sum insured on an individual basis)
- INR 10-25 lakh (Sum insured on an individual and family floater basis)
2. Policy Duration
The insured is allowed to select a plan of their choosing thanks to the several tenure possibilities for the coverage. The policy duration ranges between 1,2 and 3 years.
3. OPD Coverage
Outpatient consultation is covered under Star Red Senior Citizen Plan up to the limit specified in the policy at any of the Star health insurance network hospitals. Limits specified under the policy are INR 600-2,600 on an individual sum insured basis and INR 1,400-4,400 on a family floater health insurance basis.
4. Free Health Check-up
Particularly in the case of senior persons, this seems attractive. These patients occasionally need specialised medical care. Such a feature, where a free health check-up can be obtained without concern for costs, will be a USP. Up to a certain amount, the Star Red Carpet Policy also provides a free health check-up option for each year without a health insurance claim.
5. Expenses of Day Care Procedures
It is obvious that rising medical care costs will result in significant out-of-pocket costs if health insurance is not present. There are several illnesses that affect seniors that may not necessitate hospitalisation of more than 24 hours but are of the highest severity, such as diabetes or cataracts. Issues resulting from them might call for real attention. As the severity of the condition rises, the treatment cost will grow accordingly. Thankfully, the insured is covered by this policy for these costs under daycare coverage. The best part is this plan covers all daycare procedures.
6. Cataract Limit Revision
After the policy has been in effect for 24 months, the costs associated with cataract surgery are covered. It is a prevalent condition associated with ageing that, if untreated at an early stage, can lead to serious problems. The insurance permits modification of the sum insured at the time of renewal.
7. Get Enrolled at as Late as 75 Years & Stay Covered for a Lifetime
The last benefit is not the least, in terms of convenience and protection against health hazards. Senior citizens can enroll in this plan while they are aged from 60 to 75 years. But even better is the lifetime renewability option that continues their protection against healthcare expenses without any interruption.
More Reasons That Call for Buying Star Red Carpet Senior Citizen Plan
Effortless Planning
Even though getting sick as you age is inevitable, you may still make plans to be prepared financially for such a situation. As a result, you can purchase Star Red Carpet Senior Citizen Plan and be prepared for any potential medical emergencies without worry.
Saves from Debt Crisis
Medical issues in retirement can turn into financial emergencies, which can cause debt difficulties because you no longer have a steady source of income. You are shielded from such circumstances if you have this health insurance plan. The lifelong renewability feature is a great help to you in this regard.
Increased Medical Costs
The expense of healthcare has escalated along with technological advancement. It is wise to obtain Star Red Carpet Senior Citizen plan, whose coverage extends to INR 25 lakh.
Dependence on Children for Finances
After retirement, people typically rely on their offspring for financial support. The family's primary provider would have to cover all costs during a medical emergency out of their own pocket. For this reason, it's crucial to create a special health insurance for seniors. This is where Star Red Carpet Senior Citizen Plan comes into play.
Termination of Employer-sponsered Health Insurance Post Retirement
These days, businesses offer their employees health insurance. However, these policies are not renewed by your employer once you retire. Therefore, it is always advised to keep your own health insurance handy. So, you can consider this Star health insurance plan given its immense benefits.
Conclusion
Senior citizens find it challenging to pay their medical bills due to the rapid increase in medical costs. Hence, health insurance is necessary to receive prompt medical care for emergency hospitalisation since seniors without a steady, reliable source of income would not be able to finance medical treatment. Even if you are prepared to choose the Star Red Carpet Policy, you should still look about and weigh your options. Consider everything thoroughly before making a choice.
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