The most vulnerable population to disease is the elderly. A separate health insurance policy must cover the elderly members of the family because they are more likely to get a critical illness. In addition, the cost of treating diseases in elderly patients has risen over time, and their health insurance premiums are now even more. Therefore, as a policyholder, it makes sense to protect the elderly members of your household with a senior health insurance plan. It can prevent your savings from running out and aid clients in reducing the stress associated with hospitalisation and associated costs.
What Makes Senior Health Insurance Distinct from Standard Health Insurance?
Older people may not benefit from ordinary health insurance, even though it is adequate for most people. The benefits and coverage they offer might not be sufficient for old age, besides the usual entry age restriction of 60 to 65 years. A typical health insurance policy may request medical check-ups and decline to provide health coverage due to your increasing age. Even if you have coverage, you will still have to pay higher premiums. Therefore, buying senior citizen health insurance is a sure bet to spend your money wisely. You can obtain good coverage without breaking the bank, and depending on the insurer's criteria, the maximum entrance age is close to 80. These plans target health issues associated with ageing and provide the insured with peace of mind, even in an emergency.
Why Should Seniors Get Medical Insurance?
As you get older, diseases are more likely to affect you. Without health insurance support, your savings will run out in a couple of days. Health insurance is an urgent necessity to prevent doing that. There is, however, a small concern, as we previously noted. Standard health insurance has a few restrictions, like a 65-year-old maximum entry age rule, a protracted waiting period for pre-existing diseases, and occasionally even a higher co-payment provision. Senior citizen insurance is your greatest friend if you are over 66 years old and need a cheap co-pay clause, a short waiting time, and substantial coverage. And in case you were wondering, not all people/parents need to purchase this kind of health insurance. Consider a family floater health plan consideration if you're seeking health insurance for parents under 45 and have a family to cover. The entire family will be protected under a single sum insured.
What Advantages Do Senior Citizens Get from Medical Insurance?
Health insurance for senior citizens is created with the requirements of the elderly in mind and will offer several benefits. An older person who purchases this health insurance is eligible for many advantages. Some impressive ones are listed below.
Lifetime Renewability - Many senior health insurance plans provide a lifelong renewability benefit, which gives you the benefit of a lifetime cover regardless of age or other limitations.
Cashless Procedures - It’s easy to receive cashless medical care at the network hospitals of the insurance company. With this, a person can receive the best care without paying for it. And choosing an insurer with an extensive network of hospitals in your area helps you locate easily in times of need.
Comprehensive Protection - When you have a comprehensive health insurance plan in your wallet, you won't have to worry about pre and post-hospitalisation costs, daycare costs, ambulance fees, or costs associated with domiciliary hospitalisation.
Pre-medical Check-ups - In these particularly created senior citizen policies, most insurers don't require pre-medical exams. But most likely, a pre-screening test would be required of people who, at 60 or older, would choose to enroll in a standard health insurance plan. This is a crucial perk because many older people cannot purchase a standard insurance plan due to pre-existing conditions.
Tax Advantages - Section 80D of the Income Tax Act,1961, allows for tax benefits up to INR 50,000 on premium payments for such insurance policies. There is also an additional discount of INR 5,000 per year for preventive health check-ups.
Check if the policy you wish to choose fulfills the above benefit points. If you want to get your parents medical insurance, who are 60 years or older, check out the top senior health insurance plans listed below -
No. | Senior Citizens Health Insurance Plans | Entry Age Applicable | Sum Insured | Waiting Perios For Pre-Existing Diseases |
1 | Star Health Senior Citizen’s Red Carpet Plan | 60 to 75 years | Up to 25 lakh | 1 year |
2 | Golden Shield For Senior Citizens by ICICI Lombard | 56 to 60 years | Up to 50 lakh | 2 years |
3 | Senior Citizen Mediclaim Policy by New India Assurance | 60 to 80 years | 18 months | |
4 | Care Senior Health Insurance Plan | Minimum 61 to any age - lifelong | INR 3 lakh to 10 lakh | 4 years |
5 | Bajaj Allianz Silver Health Plan | 46 to 70 years | INR 50,000 to 5 lakh | 1 year |
6 | Bajaj Finserv Health Insurance for Senior Citizens | 66+ | 5 lakh | 1 year |
7 | New India Assurance Senior Citizen Mediclaim Policy | 60 to 80 years | 1.5 lakh | Any pre-existing conditions are covered after a specific waiting period and after paying an extra premium. |
8 | Future Generali Varishta Bima Plan | 60 years to any age - lifelong | 2 lakh to 10 lakh | 1 year |
9 | Niva Bupa Senior First Health Insurance Plan | 61 to 75 years | 5 lakh to 25 lakh | 2 years |
10 | National Senior Citizen Mediclaim Policy | 60 to 80 years | 1 lakh to 10 lakh | 2 years |
The above-mentioned health insurance plans cover senior citizens and their medical needs. However, it will be helpful if you always thoroughly check the policy offerings before buying it to have an apt cover for yourself or senior family members. A few points are worth cross-checking: number of network hospitals, waiting periods, day care facilities, domiciliary treatments, no claim bonus benefits, free medical check-ups and co-payment.
Conclusion
When you consider the stage of life seniors are at, health insurance is necessary. After retiring, a person who has relied on an employer-provided health plan their entire life shouldn't be without health insurance. The plans described above are a few of the top senior health plans on the market.
