The Care Senior Citizen Health Insurance Plan was created specifically to help offset the significant medical expenses associated with ageing. Medical insurance for the elderly is more crucial than ever because of the high expense of healthcare and the astronomical expenditures of in-patient care. It offers financial security for unforeseen costs like cashless and top medical attention for any illness that calls for hospitalisation. The Care Senior Citizen Health Insurance Plan is worthwhile to purchase due to additional benefits such as domiciliary hospitalisation coverage, organ donor coverage, policy renewability for the rest of your life, and tax benefits on the premium.
Care Senior Citizen Health Insurance Policy Benefits
The following are some key benefits of buying Care health insurance for parents:
- Cashless Medical Care: If you have Care health insurance, you can receive cashless medical care at any of the hospitals in the network.
- High Sum Insured: A higher sum insured amount is offered because of the elevated health risks that come with advancing age. Options for the insured sum range from INR 3 lakh to INR 10 lakh. There are policies with a higher level of protection.
- Pre-existing condition coverage for diabetes and hypertension is included under Care Health Insurance for parents after the required waiting period.
- Tax Benefits: Up to INR 1 lakh of tax benefits can be obtained for the premium paid each fiscal year under Section 80D of the Income Tax Act.
Who is Eligible to Purchase Senior Citizen Care Health Insurance?
- Parents must be between the ages of 60 and 80 to be eligible for health insurance benefits.
- Senior citizens are eligible for lifetime renewability up to age 65.
What Should You Consider When Choosing Health Insurance for Parents?
The following considerations can help you pick the best health insurance package for your parents:
Maximum Coverage
Prior to buying health insurance for your parents, it's crucial to study the policy exclusions and restrictions. Your parents need a package that includes coverage for various ailments. At this age, they are more vulnerable to dangerous illnesses, thus they need to be protected. Verify the inclusion of the diseases on your priority list.
Age of Inclusion
The majority of health insurance policies cover persons from the age of 55 to 80. However, other proposals propose an admission age of greater than 60 years. Select a plan that gives you the freedom to sign up at any age, has no upper age restriction, and offers the chance to renew it indefinitely.
Waiting Period
The protection of pre-existing conditions comes after a protracted waiting period. Select a plan that covers the most prevalent ailments like diabetes and heart disease and has a shorter waiting period.
Compare the Plans
Without a doubt, everyone strives to purchase the best health insurance plan for their parents. However, make sure you consider all the possibilities on the market before deciding on a final health insurance plan.
Network Hospitals
It's crucial that you review the network hospitals affiliated with the insurer you've selected. In order for them to be taken to the hospital in an emergency, make sure the names of renowned hospitals in your area are included in the plan.
Premium
Age impacts your premium. As an individual gets older, the premium increases. This is why the price for a senior health insurance plan is often greater than the premium for a basic health plan. That is why a family floater plan is superior to a senior's individual health insurance package.
Offerings - Care Senior Citizen Health Insurance for Parents
The following features of the policy's coverage are offered on both an individual and a family floater health insurance basis:
- The cost of hospitalisation, including daycare and in-patient care, is covered.
- Pre-hospitalization costs are covered for 30 days, while post-hospitalization costs are covered for 60 days.
- ICU fees, ambulance fees, room rent, and daily allowance coverage as described in the policy terms and conditions.
- Parents have access to a facility for yearly medical examinations.
- The waiting period applies to pre-existing conditions that are covered.
- Up to the stipulated sum, organ donor expenses will be paid.
- Major illness coverage for second medical opinions within the policy period
- Automatic reinstatement of the covered amount throughout the policy period
- An increase in the insured amount with no-claim bonuses for a year with no claims
Senior Citizen Care Health Insurance for Parents : Exclusions
To make sure that parents can receive the finest available medical care, they must purchase health insurance. However, you should also review the list of exclusions before purchasing Care Health Insurance for parents:
- Any illness that the insured must be diagnosed with or undergo any treatment for within the first 30 days of purchasing the policy will not be covered.
- Suicidal claims and self-inflicted injuries are not covered
- Congenital diseases, AIDS, drug and alcohol abuse, and overdose-related medical costs are covered.
- Medical costs associated with giving birth, being pregnant, having an abortion, having a miscarriage, and any resulting effects
- In vitro fertilisation and infertility treatments and tests are not covered.
- No coverage is provided for medical crises caused by riots, war, strikes, riots, or nuclear weapons.
Conclusion
Care Senior Citizen Health Insurance Plan is definitely a good choice when considering covering your parents. You can consult health insurance specialists for further information on the specifics of policies and claims and then make an informed choice.
