Senior Citizen Health Insurance Scheme by Government of India

The rising rate of medical inflation has made it necessary to have a health insurance cover . This is more of a priority for people who are 60 years and above. As a retired individual, when you have no fixed income source, you need to have a medical cover that will support you and your family in an emergency.At this age, doctor visits become a common thing as seniors are vulnerable to various health risks. In such a situation, when there is no income source, paying for medical expenses can cause financial trouble. Therefore, it is always necessary to have a health cover. Let's get to know some of the . government health insurance schemes

• National Senior Citizen Mediclaim policy This insurance offers a sum assured of Rs.10 lakh. If you're a senior citizen between the 60 and 85 years of age, you are eligible for the plan. The policy allows you to cover your spouse as well. You get compensation for the fees charged by a physician, surgeon, hospital room, injection, among others. You can avail cashless treatment at empaneled hospitals as listed in the insurance policy document. This policy has a waiting period of 2 years.
• National Varishtha Mediclaim Policy One of the policy's major highlights is that it covers eight critical illnesses. Any senior citizen who is up to 80 years can buy the health cover. It covers costs related to blood, oxygen, medicines, diagnosis charges, and more. The sum assured for hospitalisation is Rs. 1lakh and Rs.2 lakh for critical illness. Also, you get Rs.1000 for ambulance transportation.
• New India Assurance Senior Citizen Mediclaim policy This policy is ideal for seniors between the age of 60 and 80 years. Senior citizens can opt for a sum assured that could range from Rs.1 lakh to Rs. 1.5 lakh. For pre-existing medical conditions, the waiting period is 18 months. It covers pre- and post-hospitalisation expenses for 30 and 60 days, respectively.
• Oriental Senior Citizen Hope Health Insurance The Oriental health insurance is targeted for seniors above 60. Like New India Assurance Senior Citizen Mediclaim Policy, the sum assured ranges between Rs. 1 lakh and Rs. 1.5 lakh. It has a waiting period of 24 months. The policy covers costs related to the ICU unit, ambulance, chemotherapy, fees of a physician, surgeon, etc.
• United India Senior Citizen Mediclaim policy Seniors aged between 61 and 80 can opt for this policy. The sum assured amount ranges from Rs.1 lakh to Rs. 3 lakhs. Of all the above mediclaim policies, United India Senior Citizen Mediclaim has the longest waiting period of 48 months.

Having a health insurance policy at an old age is beneficial in many ways; below are some of the reasons why it is significant to buy a health cover for seniors:

• Makes You Financially Independent Having a senior citizen's health cover takes away all your financial worries. You can easily claim medical expenses, thus reducing the liability to pay from your own pocket. You don't have to depend on your family members to pay for the medical bills, as having health insurance makes you financially independent.
• Keeps Your Savings Intact As a senior citizen, when age-related health issues become recurrent, a health cover ensures that you don't drain your savings for paying medical expenses. All this while the savings you have accumulated for a stress-free and peaceful retirement, it wouldn't make sense those funds are utilized for medical treatment.
• Old Age Comes with A Range of Medical Problems Even if you're living a healthy lifestyle, health problems become a natural phenomenon when you reach a certain age. Health insurance covers should be a priority for individuals between the age of 40 and 60, whether or not you have health issues. Being a senior citizen when you have no income source, a health cover can be your saviour.

Are you a senior citizen who has not yet purchased a health cover? In the current scenario where anyone becomes susceptible to the deadly virus, disease, or illness, health insurance can protect you from the burdening medical expenses. Now is the time to invest in a policy that fits your requirements. You can either buy a senior citizen health insurance policy online or offline, depending on your convenience.

Senior citizens are now more exposed than ever owing to the COVID-19 pandemic. Because of the growing medical issues that more aged people are experiencing, you are constantly concerned about the well-being of your grandparents and parents. The ongoing physiological transformations in older people's bodies present challenges and necessitate special care for their joints, muscles, bones, and immunity. Even you can't constantly be there to check on them because they can't take care of themselves completely. Therefore, we must provide them with opportunities to promote good ageing.Age-related vulnerabilities and illnesses result in more frequent hospital stays and other costs associated with health care. Most families are unable to cover all of these costs on their own, so they must select a suitable health plan that lessens their financial load. Choosing a good health insurance plan for elderly family members can be difficult. When making this choice, a number of criteria should be taken into account, including the range of diseases covered, the standard of medical care, and the financial obligation of medical bills.

People over 60 years can purchase a health insurance policy that is dedicated to senior citizens in India. The government offers a variety of health insurance policies to lessen the family's financial responsibility in light of the high expense of healthcare. There are a number of government health insurance programs for seniors that are specifically created to address their unique healthcare demands efficiently.

Growing older increases the likelihood of developing illnesses and diseases. Obtaining a health insurance plan to cover unexpected medical expenses is a wise step because an individual's latter years are physically and financially more difficult. Seniors are more susceptible to illness, and due to age-related ailments and deteriorating health, they may need to go to hospitals frequently. It's crucial to have health insurance to pay for the high expense of medical care. You can get a Mediclaim plan for Senior Citizens through government health insurance programs, which can support you while you're in the hospital.Additionally, the cost of receiving medical care without having proper insurance may occasionally weigh heavily on you. Hence you must purchase insurance to be ready for everything. Having health insurance gives elderly people a feeling of monetary safety and, as a result, harmony and peace. Owning a proper health insurance policy for senior citizens is paramount.

Take a look at the four best government medical schemes for senior citizens.

1) United India Senior Citizen Mediclaim Policy

Ages 61 to 80 are the target market for United India Health Insurance's Senior Citizen Mediclaim plan. Senior citizens may choose a sum insured value between Rs. 1 lakhto Rs. 3 lakhs. One of the fundamental advantages of the insurance plan is that in-home hospitalisation is covered. The insurance programme also covers ICU expenditures and specialised care, such as dialysis, chemotherapy as well as radiotherapy. It also covers existing medical issues after a 48-month waiting period.

2) New India Assurance Senior Citizens Mediclaim Policy

The coverage offered by this insurance policy is about Rs 1.5 lacs coverage. The eligibility range for this health insurance scheme is from 60 to 80 years old, and it can be used to cover the member's partner till 90 years. It includes pre as well as post-hospitalisation cover in addition to ambulance fees. This is the most significant of all advantages of the plan. You can receive a 10% discount on your spouse's premium. If there aren't any claims during a given year, the guaranteed value will rise by 5% and then keep rising until it reaches 30%. Hernia and appendectomy surgeries are just two of the specialised procedures that your Mediclaim will cover.

3) Oriental Senior Citizen Hope Health Insurance

The Health of Privileged Elders (HOPE) plan from Oriental Insurance is a complete health insurance programme that covers those over 60 years. Only specific conditions are covered by the insurance plan, and all claims are subject to a 20% co-payment. The HOPE plan's 100% coverage for unanticipated injuries can be quite helpful when an accident occurs. Major ailments like knee replacement, renal failure, cancer, as well as cardiovascular disorders are covered by the plan.

4) National Varishtha Mediclaim Policy

The National Insurance Company (NIC) , a provider of medical insurance, offers the Varishtha Mediclaim policy to seniors between the ages of 60 and 80. Despite having a one-year term, the policy can be renewed up until age 90. The insurance plan provides rewards of Rs. 1 lac for hospitalisation and Rs. 2 lacs for serious illnesses. The plan includes limited coverage for organ transplants as well. The Varishtha Mediclaim Policy also allows you the chance to apply cumulative bonuses as well as pay for any medical exams you need to have done while a claim is pending. Additionally, it takes care of emergency ambulance assistance.

Selecting a health plan might feel more complicated than you might think. Seniors' health plans have unique difficulties, such as increased premiums, rigorous medical examinations, co-payments & waiting periods. Therefore, it is essential to consider a few factors while purchasing senior health insurance.Take a look at some of the things to consider to choose the best insurance plan for you.

Age of Entry and Exit:

The age of entry and the maximum renewal period are critical factors. The age range of 60 to 80 is one of the requirements for the majority of health insurance policies, though it may differ in other cases. Choose policies with age restrictions that are relaxed.

Maximum Age of Renewal of a Policy:

In some cases, the ultimate age of renewal of your life insurance policy may be capped. Choose plans that can be renewed indefinitely.

Policy coverage:

Senior citizen health policies can be costly if you require extensive coverage. As a result, when comparing plans, consider both costs and benefits and make your decision accordingly.

Waiting Period of a Policy:

Because senior citizens are more susceptible to illnesses associated with ageing, the shorter the waiting period, the better the policy.

Critical Illness Coverage:

Policies can be evaluated based on the range of illnesses covered, as determined by the individual's needs.

Domiciliary Hospitalization & Hospital Network:

If you want to reap maximum benefits from your insurance policy, you must use its unique features at the best time possible and when you are in utmost need. If you want to be able to use cashless insurance benefits at any time during the policy's duration, you must choose a plan that includes in-home hospitalisation and largers hospital networks.

Typically, government-sponsored insurance programmes do not cover cosmetic operations. Policy exclusions can also differ. As a result, it is advised that one must compare several health insurance plans and carefully review the policy's exclusions along with the benefits.

Not all government health insurance programmes can be purchased online. In India, certain initiatives allow for direct bank debit.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.