Health Insurance Pre Existing Conditions: All You Need To Know

While availing a health insurance policy for younger individuals is quite easy, it’s not the same for senior citizens or aged people. The reason being, they are more prone to illnesses and therefore, insurers perceive them as high-risk proposition.However, many insurers have started offering a special kind of health insurance packages for elderly people known as senior citizen health insurance plans . These plans are specifically designed for people who are aged around 60 or more and cover any type of medical expenses that are likely to be incurred by such senior citizens.

Health insurance plans for senior citizens is designed to cover all kinds of healthcare related expenses incurred by the elderly people, including doctor’s fees, hospitalisation charges, and medical treatments. As these policies are precisely meant for senior citizens, they generally offer a high sum insured along with a coverage for critical illnesses, pre-existing ailments, and cashless hospitalisation.

As mentioned above, health insurance plans for senior citizens do offer a coverage for pre-existing diseases. However, there can be a waiting period. It means that you may have to wait for a certain period of time before you can make a claim on the policy regarding the treatment of a pre-existing disease.Also, there can be a co-pay clause which means that as a policyholder, you may have to bear a fixed percentage of the total expenses from your pocket, in case you decide to file a claim.

Other significant features of a senior citizen health insurance policy include:

• Coverage for hospitalisation expenses including room rent and medical bills
• Cashless hospitalisation facility
• Coverage for day-care expenses
• Coverage for ambulance charges
• Coverage for diagnostic tests
• Quick and hassle-free claim settlement

With many insurers in India willingly offering senior citizen health insurance plans, you can easily avail one for your elderly mother/father. Moreover, such policies also come with a coverage for pre-existing diseases and cashless hospitalisation facility. However, you need to be wary of certain factors such as waiting period and co-pay clause to avoid any hassles at the time of claim-settlement.

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.