Why Health Insurance Policy is Necessary for Senior Citizens?

People over 60 years of age are considered senior citizens and are eligible for buying health policies for senior citizens. There are dedicated health insurance policies for the elderly as their needs and requirements are different than young adults. As they might need frequent health checkups and treatments, it is advisable for them to buy a dedicated health policy to cover their insurance needs.

Take a look at all the important features and benefits of buying a mediclaim for senior citizens-

a) Lifetime renewability

Some senior citizen insurance policies come with a limited period for renewing a policy, which means a senior citizen will not be able to renew the policy after a specific age. This hinders their safety and makes them liable to pay more in medical costs.But there are insurance companies that offer lifetime renewability option with senior citizen health plans. With this, users can renew health insurance for as long as they want, irrespective of age.

b) Cashless claim feature

When it comes to bearing the cost of hospitalisation of a person who has chosen a cashless claim facility, the insurer bears most of the amount. By opting for a cashless claim, family members of senior citizens do not have to stress about accumulating the money for hospitalisation expenses when senior citizens are admitted to the hospital.

c) Discounts

Even some senior citizen health insurance plans come with discounts like no claim bonus (NCB), timely renewal discounts, additional offers, etc. These help in reducing the premium further for senior citizens.

d) Less waiting period

Senior citizen health insurance plans come with a lesser waiting period compared to general health insurance plans because, for senior citizens, medical treatment on time is crucial. Senior citizens can file a claim for the overall treatment cost without waiting for a long period of time.

e) Enjoy tax benefits

There are several tax benefits for possessing health insurance policies for elderly citizens. It gives you all the more reasons to buy one.

The insurance policy document will address the coverage benefits. These are a set of conditions abiding which a senior citizen can raise an insurance claim.Health insurance inclusions are different from one insurance company to another. However, take a look at general inclusions for a senior citizen's health insurance policy-

Hospitalisation:

The policy takes care of the cost of treatment for illnesses and injuries. This includes costs incurred during doctor's visits, rent of a room in the hospital, OT charges, and more.

ICU charges:

If you need ICU attention, then you must know that an ICU charge is more than that of normal room rent. However, it is covered under your policy.

Ambulance charges:

Ambulance charges for transporting senior citizens from home to hospital and back are also covered under the health plan.

Pre and post-hospitalisation charges:

The health insurance policy covers costs related to pre-hospitalisation for 30 days and post-hospitalisation for a maximum of 60 days.

Daycare treatment:

There are some procedures that don't require hospitalisation for more than 24 hours. These are covered under health insurance plans as well.

Annual checkup:

The cost for annual full-body health checkups is also included in the plan.

The latest advancements in medical sciences have increased life expectancy. However, the age of retirement is the same!All elderly retired citizens must ensure they have good savings to lead their lives peacefully. The recurring medical expenses put a huge dent in the savings. The cost of living is on the rise as well. Considering all the challenges due to physical and financial restrictions, it is recommended for all senior citizens to have a dedicated health insurance policy.Health insurance policies give a much-needed relief by covering all the medical expenses of senior citizens. These dedicated insurance plans make senior citizens financially independent without hurting their hard-earned savings over the years.

Choosing the best health insurance plan is critical. Take a look at important parameters you must consider while buying senior citizen health insurance-

• Consider and assess medical history and understand the general lifestyle.
• Next, consider all the ailments and diseases that you want a cover for and select the best one.
• Check policy sub-limits, entry age, premium, insured sum, tests required, waiting period, etc.

Once you check all the parameters, you can buy your policy. There are two ways to do so - a) Offline and b) OnlineYou can choose to visit insurance companies, check their plans, and opt for the best ones, or you can simply be at home and search for the best senior citizen health insurance policies online. You can now easily compare plans and opt for the best one.

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.