Senior citizen health insurance is not just a policy; it promises security, dignity, and peace of mind in life's golden years. As people age, health becomes a significant and primary concern and a cornerstone of fulfilling an independent lifestyle. Yet, the rising cost of medical care can cast a shadow over these precious years.
This is when the right medical insurance for senior citizens steps in. However, the main hurdle comes at the time of choosing the right plan. Having said that, here are some factors to consider while buying health insurance for senior citizens in India.
Things to keep in mind before buying senior citizen health insurance
To ensure that the chosen health insurance for senior citizens meets the needs and requirements, here are some considerable factors:- Coverage and benefits: Check out the coverage and noncoverage options of medical insurance for senior citizens.
- Waiting periods: Always note the waiting periods for pre-existing diseases. Some health insurance plans for senior citizens also waive the waiting period with add-ons up to 24 and 12 months.
- Pre-existing Conditions: Declare any pre-existing medical conditions truthfully when purchasing health insurance.
- Premiums: Compare the premiums of various insurance providers and prefer the one offering discounts and bonuses for claim-free years.
- No claim bonus: Note if the health insurance provider offers a no-claim bonus upon plan renewal.
- Exclusions: There are some permanent exclusions, too. Know what is not covered under health insurance for senior citizens to avoid surprises during a claim.
- Transparency: Choose an insurer known for transparency regarding policy wordings, claim procedures, and charges.
- Claim Settlement Ratio: Always check the claim settlement ratio of insurance companies to ensure the right policy. One with more than 95% of CSR rate is highly recommended.
Why do you need of medical insurance for senior citizen
Due to the increased risks of illnesses and high costs of medical treatment, medical insurance for senior citizens plays a vital role in covering medical expenses, protecting savings, and ensuring access to quality healthcare. Here are some key reasons why senior citizens need health insurance:
- It protects the retirement corpus and acts as a critical safety net during medical emergencies.
- The medical insurance for senior citizens ensures access to superior healthcare qualities that too without draining hard earned savings.
- There are specific medical insurance plans that also cover pre-existing diseases with some add-ons and optional benefits.
- Health insurance for senior citizens often covers AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) treatments.
- Under section 80 D of the Income Tax Act, health insurance for senior citizens also offers tax benefits.
Benefits of medical insurance for senior citizens
Health insurance for senior citizens can be a savior. Stay connected to know how:
- Cashless hospitalisation: Cashless hospitalisation is such a blessing where seniors can be admitted and treated without paying a single penny to the hospital.
- Coverage of pre-existing conditions: Standard health insurance policies do not cover pre-existing conditions from day 1. However, this can be modified with some extra add-on benefits. For example, with Care Health Insurance instant cover add-on, coverage can be availed after 30 days.
- Tax benefits: Under section 80 D of income tax act of 1961, senior citizens are eligible for tax deductions.
- Comprehensive healthcare services: The senior citizen health insurance plan provides comprehensive coverage including hospitalisation, surgeries, daycare procedures, ambulance services, and preventive health check-ups.
- No medical check-up required: Senior citizens are exempted from any kind of medical checkup before purchasing the medical insurance.
Wrapping up!
Senior citizen health insurance is not just a financial tool; rather, it's a gateway to stress-free and healthy retirement. With the right plan, you and your loved ones can access quality medical care without draining your hard-earned money. With the aforementioned tips, choose the policy wisely and plan your retirement accordingly.
Disclaimer: The coverages/benefits and the extent of coverage may vary between plans and insurance providers. Please read the policy wordings carefully before making a purchase.
Disclaimer: No Business Standard Journalist was involved in creation of this content