By | March 26, 2022
health insurance

Senior citizens are most susceptible to illnesses and their ensuing costs. Retired individuals face failing health and financial constraints. It is essential to get them treated without causing a financial burden. Aging is a challenging phase and requires financial and moral support from family members.

Buying Health Insurance for senior citizens was almost impossible earlier as companies enabled renewal only if you have been a policyholder without a break. However, the Insurance Regulatory and Development Authority of India has instructed companies to set 65 as the highest age for entry. It refers to the reimbursement of expenses incurred on account of medical conditions, exclusively for senior citizens.

Benefits

Medical Insurance offers various benefits to policyholders. It ensures that you receive protection from unexpected and expensive financial costs and have a safety net to fall back on in uncertain times. While different companies offer varying products, almost all policies cover numerous illnesses and ailments.

It is necessary to renew the Health Insurance Policy on time. However, you can do Health Insurance renewal for up to 65 years. You also benefit from cashless hospitalization, where the hospital claims payment for the rendered treatment directly from the insurer.

The General Insurance company also offers a tax rebate under Section 80 D of the Income Tax Act. You reduce taxable income by buying a reputed and trusted provider policy.

Coverage

Check multiple features before buying and renewing online Health Insurance. Read the fine print and go through all the options available. The most obvious and important factor is the tenure of the cover provided. Based on the vendor, there may be slight variations in product offerings. Still, a good outline of what you can expect in a Mediclaim for Senior Citizens are as follows: 

Hospitalization expenses

These relate to direct expenses incurred on account of hospitalization, including doctor visits, room charges, medication costs, and surgery, subject to the financial limit of the plan. Certain companies also offer pre-and post-hospitalization cover for a specified period with their Health Insurance Plans.

Daycare expenses

A few procedures like chemotherapy and dialysis do not require hospitalisation. However, most medical procedures like these are part of the Senior Citizen Policies. 

Pre-existing conditions

Discuss your family history and health issues with the provider before buying Health Insurance in India. While pre-existing medical conditions do not get coverage from the moment you buy the policy, most companies usually offer cover after one year.

No Claim Benefit

Companies offering Health Insurance Plans in India have a ‘No Claim Benefit’ wherein you get a discount on the premium if you have not made any insurance claims in the previous financial year. Some companies offer reimbursement for a health check-up every three to four years of ‘No Claim’ and premium benefits. 

Tax gain

As a policyholder, under section 80D of the Income Tax Act, you claim a deduction for an annual premium amount not exceeding Rs. 50,000 financially. 

Conclusion

Finding the right policy suiting your requirements and budget includes research and comparison. Online Insurance providers aim to protect you financially from the most untoward medical circumstances.