Health insurance for senior citizens: secure the future

Have you ever wondered what is the requirement of health insurance for senior citizens? Or consider buying one of the best health insurance in India for your parents? Well, we got you covered. In this piece of writing, we will take you through the importance, requirements, and benefits of health insurance coverage.

Retirement is something that actually paints a picture, which is a blend of peace, relaxation, golden sunsets, scenic sunrise, leisurely mornings and much more. But, behind this obvious and idyllic vision lies an important and a worrisome question that can’t be ignored. How secure is retirement, when it comes to health expenses? To answer this obvious question, health insurance for senior citizens steps in as a lifeline. Keep reading further to explore how!

Health insurance for senior citizens: An overview

Health insurance for senior citizens can be defined as a plan to secure a future specifically designed and tailored for the people above the age of 61. Healthcare expenses are at a boom these days and emerging as a headache especially for the elderly people. Be it regular checkups or managing chronic conditions like diabetes or arthritis, these regular medical expenses are financial shocks.

 Senior citizen health insurance offers a shield against these unexpected medical emergencies that may lead to financial hiccups. The health cover plans not only cover the unexpected medical expenses but also provide a secure future. It also ensures that seniors don’t have to hesitate to seek timely and quality healthcare.

Note: As per the guidelines of IRDAI, the insurance providers can’t reject the health insurance for senior citizens unless it is a fraud, or misrepresentation, or a moral hazard.

Importance of health insurance for senior citizens

Now, as the meaning of health insurance for senior citizens is well established, you must be wondering about its importance. Well, stay tuned to know why investing in one of the best health insurance policy for seniors is important:

• Coverage of annual health check-ups

It is highly recommended  that seniors must go for annual health check-ups. And this is no more a headache, if you are insured with one of the best health insurance policies for senior citizens.

• Cashless hospitalisation

Cashless hospitalisation is one of the major advantages of senior citizen health insurance that comes with a peace of mind. The key is to choose a network hospital and the insurance company that offers and accepts cashless claims under the health insurance premium as per the choice of the policy.

• Coverage for pre-existing diseases 

Pre-existing diseases are something that have a waiting period of 3 years that can be modified with add-on benefits, as per the regulation of IRDAI. However, in most of the senior citizen health insurance policies, pre-existing diseases can be modified with add on benefits.

• Critical illness coverage 

Lifestyle-related diseases like heart attack, cancer, strokes, etc. can take a toll on ones’ savings, especially if there is no inflow of source or are covered in the senior citizen health insurance. So, most of the expenses of critical illnesses are covered.

• Ambulance cover

The ambulance coverage may vary from policy to policy and company to company. Some of the companies offer ambulance cover up to sum insured while others offer it with a capping and co-payment. However, ambulance cover is one of the most important factors that ensures timely medical care and attention.

Benefits of senior citizen health insurance

One of the often overlooked benefits of senior citizen health insurance is peace of mind. Knowing that any unexpected medical emergencies are already covered is such a relief! Seniors no longer need to worry about, ‘what if something happens?’ is for sure a benefit of senior citizen health insurance. Stay connected to know how senior citizen health insurance can be your saviour:

• Financial Independence

One of the major benefits of senior citizen health insurance is it ensures financial safety and independence in times of a medical emergency. Whether it is about unexpected medical bills or prolonged treatments, senior citizen health insurance eliminates the stress of running from pillar to post arranging funds.

• Cashless hospitalisation

Medical emergencies sometimes require a large amount of money which is sometimes quite impossible to arrange. This benefit of senior citizen health insurance is for sure a cherry on the cake when you just get yourself treated in the panelled hospital.

• Tax benefits

Under prevailing tax laws like section 80 D, senior citizens health insurance policy holders get tax benefits on the health insurance premium. 

What is covered in medical insurance for senior citizens?

The health insurance policies for senior citizens are specifically designed and tailored keeping the needs of senior people in the society. These policies often cover age related illnesses, pre-existing diseases, and come with lucrative add-on benefits along with  annual health check-ups and much more. Here is a quick look at coverage options of medical insurance for senior citizens:

• In-patient hospitalisation
• Pre and post-hospitalisation expenses
• Annual health check-up
• Daycare treatments
• AYUSH coverage
• Domiciliary hospitalization
• Ambulance cover

Disclaimer: For complete list of coverage kindly refer to the updated health insurance policy for senior citizens, its terms and conditions, brochure, and prospectus. Also, it may vary from company to company and as per the choice of the premium.

What is not covered in senior citizen health insurance?

While purchasing one of the best health insurance policies for senior citizens, it is important to be aware of what is not covered in it. As per IRDAI guidelines, there are some permanent exclusions. However, the additions and deletions may vary from policy to policy, the insurance provider you have chosen and the health insurance premium you are paying for. Here are some exclusions in senior citizen health insurance policy:

• Any self inflicted injury like suicide, attempt to suicide are not covered.
• Any expenses that arise due to consumption of alcohol or tobacco or gutka or any other hallucinating drug are not covered in health insurance policy for senior citizens.
• Any pregnancy related treatment like childbirth, miscarriage, abortion, or its consequences are excluded.
• IVF or any related tests or treatments are not covered under health insurance policy for senior citizens.
• There are permanent exclusions like strike, war, nuclear weapons, or riots are not covered.
• Also, any type of cosmetic surgery like botox treatment or dental surgery is not covered under medical insurance for senior citizens.

Disclaimer: The list of exclusions and inclusions is indicative. Please refer to the terms and conditions of the policy you are buying for.

Senior citizen health insurance: understanding myths

One of the top things that comes to mind while talking about senior citizen health insurance, is whether we need it or not. There are various other myths also that keep the seniors confused. Keep reading further to know more about the myths of senior citizen health insurance:

• Generally, people assume that if seniors are healthy, senior citizen health insurance is not required. This is not the case, as in old age health related issues are more frequent.
• Family floater policy will provide enough coverage. However, separate senior citizen health insurance comes with various benefits. Also, adding senior people to floater plans can lead to premium loading. 
• Assuming that pre-existing diseases will not be covered.But, most of the insurance providers cover PED after a defined waiting period. 
• Another myth is health insurance for senior citizens is not safe. However, it is safe and provides a secured life  in your twilight years.

Few tips: choosing best health insurance policy

Here are some considerable tips that will help you out in purchasing best health insurance in India:

• Always choose one of the best health cover plans that offer comprehensive coverage.
• Never forget to check out the sub-limits and co-payment options as they are mostly applied if the insurance seeker  is above the age of 61 years.
• Check out the health insurance premiums of various insurance providers and compare. Choose the affordable one with maximum benefits.
• Be sure to check out the hospitals networked on the list of insurance providers to ensure quick and hassle-free admission.
• Don’t miss out on the waiting period and avail the add ons to modify it, if required.
• Reveal your medical history as per the principle of utmost good faith.

The Bottom Line: protect your future

Health insurance for senior citizens ensures that your financial plans stay intact and the savings should not be drained in a single medical emergency. Whether it is about maintaining healthy lifestyles, or keeping an eye on body organs through medical check-ups, or leaving a legacy for your family, or travelling, having a robust health insurance plan is the best option one can have. 

Investing in the right medical insurance for senior citizens does not just protect the finances but also safeguards the independence, dignity, and peace of mind. So be sure to plan for your golden years with an ideal health insurance for senior citizens.

Disclaimer: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.