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A Guide to Finding the Best Policy for Senior Citizens

Posted On : 04 October 2023, 6 Months Ago. Health-Insurance
best health insurance policy for Senior Citizens

Ageing, as a natural process, remains a distinct issue for all segments of our society. Individuals over the age of 60 are considered Senior Citizens. Two out of every three senior adults suffer from chronic ailments like cardiovascular diseases, chronic hypertension, diabetes, and bone and joint illnesses, making health care one of the biggest 'unknowns' during the retirement years. From a financial aspect, having ordinary care for such chronic diseases may deplete your funds due to escalating medical costs. This significantly makes it challenging for you to fulfil your retirement-saving goals. However, if you opt for the best health insurance for senior citizens, you can find a way to manage medical expenses and related issues.

 

What is Senior Citizen Mediclaim?

Senior citizens require health insurance to fulfil their specific health needs. As a result, it is advised to get yourself protected with a suitable and effective health plan that meets your healthcare requirements. 

 

Senior citizen health insurance is a type of health insurance policy that covers medical expenses for individuals over 60. It provides preventive health care services to the elderly and cashless hospitalisation at the insurance company's network hospitals. It covers pre-existing conditions, critical sickness, pre, post, and during hospitalisation charges, and coronavirus therapy, among others.

 

Benefits of Senior Citizen Mediclaim Policy

A senior citizen mediclaim policy provides several advantages to the elderly. The following are some of the critical advantages of purchasing a senior citizen mediclaim coverage in India:

 

  • Medical coverage for the elderly - Senior citizen best health insurance policy cover persons over 60. However, some family health insurance plans typically cover people up to the age of 65.
  • Pre-medical screening - Unlike standard plans, most health plans do not require seniors to undergo any medical screening before purchasing the insurance.
  • Hospitalisation expense coverage - Mediclaim for senior citizens protects against various medical bills, including pre-hospitalisation, post-hospitalisation, and in-patient hospitalisation.
  • Cashless treatment - Senior folks can receive cashless medical treatment in the insurance company's network hospitals if admitted for at least 24 hours.
  • No claim bonus - It offers a No Claim Bonus to older citizens, allowing them to receive a discount on renewal premiums for each claim-free year. In some programmes, it might range from 20% to 100%.
  • Lifetime Renewability - Most senior health plans provide a lifetime renewability option.
  • Tax benefits - Senior citizen health insurance policies provide tax exemption benefits on paid premiums each fiscal year under Section 80D of the IT Act.

 

Need for Medical Insurance for Senior Citizens

Senior individuals require health insurance coverage since they may experience serious health difficulties. Your parents' emergency hospitalisation can be both emotionally and financially draining. Senior citizen mediclaim policy can assist you in managing the financial consequences of hospitalisation. 

 

Other important reasons to purchase a senior citizen health insurance plan are as follows:

 

  • Meet the Rising Healthcare Costs - As medical treatment and hospitalisation costs rise due to medical inflation, purchasing a senior citizen health insurance coverage becomes critical for the elderly to receive the best healthcare services.
  • Avail Annual Health Examination Services - Most senior citizen health plans provide free yearly health check-ups to their members. Because they must undergo medical screening regularly, this facility can assist in reducing out-of-pocket payments. Some plans, however, may provide this benefit after every two or three claim-free years.
  • Enjoy Stress-Free Retirement - For the elderly, paying off hospital bills can be stressful, especially with rising treatment costs for both minor and catastrophic ailments. Best health insurance for senior citizens can provide seniors peace of mind in such cases.
  • Opt for Severe Illness Coverage - As we age, the likelihood of being diagnosed with critical illnesses such as heart disease, kidney disease, cancer, and so on increases. You can acquire coverage for critical illnesses as part of your standard plan or as an add-on cover with a senior citizen health insurance policy.

 

The possibility and severity of several ailments grow with age. As a result, the elderly face increased healthcare bills. However, many older persons do not have a consistent source of income other than their pension. Paying for pricey medical treatment on a restricted salary may be challenging. That is why acquiring a senior citizen health insurance policy is critical. You should choose the best health insurance for senior citizens, which covers hospitalisation expenses, daycare treatment, ambulance charges and so on.

Secure your health with comprehensive insurance plans from Nivabupa

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Myself Icon Individual
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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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