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All The Information You Will Need on Health Insurance for Senior Citizens

Posted On : 03 May 2023, 11 Months Ago. Health-Insurance
Health Insurance for Senior Citizens

As we age, our healthcare needs increase, and so does the cost of healthcare. This is why the senior citizen mediclaim policy is crucial. However, choosing the right mediclaim health insurance can be confusing and overwhelming, especially with so many options available in the market. This blog will provide all the information you need to know about senior citizen mediclaim policy.

 

Understanding Senior Citizen Mediclaim Policy

Healthcare insurance for senior citizens is a type of plan that caters to the healthcare needs of individuals aged 60 and above. The plan provides financial assistance to cover the cost of medical treatment, hospitalisation, and other healthcare expenses.

 

Types of Health Insurance for Senior Citizens

It is not enough knowing what is mediclaim. You should also familiarise yourselves with how they are categorised. There are two types of health plans for senior citizens – individual mediclaim and mediclaim for family.

 

Mediclaim for individuals: These plans provide coverage to a single person. The premium for individual plans is based on the age and health condition of the individual. You can consider policies from companies like Niva Bupa.

 

Mediclaim for family: Family floater mediclaim policy like the Niva Bupa health companion policy, the New India floater mediclaim policy provides coverage to the entire family, including senior citizens. The premium for mediclaim for family is based on the age and health condition of the family's eldest member.

 

Features of Health Insurance for Senior Citizens

Here are some features of healthcare insurance for senior citizens that you should know:

 
  • Pre-existing Diseases: Most health plans have 2-4 years of waiting for pre-existing diseases, before which a claim for such conditions will not be considered. Before choosing a plan, it is essential to check the waiting period for pre-existing diseases.
  • Co-payment: Co-payment is the amount the insured person needs to pay out of their pocket while the insurance company pays the rest. Most senior citizens' health plans have a 10-20% co-payment clause.
  • Room Rent Limit: Most health plans have a room rent limit, the maximum amount the insurance company will pay for the room rent.
  • Network Hospitals: Health plans have a network of hospitals where the policy buyer can avail of cashless treatment. It is essential to check if the hospital you prefer is a part of the network.
  • Renewability: Most health plans for senior citizens have a renewal age limit of 70-80 years.
  • Premium: The premium for senior citizens' health plans is higher than that for regular plans as the insurer takes on a higher risk. This is due to the increased vulnerability of elderly people to diseases.

 

Benefits of Health Insurance for Senior Citizens

Here are some benefits of medical insurance for senior citizens:

 
  • Financial Security: It provides financial security to senior citizens by covering the cost of medical treatment and hospitalisation.
  • Tax Benefits: The premium paid is eligible for tax benefits under Income Tax Act's section 80D.
  • Cashless Treatment: These plans provide cashless treatment at network hospitals, meaning the insured does not need to pay for the medical treatment upfront.
  • No Claim Bonus: They also offer a no-claim bonus if no claims are made during the policy period. The compensation can range from 10-50% of the sum insured.
  • Health Check-ups: Some plans offer free health check-ups to the insured person.

 

Things to Consider Before Choosing a Health Insurance Plan for Senior Citizens

Here are some things to look at before choosing medical insurance for senior citizens:

 
  • Coverage: Check the coverage offered by the plan and ensure that it covers the healthcare needs of the insured person.
  • Premium: Compare different plans' premiums and go for the plan that fits your budget. Also, read the co-payment clause and choose a plan with a co-payment amount you can afford.
  • Waiting Period: Take note of the waiting period for pre-existing diseases and other treatments. Choose a plan with a waiting period that suits your needs.
  • Network Hospitals: Check the network hospitals of the plan and ensure that your preferred hospital is a part of the network.
  • Claim Settlement Ratio: Check the insurer's claim settlement ratio and choose a company with a high claim settlement ratio.
  • Customer Support: Enquire about the insurance company's customer support and choose a company with good customer support.
  • Exclusions: Go through the plan's exclusions and ensure that it does not exclude any treatment or disease that is important to you.

 

Medical insurance for senior citizens is vital for financial security and peace of mind. Choosing the right policy can be daunting, but by considering the above factors, you can select a policy that is compatible with your needs and budget. It is also essential to review your health insurance plan regularly to ensure that it still meets your healthcare needs.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
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.
FIND MY PLAN