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Senior Citizen Health Insurance Plans: Features and Advantages

Posted On : 04 October 2023, 6 Months Ago. Health-Insurance
Senior Citizen Health Insurance Plans

As people grow older, they are more likely to experience various health problems and require medical attention. This is where mediclaim for senior citizens comes in handy. These plans cater to the specific needs of individuals over the age of 60 or 65 and offer a range of benefits tailored to their unique health requirements. This blog will elaborate on the features and advantages of mediclaim for senior citizens. But first, let’s discuss the need for such a policy.

 

Need for Senior Citizen Health Insurance Plans

Senior citizens can also enjoy insurance benefits if they are part of a mediclaim policy for family. Then, what is the need for plans specially designed for them? This is because all family members share a single sum insured under the mediclaim policy for family. As medical treatments for elderly people tend to be more frequent and expensive, the amount under the mediclaim policy for family is inadequate to cover the treatment costs. One medical emergency involving the elderly can exhaust the entire amount, and other members will be left without any protection.

 

Features of Senior Citizen Mediclaim Insurance Policy

When you set out to explore the insurance market for yourself or your elderly parents, you will come across diverse plans. In that scenario, you can use the following list of features to guide your decision regarding the best mediclaim policy in India:

 

  • Coverage for pre-existing Diseases: Senior citizens are more likely to have pre-existing health conditions. Therefore, most senior citizen health insurance plans offer coverage for pre-existing illnesses such as diabetes, hypertension, heart ailments, etc. However, the waiting period for coverage of pre-existing diseases may vary between insurers.
  • Cashless Hospitalisation: Mediclaim for senior citizens offers cashless hospitalisation facilities. This means that the insurer will directly settle the medical bills with the hospital, and the insured will not have to pay for the expenses upfront.
  • In-patient Hospitalisation Expenses: Senior citizen health insurance plans cover in-patient hospitalisation expenses such as room charges, nursing charges, surgeon fees, anaesthesia charges, ICU charges, etc.
  • Pre and Post-hospitalisation Expenses: These plans also cover pre and post-hospitalisation expenses such as diagnostic tests, medication, consultation fees, etc. This feature ensures that they can receive comprehensive medical treatment, both before and after hospitalisation.
  • Ambulance Charges: Senior citizen policies also cover ambulance charges. This feature is beneficial as senior citizens may require urgent medical attention and may not have the means to pay for ambulance services.
  • Lifetime Renewability: Most of these plans offer lifetime renewability. The policy can be renewed annually, and the insured will be covered for life. This feature ensures that senior citizens can access medical coverage for the rest of their lives.

 

Advantages of Senior Citizen Health Insurance Plans

Having discussed the need and features of this health insurance policy, this is the time to learn the benefits of purchasing it:

 

  • Financial Protection: Senior citizen healthcare insurance plans offer financial protection to senior citizens. These plans cover the cost of medical treatment, which can be expensive, especially for senior citizens who may have limited financial resources.
  • Peace of Mind: They offer mental relief to senior citizens and their families. They can rest assured that their medical expenses will be handled in case of any medical emergencies.
  • Access to Quality Medical Treatment: They offer access to quality medical treatment. Senior citizens can avail of the best medical facilities without worrying about the cost.
  • Tax Benefits: Premiums paid for senior citizen health insurance plans are eligible for tax deductions under Section 80D of the Income Tax Act. This provides an additional financial incentive for senior citizens to obtain health insurance coverage.
  • Customised Benefits: Such plans offer customised benefits that cater to the specific requirements of older adults. These plans are designed to provide maximum coverage for the specific health requirements of senior citizens.
  • No-claim Bonus: They also offer a no-claim bonus if no claims are made during the policy period. This means that the insured will receive a discount on the premium for the next policy period.

 

Do not delay your decision to invest in best health insurance for senior citizens. The insurers charge higher premiums from customers after a certain age, as their risk substantially increases. Thus- the earlier, the better.

Secure your health with comprehensive insurance plans from Nivabupa

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