Why is health insurance for senior citizen important?
With old age comes many other things primarily related to health, such as deteriorating health conditions, physical challenges, financial restrictions, and high medical expenses. Subsequently, it is fundamental to have sufficient health care coverage to deal with clinical costs in the later years of life. Health insurance for senior citizen is a boon for senior citizens, such that senior citizens or people above 60 years can handle their medical expenses independently.
For what reason is Health insurance for senior citizen is vital in India?
With headways in medical sciences, India’s average human life has expanded to more than 70 years. However, the retirement age has stayed steady, and as one gets more aged, there is less and less cash accessible to deal with regular expenses. On top of it, medical expenses are rising. Along these lines, in case one becomes sick, the budget for the entire family goes for a throw. Hence, if one has a health insurance policy for senior citizens, these expenses can be easily dealt with.
Most insurance agencies offer customary medical coverage plans where parents can be covered. However, these plans permit a maximum age of 65 years. Be that as it may, senior citizen health insurance policy allows entry age till about 80 years. These policies offer exclusive advantages and have select highlights focused purely on senior citizens. There is an enormous populace of senior residents in India who are either not covered by any medical coverage or are insufficiently covered. Therefore, a health insurance policy for senior citizen is a response to every one of these issues.
Moreover, health insurance policy gives senior citizens peace of mind as paying high medical bills could be very strenuous for them to handle.
Benefits of health insurance policy for senior citizen
The main benefits of medical coverage for senior citizens are mentioned below:
- Under senior citizen health insurance plan, a person above 60 years of age gets medical cover wherein a basic health plan only covers a person up to 65.
- With the help of senior citizen health insurance plan, senior citizens can avail cashless treatments in a specific hospital provided the patient is admitted in the hospital for 24 hours.
- Majority of the senior citizen health insurance plans do not require pre-medical screening; however, certain policies might require pre-medical examinations.
- This policy covers medical expenses incurred for in-patient hospitalisation and pre-and post-hospitalisation.
- Health insurance policy for senior citizen offers no-claim-bonus that can range between 20 percent to 100 percent (in some plans) for all the claim-free years.
- Another prime benefit of this policy is that it offers tax benefits under section 80D of the Income Tax Act for the policy’s premiums.
Inclusion in the health insurance policy for senior citizen
- Senior citizen health plan covers hospitalisation expenses that include room rent, doctor and nursing fees, ICU charges, cost of drugs and medicine, and cost of surgical appliances amongst others.
- It covers specific daycare treatments which require less than 24 hours of hospitalisation or procedure such as chemotherapy, dialysis etc. The policy also covers home treatment.
- The policy also covers the cost of chemotherapy, radiotherapy, cost of prosthetic devices like a pacemaker, vascular stents etc. orthopaedic implants and more. Expenses incurred for x-ray, diagnostic tests, blood tests and similar procedures, required during hospitalisation is covered.
- Medical expenses incurred for pre-and post-hospitalisation is included under senior citizen health insurance policy.
- The policy also covers expenses for coronavirus treatment to a specific limit.
- The senior citizen health plan also offers cover organ donor expenses, ambulance charges along with pre-existing disease (subject to specific terms and conditions).
- It also covers alternative treatment expenses such as Ayush treatment.
Exclusion in the health insurance policy for senior citizen
Some regular prohibitions in medical coverage for senior residents are:
- A claim filed within 30 days of purchase of the health insurance policy is excluded, except if something happens because of injury or accident.
- Chronic drug use/AIDS/HIV/Sexually transmitted diseases/self-injury/suicide attempt is excluded.
- Joint replacements are covered simply after a predetermined time span.
- Some health insurance policies cover previous conditions, such as diabetes and asthma, but only when the policy has been active persistently for a predetermined period.
- A restorative medical procedure or cosmetic procedures/dental except in case of accidents, cancer or burns.
The bottom line is senior citizen health insurance policy is a useful product for all individuals above 60. If you want to know more about health insurance policy for senior citizens, you may visit BimaKaro.in speak to their financial experts for better understanding and opt for the right one.