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Health insurance for senior citizens

Health insurance for senior citizens

Availing health insurance benefits from health insurance policies for senior citizens is of utmost importance as in old age they become more susceptible to diseases and disabilities. However, much of the burden of ill health can be cured with proper health care facilities. Proper Health care facilities can be provided to elderly people without worrying about the expenses involved if they have invested in a good health insurance policy.

With developments in the Indian Health care industry, health insurers are offering newer and better plans with attractive features. A few years ago, there were scanty or not even available health insurance plans for senior citizens, now, most of the insurance companies are offering health insurance plans for senior citizens where individuals aged above can avail themselves of the insurance plans. The current insurance companies have included a wide range of health insurance plans specifically designed for India’s geriatric population.

The absence of income post-retirement and the rise of incidence of diseases in older ages have given rise to concerns among the population on how to bear the ever-increasing medical costs incurred in the later stage of life. In such a scenario, senior citizen health insurance plans are a form of blessing to the middle-class man, who can avail the coverage benefits in their older ages to take care of the rising cost of medical treatments in their old age.

Most of the senior citizen insurance plans available in the market have certain common features which should be know before venturing to invest in the plans either for yourself or for your parents. Let us have a detailed look at the common features that you should know before venturing to invest in health insurance plans. Let get into the depth of the common features of senior citizen health plans currently available in the market.

Co-pay clause : 

The co-pay clause is generally applicable for senior citizen policies where the insurer insists on the claim being shared by the individual in a certain predefined ratio. The ratio usually ranges in the zone of 10-30% and defines the proportion of claims that are to be paid by the policyholder every time a claim is raised.

For instance, a plan with a co-pay limit of 20% indicated that in case of any claim that arises under the plan, 20% of the amount of claim will have to be borne by the policyholder and the insurer will honor the rest 80% of the claim. So for a Rs 10,000 claim under the plan, you will have to sell out Rs 2000 yourself and your plan will pay Rs8000.

    Limits on the sum assured:

The sum assured which is available under the senior citizen plans is usually limited in amount. As it is known that senior citizens are at higher risk of medical contingencies, insurers usually cap the maximum amount of coverage that can be availed. The amount of cover which is being granted ranges from Rs 1to 3 lakhs generally with an exception star Health Insurance Red Carpet Plan.

  Pre-existing clause : 

 These pre-existing conditions are common in other health plans, pre-existing conditions that take into consideration the ailments that are being suffered at the time of buying the plan and are excluded from the scope of coverage for certain years. The senior citizen policies also have a waiting period clause for the coverage of pre-existing diseases. The waiting period can range from 2-4 years.

Medical examination : 

In many cases, Senior citizen plans may include a compulsory health check-up of the individual before the cover is granted. To assess the overall risk presented by the individual, a medical examination is done by the insurance company. The required medical examination cost may either have to be borne by the customer or the company or both in a specified proportion. Apart from the above features, almost all other senior citizen health insurance plans are similar to those present in normal health plans. Though many companies have policies that cover senior citizens, here we have chosen insurance companies that offer specially designed senior citizen plans.

also read: Best insurance companies in India

New India Assurance Senior citizen Mediclaim Policy

A policy which can be availed by individuals aged 60-80 years and which can be continued till the individual reaches () years of age if the plan is continuously renewed with the company. The basic coverage includes pre and post-hospitalization costs, ambulance charges, hospitalization expenses for illness, and injuries to name a few.

Reimbursement of hospitalization expenses for illness/ injury sustained is covered in this policy. In the event of a claim becoming admissible, the company will pay the expenses under certain conditions mentioned in the policy

Star Health Senior citizens red carpet policy

This plan can be availed by you if you are aged 60 years and above till 75 years. A pre-acceptance medical screening test is not required. This policy covers pre-existing diseases from the second year onwards. Medical consultations as an out-patient are available in a network hospital. Constant premium with lifetime renewals is guaranteed. There is a facility to renew the plan continuously for the entire lifetime. Hospitalization expenses including pre and post-hospitalization, ICU charges, Surgeon’s fees, etc are covered in the policy.

TATA AIG medi senior plan

Individuals aged 61 years and above with no minimum entry age limit can avail of this plan conveniently. This plan provides inpatient hospitalization, domiciliary treatment, organ donor expenses, and ambulance charges among others. It covers pre-existing illnesses. The convenience of cashless claims can be enjoyed

APOLLO MUNICH OPTIMA SENIOR PLAN

This plan has been designed for individuals aged 61 years and above. This health insurance plan offers to cover senior citizens along with their spouses. A 5 % discount is offered if your spouse is also covered under the plan. No maximum cover ceasing age in this policy is present, which means that once you are insured you are covered for life. A life-long renewal opportunity is there. No claim-based loading or claim-based underwriting. Cashless transactions can be done across 4000 network hospitals. Among the list of coverages provided, the basic ones include in-patient treatment, pre, and post-hospitalization, day-care procedures, ambulance charges, etc.

The Hartford

Hartford’s fully insured group retiree health insurance plan is planned in such a way that it can help pay medicare- eligible deductibles, co-payments, and out-of-pocket medical expenses not covered by medicare. This helps in relieving the companies of the retirement benefit burdens and may even lower their costs. It Integrates with medicare’s cost-containment measures. The retirees are taken out of the active employee medical plan, which can improve the efficiency of the employee plan. The employers can choose from a variety of prescribed drug plan options accordingly which best suits the needs of their retirees. The retirees can have access to any provider hospital nationwide at home or away. This policy offers great coverage.

GEICO:

GEICO checks and recognizes that the needs and interests of the customers over the age of 50 are different and accordingly, they try to provide the best policy. A primetime contract could be automatically applied to your policy when you first buy a policy with GEICO or at the time of renewal.

HDFC ERGO:

Offers affordable health plans, my: health Suraksha silver smart is the most suited plan for your parents that takes care of all their medical needs at an affordable premium. You can boost up your existing health plan with a super top-up policy that offers higher coverage at a lower premium. Hospitalization expenses like emergency and planned hospitalization for medical expenses are included. All expenses such as ICU, diagnosis, medicine, room rent, and nursing costs remain covered. Full Coverages towards doctor consultations, check-ups, and prescriptions that happen 60 days before hospitalization and many other benefits like adventure sports injuries, self-inflicted injuries, war, STD, cosmetic surgery all are included.

MAX BUPA HEALTH INSURANCE:

The health insurance plan provided by Max Bupa’s seniors first covers pre-existing conditions up to a certain level with a waiting period of two years. It provides an assurance and complete peace of mind by giving access to health check-ups from day 1 & coverage for daycare treatments like angiography, dialysis, radiotherapy, chemotherapy, and more.it promises the seniors by providing health coverage without any sub-limits on common health conditions like cataracts, joint replacements, cancer, or more.it provides a hassle-free reimbursement process

National health insurance: 

National senior citizen mediclaim policy is a health insurance policy for the aged groups of people having higher sum insured up to 10 lakhs. The policy covers all the expenses in respect of inpatient treatment in the category such as allopathy, Ayurveda, and homeopathy, domiciliary hospitalization, reasonably and customarily incurred for treatment of diseases or an injury which is contracted or sustained during the policy period.

conclusion:

Concluding, many people think that senior citizens cannot get health insurance if they have a pre-existing condition. So many people refrain from buying health insurance if they have a pre-existing condition such as diabetes, hypertension, etc, as they believe that they will be denied a health cover. This is not true. If you have turned 60, you still can live a stress-free life by getting into the right health insurance plan.

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