Can a Person Above the Age 65 Years Get Health Insurance?
With age, one gets more prone to illnesses. It is that period in one's life when one just wishes to retire and lead a hassle-free life. But as we know it, that seldom happens. Funds are required at all stages of life and required more if one falls in the senior citizen category. All kinds of expenses, especially ones incurred on health, need to be met.
Health insurance for senior citizens can prove to be a lifesaver in this regard, as it takes care of medical expenses as well as shields against unwarranted health emergencies.
Let’s Know About the Senior Citizen Health Plan!
Various insurance companies offer different health insurance for senior citizens (60 years and above). The plan covers major medical expenses, which may be incurred by the age group shortly. These are designed to cover such medical expenses, which are typical to this age group.
Some of the prominent features of health insurance for senior citizens are cashless hospitalization, coverage for a few pre-existing medical conditions, regular medical checkup, and consultancy charges, organ donation and transplantation charges, etc.
With this, getting health insurance after 65 years of age is not impossible. Many insurance companies' health insurance plans are specially curated for people above 60 years of age and have an entry age of up to 80 years.
How to Apply for Senior Citizen Health Insurance?
To purchase health insurance for senior citizens, a few things need to be kept in mind before finally making a purchase. To avail the best out of available health insurance plans, a few parameters and guidelines can be immensely helpful in securing the most suitable health insurance.
- Medical History: Take into account the medical history of the person to be insured. This will help in narrowing down the most suitable health insurance plans available in the market. Most health insurance for senior citizens cover pre-existing medical conditions under their health insurance plans. It is obvious that with increasing age, a person is liable to have some of the other kinds of underlying medical conditions, so health insurance companies are smart enough to take this criterion into account while formulating health insurance for senior citizens. To compare health insurance plans fairly and according to the best of suitability, this assessment must be made.
- Premium: The premium amount calculation should be done carefully before purchasing health insurance for senior citizens as the affordability of any plan is immensely important. To enroll in a plan that covers all the estimated medical expenses incurred after taking the affordability component into account can be a wonderful arrangement for the insurer.
- Compare: This is important. Compare health insurance wisely by taking into account several factors. The various covers and riders available under different health insurance policies must be factored in. If a policy covers expenses on liver treatment, but the insurer has no underlying condition with respect to the liver's functioning but has cardiac issues, consider some other policy that covers medical expenses incurred on cardiac diseases as a feasible option.
Features and Benefits of the Senior Citizen Plan
It is a myth that people above the age of 60 years cannot purchase health insurance policies. Benefits of a health insurance plan are numerous a few of which are mentioned below:
- Free yearly health checkups to be availed.
- Pre and post hospitalization medical bills are covered by health insurance.
- Insurers can avail of cashless hospitalization benefits.
- Medical bills, room charges, consultation fees, etc. are covered by the health insurance purchased.
- Pre-existing diseases covered for senior citizens in most health insurance policies.
- Healthcare amenities like ambulance charges (air or road ambulance), organ donation or transplantation expenses, daycare expenses covered by health insurance for senior citizens.
- Flexibility to choose the sum insured amount as per the estimated medical expenses and adjust premium amounts accordingly.
- Ensured financial independence for covering medical expenses and eases the burden on the family. This also helps in leading a dignified life.
- Regular medical expenses, as well as extraordinary circumstances of medical emergencies covered by health insurance.
- Tax benefits available to insurers under Section 80D of the Income Tax Act, 1961. Tax benefits of up to Rs 55,000 available under health insurance for senior citizens.
Don’t Forget to Compare with the Other Plans
Health insurance plans can be compared through online aggregator websites. These websites assist with an online calculator that helps calculating the premium and comparing the plans on various factors. To calculate premium quickly and easily, the following information is required:
- Age of the policyholder
- Policy term
- Coverage details of the policyholder
- Detailed medical history
- The type of policy to be purchased
- Sum insured needed
All one needs to do is fill out this information in the online calculator, and the premium amount gets generated immediately, and one can compare health insurance.
Things to Consider While Buying Senior Citizen Plans
While buying a term policy plan, a few pointers help in buying health insurance for senior citizens. These are:
- Solvency Ratio: This is the measure of the financial capability of an insurance company. The solvency ratio needs to be 1.5 as per the IRDAI.
- Medical Conditions: Pre-existing medical conditions and anticipated medical issues need to be taken into consideration for purchasing the most suitable health insurance.
- Critical Illness Rider: Having a critical illness rider enables the insurer to claim getting diagnosed for any critical illness such as pulmonary diseases, cancer, or tumors. The amount received can be used for paying high treatment costs.
- Claim Settlement Ratio: This is a measure of the percentage of claim settlements made by the company against the total number of claims made in a particular year. Higher the ratio, better is the company for taking the best health insurance policy.
Ans: Depending on the policy and the company, the age limit could be as little as 91 days and as high as 80 years.
Ans: Yes, most of the health insurance covers ambulance charges- road and air.
Ans: Most of the health insurance for senior citizens cover a list of pre-existing medical conditions. One can compare policies to find the pre-existing medical conditions covered by the policies.
Written By: Paisawiki - Updated: 22 February 2021