Senior Citizen Health Insurance: Buying Tips to Remember!

Old age requires much attention! Senior citizens are prone to health issues due to the age factor, where frequent medical visits can drain a huge chunk of savings. Hence, senior citizens must consider buying health insurance especially for the people who are aged 65 years and above to make these treatments affordable. However, Senior Citizen health insurance needs evaluation before buying it. One needs to compare health insurance among various insurance providers for getting a good Senior Citizen health insurance policy.

Importance of Senior Citizen Health Insurance

There has been a terrifying increase in healthcare costs recently. As the age of a person increases, the healthcare costs also escalate, making them a burden to bear, especially in the retiring age. Therefore, the senior citizens think twice before spending their money after the medical expenses, which sucks away their retirement savings.

Health insurance in today's age is a necessity. But the senior citizens do not opt for investing in the health insurance plans because they fear that these plans will be very costly, and they will lose all their hard-earned money. They may not be wrong in their belief, but at the same time, paying a health insurance premium is always better than paying expensive medical bills. Senior Citizens should thus search for the best Senior Citizen health insurance in India and should invest in good health insurance plans for their secure future and health. 

Best Senior Citizen Health Insurance Plans - A Comparative Angle!

Senior Citizen health insurance plans have their limitations, such as high premiums, extensive medical tests, and a lot of exclusions in the policies. There are so many criteria to be looked into before choosing a good health insurance plan, such as:

• The age of entry and exit 
• Our age coverage of insurance 
• The maximum age for renewal 
• Exclusions 
• Critical illness cover 
• Waiting periods
• Co-pay
• Domestic or residential hospitalisation 

It becomes imperative to compare health insurance plans in India for a good choice of Senior Citizen health insurance plan. 

Let us mention here some of the popular senior citizen plans available in India – 

*Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Features of Senior Citizen Health Insurance

The following are the essential features of the Senior Citizen health insurance plans available in India:

• Expenses towards hospitalisation including room charges and medical bills
• The facility of cashless hospitalisation
• Daycare expenses due to advancing medical technology
• Coverage of ambulance charges
• Coverage of pre-existing diseases as per the terms of the insurer
• There is no necessity of any medical test before availing health insurance as per the terms of the insurer
• Coverage of a higher sum insured
• Quick and hassle-free claim settlement

Advantages of a Senior Citizen Health Insurance Plan

Following are a few benefits of availing a Senior Citizen health insurance:

• Health insurance premium gets tax exemption
• Availing medical treatment and other facilities across the nation 
• Enjoying cashless treatment as well as daily allowances as per the terms of the insurance company  
• Lifetime policy renewal option 
• Coverage for domestic or residential hospitalisation 
• Free-look period to cancel the policy
• Yearly health check-ups depending on the plan 
• Reloading of the sum insured depending on the plan

Exclusions of a Senior Citizen Health Insurance Plan

Let's now look at some of the standard exclusions under the Senior Citizen health insurance, to be kept in mind while getting the health insurance for senior citizens:

• Any pre-existing diseases or injuries, up to a certain waiting period 
• Any diseases which are diagnosed within 30 days of availing the policy 
• Any treatment which is the non-allopathic 
• Any expenses which are related to self-inflicted injuries 
• Any expenses due to drug abuse 
• Any expenses relating to spectacles, contact lenses, hearing aids and dental treatment (except for any accident)
• Any expenses incurred towards the treatment of AIDs 
• Any expenses incurred towards specific ailments like knee replacement, joint replacement, etc. are covered after two years of the policy's commencement of the policy 
• Any expenses towards cosmetic surgery 
• Any expenses towards injury due to war, war-like activities, an act of the foreign army, etc.

Things to Consider While Buying a Senior Citizen Health Insurance Plan

If one wants to buy a Senior Citizen health insurance for his or her parent or if a senior citizen wants to buy health insurance, then one needs to keep in mind the following five things to choose a suitable health insurance plan for oneself:

• Compare Health Insurance - Before buying a health insurance plan, one needs to compare the features of various health insurance plans regarding the coverage of a person's specific needs such as organ donation, dialysis, chemotherapy, etc. One should also be sure of the sub-limit of the room rent, doctor's consultation charges, and co-pay terms. Lower sub-limit or higher co-pay may result in the policyholder ending up paying a significant amount from his or her pocket.
• Waiting Period Claus - The lower the waiting period for any pre-existing disease coverage, the better is the health insurance plan considering the age of the senior citizens. One should choose a plan with a lower waiting period for using it quickly when the policyholder needs it.
• Higher Sum Insured- Considering the medical inflation and the uncertainties of the medical emergencies, one should choose the sum insured so that the policyholder and his or her parents are well-insured.
• Individual or Separate Policies for Parents- It is highly advisable not to include parents who are the senior citizens in any of the family floater plans. The premium is always based on the age of the eldest member of the family and the renewability of the policy, depending on the eldest member. Therefore, to avoid being used by only one parent while the entire family is sharing the sum insured, it is always better to buy separate policies or parents.
• Co-payment - Many health insurance companies offer senior citizen health insurance plans with a condition of co-payment, which means that a policyholder has to bear a part of the medical expenses. In contrast, the rest of the expenses will be taken care of by the insurance company. The Co-payment is usually a minimum of 20% of the sum assured. However, there are individual insurers who reduce this term of co-payment on every policy renewal. 

Tips on Selecting the Best Senior Citizen Health Insurance

Considering the steady rise in healthcare costs, it can be exceedingly difficult for senior citizens to get proper treatment at affordable rates. For a long time now, there is an increase in the life expectancy of an average Indian citizen due to improvement and advancement in medical healthcare products and services. Senior citizens do not have a stable income, so it becomes difficult for them to pay their medical bills. Thus, a health insurance plan becomes extremely useful to them. However, they need to keep the following things as a handy guide to buying health insurance:

• Age of Entry- Compare health insurance policies to choose an entry age 60 to 80 years so that one can buy health coverage for parents above the age of 60.
• Renewal Age- Compare health insurance policies to check the maximum age of renewal of the policy, which is the age until one can renew the health insurance once you choose a policy with maximum renewal age.
• Insurance Coverage– Look for the policies with the coverage of several pre-existing illnesses or sicknesses. As such, coverage comes after a long waiting period, it is preferable to choose a policy with a lower waiting period and broader coverage of illnesses, including medical conditions like cancer, diabetes, etc.
• Sum Insured- Many private insurance providers offer a higher sum insured on Senior Citizen health insurancecompared to other public sector insurance companies. Higher the sum insured, greater is the risk covered.
• Network Hospitals- This is a significant factor, so choose an insurer with an extensive network of hospitals, mainly in the nearby location of the policyholder. In case of any emergency, senior citizens can be admitted to the nearby network hospital for availing a cashless facility. 
• The Premium Amount- The insurance premium of any policy depends on the age of the individual. As the premium for health insurance is calculated on the eldest member's age, the premium amount will be higher. Therefore, one should go for a Senior Citizen health insurance separate policy rather than going for family floater plans. 

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