*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Health insurance for the elderly section of our society is an imperative thing that everyone should consider. In order to live those rains days with ease, a health insurance policy is essential. Considering the importance, the Insurance Regulatory and Development Authority of India (IRDAI) instructed the insurance providers to introduce such plans years back. These plans have gained popularity among the senior citizens and that’s why new guidelines or regulations keep implemented time to time to ensue better services.
The IRDAI has implemented a slew of measures to make insurance accessible and customer-friendly.
Multiple Installments: One such change is the provision to pay health insurance premiums in multiple installments. Earlier, health insurance providers collected health insurance premiums annually and as one-shot payment.
As per the Government’s Senior Citizen’s Health Insurance Policy, the following rules and regulations have been laid down by IRDAI.
A committee has been constituted by IRDAI to understand the special requirements of senior citizens. Recommendations by the committee are either accepted or vetoed. Accepted recommendations are incorporated into the policy. This committee will also compare health insurance schemes for senior citizens and suggest improvements. Those guidelines say:
Introduced by the IRDAI, this policy came into effect on April 1st, 2020. It is a Novel Coronavirus standardized health insurance plan. All health insurance providers have been instructed to offer this policy to their customers. The plan offers health insurance coverage ranging from Rs 1 lakh to Rs 5 lakh.
The significance of this policy is that it provides a single point of reference for those who are bogged down by the innumerable number of plans on offer by various insurance providers. Given the extent and number of options available, it becomes an uneasy task to select a policy. Therefore, IRDAI thought it appropriate to bring a single policy that fulfilled all the requirements of a health insurance plan, provided all the features of a regular insurance plan, and is easy to apply for and take.
Being a comprehensive plan, it is appropriate for senior citizens. Not only is it moderately priced, but it offers a whole set of features that makes it an excellent alternative or primary health insurance plan for senior citizens.
Some of the features of the plan are:
The benefits of this policy on senior citizens are innumerable. It is especially helpful for senior citizens given the affordability of this policy, which reduces financial stress on senior citizens.
The four main insurance companies in the public sector offer government-backed health insurance schemes. They are namely:
This policy is open for senior citizens in the age bracket of 60 to 80 years. The policy is renewed yearly and covers a range of medical conditions and diseases and also covers pre and post-hospitalization expense coverage. The policy provides coverage for organ transplantation as well.
This is a comprehensive senior citizen health insurance policy that can be availed by anyone above 60 years of age. There is no upper age limit. Also included are optional coverages ranging from Rs 1 lakh to Rs 5 lakh. The insurance policy only covers specific ailments and also has a compulsory copayment clause of up to 20%. HOPE gives cent percent coverage for injuries caused due to accidents. Given that the policy covers all major illnesses, and also the fact that there is no upper age limit, it is a very beneficial policy for senior citizens.
This is the planet’s largest government-funded healthcare plan for citizens in the urban poor and rural poor classification. The plan intends to reach more than ten crore people in the country. Active from September 2018, the scheme is accorded to those families or individuals who are classified in the deprived charts prepared as per SECC stats. The rural poor are classified as such based on their housing standard and living conditions. The urban poor is classified based on the nature of their occupation.
The plan is open for people of all age groups, and that includes senior citizens as well. All government and non-government empanelled hospitals can accept this plan. An Ayushman Mitra representative or personnel is the point of contact at accepting hospitals, where this person will coordinate with the hospital on behalf of the Ayushman Bharat policyholder.
Currently, the scheme has been renamed or called as PM – Jan Arogya Yojana.
Not just India, but the world is recognizing the value of elderly citizens, not only with affordable senior citizen health insurance policies but also with dedicated days recognizing their importance. October 1st has been identified as the World Elderly Day by the United Nations. The intent of having such a day is to increase awareness of the problems confronted by senior citizens and how the younger generation should help them help themselves.
Given the numerous health insurance schemes available, it will be a good idea to compare health insurance from public sector health insurance companies and also government-funded health insurance schemes to make an informed decision on the policy to take. Senior citizen health insurance is becoming more robust and solidified, given the fact that they are a priceless asset to the world.