Senior Citizen Health Insurance Plans - Benefits and Types

Your health risks are increasing with your age. Rising medical costs can take a big toll on you.

Since elderly people are more likely to have diseases, it can lead to creating a dent in their pocket. So, the major worries for most senior citizens are their deteriorating health.

Thanks to the availability of senior citizen health insurance.

When you buy health insurance, you won’t deplete your savings in case of a medical emergency. The sooner you avail of health insurance, the better for your finances.

Why the Need for Health Cover for Your Parents?

With age, your parents are more prone to specific medical care. You may also have serious illnesses or ailments, causing higher medical bills that can burn a big hole in your pocket.

The best senior citizen health insurance keeps you financially strong in these situations. You’re free from financial burden. You don’t need to worry about it.

Some health policies provide your parents with routine health checkups that can help you keep track of their health.

Benefits of Health Insurance for Senior Citizen Plans

Key benefits of health insurance for senior citizens include:

• Higher sum insured benefit
• Tax benefits You may also like to read Top tax benefits available for senior citizens
• Annual Health checkups
• Free-look period
• Cashless hospitalization
• Quick and hassle-free claim settlement You may also like to read Best health insurance companies in claim settlement
• Overage for Pre-existing diseases (subject to terms & conditions)

Here are some more benefits in detail:

Daycare costs

The health plans for senior citizens cover the costs of daycare procedures like chemotherapy, dialysis, or using specific medical equipment.

Ambulance charges

Ambulance costs are covered. But, these costs might be subject to a maximum limit.

You may also like to read Top Health Insurance Plans with Ambulance cover

Hospitalisation charges

Expenses like room charges, doctor fees, nursing fees, and the cost of medicines are covered in case the hospitalization is more than 24 hours.

Pre and post-hospitalisation

The costs of pre and post-hospitalization are also covered under this policy. The number of days covered varies from insurer to insurer.

Types of Health Insurance Plans for Senior Citizens

Insurance companies offer different types of health policies for senior citizens in India. Below are some of them.

Senior Citizens Plans

According to IRDA, every insurance company in India is bound to provide health policies for people up to 65 years.

As a result, most insurers create special dedicated individual policies for senior people, known as senior citizen plans.

The waiting period for pre-existing illnesses under these plans generally ranges between 1-2 years. These plans are perfect for those who have not bought an individual plan until 61.  

Individual Plans

An individual plan is designed to provide people with coverage for a vast range of illnesses/diseases and additional benefits that match their particular needs.

Family Floater Plans

These plans offer coverage for the entire family under one umbrella. In these plans:

• The entire family is insured under one plan.
• One family member can claim the entire claim amount.
• Individual claims can be made by individual family members up to the sum insured.

Although family floater plans sound more affordable, individual plans are better for senior citizens. This is because the chances of claims during this age period are higher. So, it can exhaust the plan in no time.

Moreover, the premium of a family floater plan with senior individuals is set on the oldest member covered by the policy. So, the premium will be higher.

Group Plans

If you work with a reputable company, most probably you have a group health insurance policy. Many organizations offer their employees health insurance with covers extended to family members as well.

While you can avail the benefits of a group health policy, this may not provide adequate coverage to your parents.

In addition, many companies are restricting such plans or withdrawing parental coverage altogether.  

That’s why buying additional health insurance is a necessity.

Top-Up Plans

Doesn’t an individual plan fit into your budget? Do not worry. A top-up plan is a way to go.

These plans are cheaper than individual plans, and they take care of higher claims. Also, the coverage under a top-up plan is higher than health policies for senior citizens.

Exclusions

Certain things are not covered under senior citizen health insurance. Let’s uncover them –

• Any diseases contracted within 30 days from the date of getting the policy
• Expenses made for injuries caused by the policyholder himself/herself
• Pre-existing diseases or injuries
• Expenses for injuries caused by drug abuse
• Non-allopathic treatment
• Medical expenses incurred in the treatment of AIDS
• Cosmetic surgery
• Certain ailments like joint replacement, etc. covered only after 2 years of availing the policy
• Cost of spectacles/lenses
• Dental treatment (except arising out of an accident)
• Injury due to war, an act of a foreign army, etc.

Example

Mrs Geeta is 60 plus, a woman suffering from asthma for a very long time. The insurance company rejected her claim as her condition was considered a pre-existing ailment. And the pre-existing disease was excluded from her health insurance policy.

So, when you buy a senior citizen plan for your parents, make sure you go through the policy words and know about all the exclusions.

To sum up, health insurance plans play a significant role in keeping older people healthy. If you want to buy a health plan for your parents, contact InsuranceDekho. We will be happy to find the best health policy for your parents.

Also Read:

Is Senior Citizen's Red Carpet Health Policy Good for Seniors?

Factors to Consider in Choosing a Senior Citizen Health Insurance Plan