Can a 75 Year Old Get a Health Insurance? Check Benefits & Inclusions

As people transition into the golden period, they start facing various challenges related to their health. Senior citizens above age 75 are more prone to illness as compared to young people. Under such circumstances, it is important to prepare yourself for the upcoming medical challenges and treatment expenses that come with it. Not every individual can afford to pay from their pocket in case of a medical emergency, for such cases insurance plans act as a great support system.

Several health insurance plans are designed for people 75 years or above. The health insurance plans cover your treatment costs, medical expenses, room rent, and other expenses that the policyholder incurs during the period. One can buy these plans for themselves or their parents and prevent the financial burden.

Investing in a Senior Citizen Health Insurance Plan at the right time can bring in various benefits. Let us learn about these plans, their benefits, and related government schemes and subsidies. Further, we will pen down some of the top Health Insurance Plans for 75-Year-Old in India and factors to consider at the time of purchase.

What is a Senior Citizen Health Insurance Plan?

With age, people start operating slowly and the immunity system becomes weaker. Thus, the risk of getting hurt or infected with a disease is high. They may often require medical attention or treatment for critical illness, resulting in heavy medical bills.

Senior citizen health insurance plans act as a shield in such a case and prevent the policyholder from financial strains. These plans may have a higher premium rate due to higher vulnerability to illness. But, they even offer preventive care benefits and cashless treatment options apart from the comprehensive coverage plan. The entry age for such a plan is 60 years with no maximum limit, i.e., it can be used by a 75-year-old individual to meet their medical needs.

Key Highlights of Senior Citizen Health Insurance Plan

Some of the key features of a Senior Citizen Health Insurance Plan include:

• Coverage: The plan covers yearly checkups, daycare treatments, pre- and post-hospitalization expenses, and other medical costs.
• Sum Insured: Senior citizens are at a higher risk of getting infected or facing serious health issues. Hence, they should go for a policy with a high sum insured, i.e., the amount the insurer pays on claim approval.
• Cashless treatment: Most senior citizen health insurance plans offer cashless treatment options, in which the insurer pays the medical bills in case of hospitalization in a nearby network hospital.
• Preventive care benefits: This feature covers vaccinations, screenings, lab tests, health monitoring programs, and more.
• Renewability: In most insurance plans designed for senior citizens, the policyholder gets a lifelong renewability benefit.

Benefits of Senior Citizen Health Insurance Plan

Senior citizen health insurance plans offer financial security to your parents when they grow old. Your elderly parents can get high-quality treatment without stressing over the medical bills and other expenses. Besides this, there are several benefits associated with senior citizen health insurance plans, including:

• Medical Coverage: With the Senior Citizen Health Insurance Plans, the policyholder above 60 years can access comprehensive coverage and other benefits.
• No Claim Bonus: If senior citizens constantly work on their health and avoid making any claims during the policy tenure, they are eligible for No-claim bonus and get a discount on high premiums.
• Cashless Treatment: People above 75 years can get proper medical treatment without paying medical bills from their earnings using cashless treatment. All you need to do is get hospitalized for a day in a nearby network hospital and claim your insurance plan.
• Pre-Medical Screening: Some insurance companies do not demand medical screenings when buying a senior citizen insurance policy. Thus, making the entire process easy and fast for most people.
• Tax Benefits: As per Section 80D of the Income Tax Act, if an individual pays the premium for a senior citizen's health insurance plan, the person is eligible for tax deductions.

Top Health Insurance Plans for 75-Year-Old in India

Factors to Consider When Buying Health Insurance for a 75-Year-Old

Take into consideration the following factors when selecting a senior citizen health insurance plan:

• Claim Settlement Ratio: Make sure to check the CSR of your selected insurance company to understand how good they are at settling claims. A high CRS implies the company has a good track record of settling claims and providing financial assistance.
• Network Hospitals: Review the list of reputed network hospitals in your area as they offer cashless treatment options during medical emergencies.
• Extensive Coverage: It is highly recommended to check what is covered under your comprehensive plan, such as daycare costs, hospitalization expenses, preventive health checkups, etc.
• Waiting Period: Try to invest in a plan with a minimum waiting period, so you get timely financial support in case of a medical emergency.
• Medical Examination: Certain insurance providers do not ask for medical examinations before policy purchase. Choose these policies as they have less risk of getting rejected.
• Domiciliary Hospitalization: Few senior citizens find it difficult to bear the hospitalization cost. In such cases, Domiciliary Hospitalization cover acts as a great source to get treatment conveniently from home without paying any extra charges.

Why Health Insurance is Essential for a 75-Year-Old

A sudden hospitalization of an elderly person above 75 years can break the family members emotionally. In such a scenario, stressing over medical bills and financial state can impact the mental state and health. Hence, it is essential to pre-plan and buy a suitable health insurance plan for a 75-year-old. Here are a few more reasons to get a health plan early.

• Growing Medical Concerns Due to Lifestyle: Modern-day lifestyles and habits can result in critical health issues and diseases that require proper treatment. Senior citizens have a weaker immune system and being a part of this modern-day lifestyle can be risky. You cannot control the outer world but can surely plan for the long-term treatments and expenses beforehand with the right insurance plan in hand.
• Frequent health check-ups: As people get old, they often suffer health issues and other problems. Thus, requiring a frequent visit to the hospital resulting in huge medical bills. With a senior citizen insurance plan, there come several benefits, including preventive health check-ups that detect problems early via screening and diagnosis. Also, they prevent your savings from getting exhausted in regular health examinations and check-ups.
• Rise in Medical Inflation: For treating several health conditions, hospitals use advanced medical equipment, which is costly. To balance the amount of this equipment, hospitals increase their treatment costs. Keep in mind not every individual can afford these expensive advanced medical treatments.

Inclusions and Exclusions of Senior Citizen Health Insurance Plan

Under the senior citizen health insurance plan, the following scenarios are covered and excluded from the plan, such as:

Inclusions

• Pre-and Post-Hospitalisation Expenses
• In-patient Treatment costs
• Daycare treatment charges
• AYUSH Treatment
• Ambulance cover
• ICU charges
• Specific pre-existing diseases
• Preventive health checkups
• Domiciliary Hospitalization

Exclusions

• Cosmetic or dental surgeries
• Pregnancy and childbirth
• Any injury incurred due to alcohol consumption or self-inflicted
• Sexually transmitted diseases
• International treatment
• Pre-existing diseases not disclosed in the policy document

Government Schemes and Subsidies for Senior Citizen Health Insurance

The Government of India has launched and released various health insurance schemes for senior citizens including:

• Ayushman Bharat PMJAY
• National Varishtha Mediclaim Policy
• National Senior Citizen Mediclaim Policy
• Oriental Senior Citizen Hope Health Insurance
• United India Senior Citizen Mediclaim Policy
• New India Assurance Senior Citizen Mediclaim Policy

How To Buy Senior Citizen Health Insurance With InsuranceDekho?

Here are a few steps that one must follow to purchase Senior Citizen Health Insurance plans for Your Parents with InsuranceDekho:

Step 1: Make a visit to the InsuranceDekho website and go to the "health" tab on the top menu.

Step 2: Provide your contact details, name, and other personal details as requested.

Step 3: An OTP will be sent to your mobile number for account verification.

Step 4: Provide answers to a few questions that pop up on your screen and press the "View Quotes" option.

Step 5: Mention family members for whom you want a policy cover and press the "Continue" button.

Step 6: Add age, email address, and city name before moving forward and press the "Submit" button.

Step 7: The InsuranceDekho online portal will display the list of the best senior citizen plans based on your requirements.

Step 8: Check, compare, and make premium payments for the plan that best suits your needs to complete the process.

Conclusion

A 75-year-old is eligible for different health insurance plans in India. These plans offer financial security against critical illness, health-related medical treatments, and medical emergencies. Check several health insurance plans for senior citizens and compare them based on different factors before purchasing. Further, go through the steps on how to purchase one from InsuranceDekho and secure funds for medical emergencies.

FAQs

Ques 1: What are the eligibility criteria for senior citizen policy?

Ans: The minimum entry age for a senior citizen's health insurance policy is 61 years with no maximum age limit.

Ques 2: Will I get Tax Benefits if I pay a premium for my parent’s senior citizen health insurance plan?

Ans: Yes, you can get tax deductions on your premiums paid for your parent's senior citizen health insurance policy. A maximum of 50000 tax deduction is available for such premiums according to section 80 D of the Income Tax Act.

Ques 3: Do Senior Citizen Insurance plans have a higher premium than people below 60 years?

Ans: Yes, the premium rate for senior citizen insurance plans is higher as elderly people are more vulnerable to health issues and illness. The risk of getting infected is higher as they have weak immune systems compared to people below 60 years of age.

Ques 4: Are Pre-existing conditions covered under senior citizen health insurance policy?

Ans: Yes, insurance companies cover pre-existing conditions in their coverage plans but with a waiting period of 2-4 years.

Ques 5: Under the senior citizen insurance plan, how many members can get coverage?

Ans: Only one member above 60 years of age can access the coverage and other benefits under the senior citizen insurance plan.