A Glance On Senior Citizen Health Insurance Schemes: Their Significance And Importance

Older people are more prone to falling ill or suffering from ailments as compared to the younger generation. Old age is not kind to anyone ad has a detrimental effect on one’s health. Ailments that older people suffer from are not only expensive but also have long-term effects. Senior citizen health insurance schemes are crucial for any elderly person – be it your parents, grandparents or relatives. In this way, your senior citizen health insurance policy will pay for medical expenses without the person having to worry about huge hospital bills amid a medical crisis.

There are too many insurance companies in the market nowadays. Finding out the right one that suits your needs, with more benefits for less monthly premium is the goal. Finding the right senior citizen health insurance policy that suits your needs is also important. Before buying yourself or your elderly parents’ health insurance, knowing all its facets will keep you at an advantage from facing loss.

What Is Senior Citizen Health Insurance?

It is a specific type of health insurance scheme that covers medical expenses like hospital bills, medications, check-ups or treatments for people above the age of 60 years. This type of health insurance policy also covers expenses incurred for the treatment of pre-existing illnesses, critical illnesses and/or COVID treatment.

Benefits Of Buying Senior Citizen Health Insurance:

A senior citizen policy is highly beneficial and recommended for elderly people. Some of the benefits of having a senior citizen health policy are as follows:

• Medical coverage provided by senior citizen health policies is adequate for people above 60 years.
• In most cases, policies do not require one to undergo medical screenings.
• Hospitalization covers included pre, post and during-admission care.
• Network hospitals under the insurance company will provide cashless treatments.
• For every claim-free year, there are added benefits such as the No Claim Bonus (NCB).
• Senior citizen health insurance schemes have lifetime renewal options.
• Provides financial security, independence and a relaxed state of mind to the insured and his family.
• There are tax benefits under clause 80D.

Why Should You Go For Senior Citizen Insurance Schemes Where Applicable?

The reason is quite simple – any healthcare emergency can prove to be emotionally, physically and financially draining for any individual, especially elderly people. It is no secret that older people tend to fall sick or have ailments more often. With a senior citizen plan, the financials or medical expenses can be handled without you having to worry much. There are a handful of other reasons why senior citizen plans should be considered:

• Quality medical treatment expenses are increasing daily. Insurance plans will help you get the best treatment without making it financially straining for you. 
• Most senior citizen plans have add-ons like critical illness coverage. One can stand to benefit from these built-in or add-on features of the policy.
• Without worrying about cost, an insured person can avail of free medical checkups annually.

What Is Generally Covered Under Senior Citizen Health Insurance Plans?

• Hospital expenses – room rent (whether single or shared accordingly), doctor’s charges, medications and ICU charges.
• Expenses for treatment during daycare.
• Pre and post-hospital expenses.
• Ambulance charges
• COVID-19 coverage as chosen by the insured person in his mediclaim policy.
• A pre-existing disease or critical illness cover
• Cost of AYUSH treatment
• Organ donor expenses, if any.

What Is Not Covered Under Senior Citizen Health Insurance Plans?

Here are some of the things that are commonly excluded from senior citizen health plans:

• Health insurance plans for senior citizens do not include coverage for expenses for treatment involving self-infliction, harm or suicide.
• Treatment for any substance abuse, alcohol, drug or other similar means.
• Cosmetic surgery
• Treatment for pre-existing injuries that we had before signing up for the policy will not be insured.
• Cost of treatment for HIV AIDS
• Except for accidental mishaps, treatment of any disease diagnosed within the first month of taking the policy will not be insured.

Things To Consider Before Buying A Senior Citizen Health Insurance Policy:

A senior citizen health insurance scheme is highly beneficial for elderly people, as they are prone to getting critically ill at any given moment, given their age. While buying such a policy may seem easy nowadays, it is always best to consider these options before signing up for any policy:

• Check whether the insurance policy covers tests and daycare treatments like dialysis, blood tests, radiotherapy or others.
• Every insurance company has a list of hospitals they have tied up with, which provided cashless treatments. Try to find out if there is one in your locality.
• Free periodic medical checkup facility is a good clause that should be under the senior citizen scheme.
• Always looks for an insurance plan that offers a lifetime renewal option.
• Carefully read and understand the co-payment clause of the insurance documents which specifies the part of the claim which have to be borne by you.
• In case of pre-existing diseases, make sure to choose a plan with a minimum waiting period.