The onset of old age brings with it a slew of ailments that are costly to cure and care for. Various insurance companies offer health Insurance for senior citizens, which is designed for persons aged 65 and up. These health insurance plans conveniently cover a policyholder’s medical expenses.
As we become older, our physical and mental concern over money and our ability to pay for good treatment increases. Health Insurance for senior citizens is designed to help those over the age of 60 who are in need of medical treatment financially. Pre-existing disease coverage, critical illness coverage, cashless hospitalization, and a greater sum assured are all included in senior citizen health insurance plans.
As you get older, you run the chance of catching diseases and becoming ill. Because the later years of a person’s life are physically more difficult and financially less secure, having a medical insurance plan to cover any unexpected medical expenses is a wise choice.
Health insurance plans for older citizens and parents include benefits such as cashless hospitalization, critical illness coverage, and specific coverage for conditions such as cancer and stroke.
Purchasing health insurance for seniors of any age group is not only necessary, but also simple. Health insurers are offering newer and better plans with appealing features as the Indian health industry develops. While senior citizen health insurance plans were not available a few years ago, more and more insurance companies are now selling senior citizen health insurance policies to everyone over the age of 70. The market is currently swamped with a variety of health insurance plans intended exclusively for India’s ageing population.
Health Insurance for Senior Citizens Has the Following Benefits:
The following are some of the most important elements of health insurance policies for senior folks in India:
- Medical bills and accommodation charges are included in the hospitalization coverage.
- Hospitalization without the use of money
- Expenses for day care that arise as a result of technological improvements
- The cost of an ambulance is covered.
- Depending on the insurance provider one chooses, the pre-existing conditions are covered.
- There is no requirement for a medical exam in order to obtain medical insurance. However, the insurance company makes this decision.
- Coverage for a larger sum insured
- Coverage for pre-existing conditions
- Claim settlement in a shorter amount of time and with less hassle
The lack of income after retirement, as well as the rise in the incidence of diseases in older people, has caused worry among the population about how to pay for the ever-increasing medical costs spent in later life. In this situation, senior citizen health insurance plans are a boon to the common man, who can get coverage as they become older to pay the escalating costs of medical treatments that are typical as they get older.
There are some common qualities among the numerous senior citizen plans available on the market that you should be aware of before investing in one for yourself or your parents.
Let’s take a closer look at some of the most prevalent aspects of the senior citizen health plans now on the market:
Co-pay clause:
A co-pay clause is typically seen in senior citizen insurance, where the insurer requires the individual to split the claim in a predetermined ratio. The ratio, which normally falls between 10 and 30 percent, determines how much of a claim the policyholder is responsible for paying each time a claim is filed. For example, a plan with a 20% co-pay limit means that in the event of a claim, the policyholder will be responsible for 20% of the claim amount, while the insurer will cover the remaining 80%. So, for a claim of Rs.10,000 under the plan, you’ll have to pay Rs.2000 out of pocket and your plan will pay Rs.8000.
Limits on Sum Assured:
The amount of Sum Assured available under senior citizen insurance is typically limited. Because it is well known that senior persons are more vulnerable to medical emergencies, insurers normally cap the amount of coverage that can be obtained. With the exception of the Star Health Insurance Red Carpet Plan, the amount of coverage offered ranges from Rs1-3 lakhs.
Pre-existing clause:
Pre-existing conditions, which are frequent in other health plans, mean that the ailments you have at the time you acquire the plan are excluded from the scope of coverage for a period of time. This is referred to as the waiting period, and senior citizen insurance also include a waiting period clause for pre-existing sickness coverage. The waiting time can be anywhere from two to four years.
Medical examination:
Before granting coverage to a senior citizen, the individual may be required to undergo a health examination. This is done by the insurance company to determine the individual’s overall risk. The consumer, the firm, or both in a specific proportion may be responsible for the expense of the needed medical examination.
Apart from the aforementioned benefits, the senior citizen health insurance plan has practically all of the same features as regular health insurance policies. Now it’s time to spoil you with the many senior citizen health insurance plans on the market, as well as their individual benefits.
Though many insurance companies offer health Insurance for senior citizens, we’ve selected four companies that specialise in senior citizen plans. Take a look at this:
New India Assurance Senior Citizen Mediclaim Policy:
Individuals between the ages of 60 and 80 can purchase this insurance, which can be continued until the individual reaches the age of 90 provided the plan is constantly renewed with the company. Basic coverage comprises, among other things, pre- and post-hospitalization costs, ambulance fees, and hospitalization expenses for diseases and injuries.
Star Health Senior Citizens Red Carpet Policy:
If you are 60 years old or older and up to 75 years old, you can enrol in this plan. The plan can be renewed on an ongoing basis for the rest of your life. The coverage includes pre- and post-hospitalization expenses, as well as ICU charges, surgeon’s fees, and so on.
Tata AIG Medi Senior Plan:
Individuals aged 61 and over are eligible for the plan, which has no upper age limit. Inpatient hospitalisation, domiciliary care, organ donor expenditures, and ambulance charges are all covered under the plan.
Apollo Munich Optima Senior Plan:
This is a senior citizen health insurance place specifically designed for individuals aged 61 years and above. The most basic coverages include in-patient treatment, pre- and post-hospitalization, day-care operations, ambulance expenditures, and so on.
Claim Procedure for Senior Citizen Health Insurance
In India, the claims process for elderly persons’ health insurance policies is determined by the type of hospitalization.
Claims for Medical Treatment of Diagnosed Diseases: Cashless claims for medical treatment of diagnosed diseases are available. Every insurance company has a list of network hospitals that are permitted to provide cashless hospitalization and medical expenses to the insured. The following is the procedure for filing a claim for a planned hospitalization:
- Complete the claims form with information about the network hospital where the insured will be treated.
- At least 48 to 72 hours before the anticipated hospitalization, email or fax the form to the insurance company or Third Party Administrator (TPA) for approval of the cashless claim.
- Following acceptance, the insurance company or TPA notifies the hospital of the claim amount that has been granted.
- After the hospital treatment is completed, the insurance company or TPA pays the hospital directly for the expenses incurred.
- Emergency Hospitalization Claims: These claims apply to unforeseen situations that arise as a result of an accident or a sudden medical condition. In such instances, the insured or his/her family members must follow the following claim procedure:
- Within 24 hours of being admitted to the hospital, notify your insurance company or TPA and send the completed claims form through email or fax.
- The insurance company or TPA approves or rejects the cashless claims request after reviewing the form.
- The decision is communicated to the insured or a family member by the insurer or TPA.
