When we think about insurance, we think about the future and how we want to secure our lives when we age. If you have senior citizens in the family, you must buy a comprehensive Senior Citizen Health Insurance policy which caters to their specific needs. Senior citizens are the backbone of a family, they may go through more severe health problems than the younger members of the family, an emergency hospitalization can be both emotionally and financially distressing hence it is extremely important to safeguard the health of the senior citizens. There are several insurance policies available, but you must choose the best and most convenient health insurance plans.
The rising medical treatment and hospitalization costs can make you lose all your savings during a health crisis. For senior citizens, health insurance plans are design specifically with low premiums, they also get critical illnesses cover, like heart ailments, kidney problems, cancer, etc. which becomes higher with age, low co-payments, and better benefits like complimentary health checkups, and less waiting periods and more. Here are a few things you should take note of before buying a Senior Citizen Health Insurance.
What are the inclusions in a Senior Citizen Health Insurance?
Some of the common coverages provid under Senior Citizen Health Insurance plans are list below:
- HospitalizationExpenses: This includes room charges, doctor and nurse fees, cost of medicines, ICU charges, cost of surgical appliances, operation theater charges, charges of implants, prosthetic devices, diagnostic tests, require during the hospitalization of the senior citizen. Some even cover organ donor expenses.
- Day Care Treatments: There are specific daycare treatments that require less than 24 hours of hospitalization, like chemotherapy, dialysis, etc. which are also cover under most plans.
- Pre and Post-hospitalization Expenses: Medical costs are cover before getting hospitalize and after getting discharge, under this policy.
- COVID-19 Cover: Most of these insurance policies cover the cost of coronavirus treatment up to a specific limit.
- Ambulance Charges: The policy covers ambulance charges as well, it gives transportation expenses to the insure to go to the nearest hospital up to the specifie limit.
- Pre-existing Diseases: Unlike most medical insurance policies, this particular policy covers pre-existing diseases of the insure senior citizen after a fix waiting period.
- AYUSH Treatment Cost: Additionally, AYUSH treatment taken in a government-recogniz hospital or institute is also cover under some senior citizen health insurance policies.
- Domiciliary Hospitalization Cover: If the doctor recommends home treatment for the senior citizen, then his/her insurance company will likely pay for domiciliary hospitalization expenses as well.
Benefits of Senior Citizen Health Insurance Policy
Senior Citizen Health Insurance offers financial stability to elder members of the family and they will not have to be dependent on others when sick. It also offers mental peace to them and other family members as they do not have to face financial challenges during any minor and major illnesses. A health insurance policy for senior citizens has many features and some primary benefits of it are mention below:
- People above the age of 60 years will get coverage under senior citizen health insurance plans.
- Most of these health plans do not require elderly people to undergo any medical screening prior to buying the policy, unlike regular health insurance plans.
- Senior citizens can avail the cashless medical treatment at any network hospitals list under the insurance company, provid they get admit for a minimum of 24 hours.
- It also provides a No Claim Bonus benefit to the senior citizens that allows them to avail a discount on renewal premium for every claim-free year. It can range from 20% to 100% in some plans.
- Most health insurance plans for senior citizens come with a lifetime renewability option. This means you will not have to go through the hassle of buying new plans after one plan expires.
- Senior citizen health insurance policy offers tax exemption benefits every financial year on the paid premium under section 80D of the IT Act.
Key takeaways
Senior citizen health insurance is crucial to protect your love ones, you can buy it for your parents, grandparents, or in-laws. Bajaj Finserv Health insurance is a great option, it provides a lot of benefits. With this one can rest assure that the insured’s regular healthcare as well as hospitalization expenses are all cover for. There are many other insurances for senior citizens and with the proper knowledge you will be able to make the right choice.
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