For families that have senior citizen members, healthcare is a priority. Children usually get worried about their aging parents because old age is a stage when there is a gradual decline in health and a person becomes susceptible to chronic medical conditions.
Diabetes, hypertension, cardiovascular ailments, etc. are some common health conditions that occur as a person grows older. Lack of timely and proper healthcare can lead to worsening of these medical conditions. With health concerns, on one hand, there are also financial worries on the other. Opting for the best health insurance is an ideal solution for such concerns.
Key Things To Know About Senior Citizens Health Insurance:
Sometimes, long-term medical treatment may be required for senior citizens which can lead to huge expenses which is why a senior citizen’s health insurance plan offers a higher sum insured. In addition, such plans come with a range of benefits and features.
Without proper planning, spending on medical treatment for an aging parent can have a financial impact. Buying a senior citizen’s health plan is the first step to ensure there is no hindrance in getting the best medical treatment owing to a lack of finances.
We discuss below some major benefits and features of health insurance plans for senior citizens in India.
Advantages of Availing Senior Citizen Health Insurance
One should have a clear understanding of why a health plan is required for a senior citizen. Age-related illnesses demand constant medical support that can be expensive. Senior citizen health insurance plans are designed to meet this objective and protect a family financially. These health plans provide a financial cushion for the treatment of one’s aging parents without any stress.
Some major benefits, which make it worthwhile to buy a senior citizen health plan, are given below:
- Higher sum insured amount: Medical costs in India are soaring steadily. Treatment of serious illnesses will mean long-term medical treatment and can result in higher medical bills. Health insurance plans for senior citizens offer a higher sum insured keeping in view the higher treatment costs.
- Pre and post hospitalization cover: Longer period of illnesses need medical care beyond hospitalization, including OPD expenses. Such plans cover pre-hospitalization expenses up to 30 days and post-hospitalization expenses up to 60 days.
- Medical check-ups: For older individuals, there also arises a need to take preventive healthcare measures in the form of medical check-ups. This is essential for monitoring health conditions to avoid complications. Health plans for senior citizens provide free annual check-up which is a huge benefit.
- Alternative treatment: For those who believe in the alternative treatment modes like homeopathy, the best senior citizen health plans also offer coverage for arising out of such treatment expenses.
Features Available In Senior Citizen Health Insurance
Here are some important features of that a family must consider before picking a senior citizen health insurance plan:
- Individual and Floater Cover
- Complete hospitalization cover including ICU charges and room rent
- Pre-and-Post hospitalization cover
- Cashless treatment facility
- Daycare treatment
- Cost cover for ambulance
- Domiciliary hospitalization
- Automatic recharge of sum insured
- Option for the second opinion
- Cover for alternative treatments
- No Claims Bonus
- Pre-existing diseases cover (after waiting period)
- No Pre-policy medical check-up
In addition, senior citizens’ health plans also offer additional features such as organ donor cover and coverage for treatment of cataract and total knee replacement.
Useful Tips For Buying Senior Citizens Health Insurance
Here are some factors that should be kept in mind for those planning to buy health cover for their aging parents:
- Co-payment: This is a fixed amount must be paid by the insured person for every claim. Check the co-payment clause when buying the policy.
- Exclusions: Read the policy documents to know about the scenarios where you may not be entitled to make a claim.
- Sub-limits: It is a limit placed by the insurer on services such as room rent, ambulance charges, some medical procedures, etc. Know about them so that you can be prepared for additional expenses.
- Waiting Period: Find out about the waiting period for certain covers like for pre-existing ailment cover which is usually 48 months.