What is Senior Citizen Health Insurance?
A senior citizen health insurance plan is tailor-made to suit the medical and healthcare needs of people belonging to the age group of 60 to 80 years. Both individual and family floater plans are available under this scheme. Senior citizen health insurance plans cover hospitalization expenses, cost of treatment and surgeries, day care procedures, pre and post hospitalization expenses and so on.
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How Senior Citizen Health Insurance Can Help with Medical Expenses?
Features of Senior Citizen Health Insurance:
Listed below are some of the important features of senior citizen health insurance:
- These health insurance plans are specifically designed to suit the requirements of individuals, belonging to the age group of 60 to 80 years.
- The senior citizen health insurance plans cover all hospitalization expenses and provide coverage for treatment and surgeries.
- The beneficiary can opt for the cashless facility at network hospitals, enabling them receive, the best medical care, at the right time.
- Many health insurers offer lifetime renewal plans.
- Some companies have the co-payment clause, where a certain percentage of claims are borne by the insured and the rest are settled by the insurer.
- Some basic diseases and specific ailments will be covered post the waiting period.
- Senior citizens do not need to go through medical check-ups for availing a senior citizen health insurance plan.
- Beneficiaries can claim tax benefits on the premiums paid under Section 80D of the Income Tax Act, 1961 up to Rs 50,000 a year.
See Also: Health Insurance Benefits
What is Covered by Senior Citizen Health Insurance Plans?
There are various health insurance schemes available in the market for senior citizens. So, the coverage varies across insurers. Listed below are some of the highlights of the senior citizen health insurance plans:
- Hospitalization and medical expenses: Covers listed illnesses, ailments, disease, injury and health conditions.
- Pre and post hospitalization costs: Many health insurance plans cover a maximum of 30 days of pre-hospitalization expenses and up to 60 days of post-hospitalization expenses.
- Pre-existing diseases: Many policies cover pre-existing diseases after the waiting period.
- Daycare procedures: Under daycare procedures, the patient does not need to be admitted for a minimum of 24 hours in the hospital. These include laser eye surgeries, cataract and so on.
- Home treatment: Some insurers cover treatment at home.
How Senior Citizen Health Insurance Plans Function?
- You must first analyse your health condition and make a list of your requirements and your pre-existing medical conditions.
- You then evaluate and compare the various health insurance policies available in the market. Compare the benefits vis-a-vis premium charges.
- Choose the most suitable plan as per your health condition.
- You can buy the health insurance policy either online or offline.
- During hospitalization or while availing treatment for day care procedures, make sure to use the services of the network hospitals listed under your policy.
- To claim cashless benefits provide your health insurance card along with other necessary documents.
- After verification, the insurer settles your claims.
- For reimbursement claims, make sure to submit your medical bills along with other necessary documents. Senior citizen reimbursement claims are settled within 30 days from the date of submission of documents.
See Also: Family Health Insurance Plan
Finding the Right Senior Citizen Plan:
While short listing the health insurance policy offered by the best insurers, make sure to keep the following points in mind:
- Plan type: Select the plan type depending on your requirement i.e. family floater health insurance plan or individual health insurance plan.
- Coverage: In old age, individuals are more prone to falling sick and getting admitted to hospitals and need more medical care than younger citizens. So, make sure to opt for a comprehensive medical cover to enjoy maximum coverage.
- Waiting period: Make sure to choose a plan that has a minimum waiting period to avail the benefits early.
- Co-payments: Make sure to get clarity on the co-payment clause mentioned in your policy before buying the plan.
- Hospital network: It is always recommended that senior citizens must choose a health insurance plan that offers coverage through a large number of network hospitals. Check if the hospitals located in your vicinity are included or not.
- Claim settlement ratio: Make sure your insurer has a good market reputation vis-à-vis claim settlement.
See Also: Health Insurance Plans
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