Health Insurance For Senior Citizens

Health insurance for senior citizens is a type of insurance that takes care of the healthcare needs of older people above 60 years of age. A medical cover acts as a saviour for a senior citizen to receive quality healthcare treatment and services without draining one's savings. Health insurance is a vast umbrella, safeguarding the finances and health of people from all walks of life. Whether old or young, a health emergency can strike anyone randomly. One should be careful to secure good health insurance for any health issues during old age. 

Take a good look at some of the best Health Insurance plans for senior citizens at Bajaj Markets and pick the one that suits you the most.

Health Insurance is a necessity for most individuals as it enables you to pay for medical emergencies as well as planned treatments. So, let’s understand why one must opt for Health Insurance for senior citizens:

• Soaring Healthcare Costs

Healthcare costs have been rising with a sharp increase in medical inflation for many years now. Thus, to prioritise your health without worrying about the financial aspect, a Health Insurance policy for senior citizens is a must. You can rest assured as the plan enables you to gain access to the best medical facility and provides cashless treatments.

• Annual Health Checkups

Most Senior Citizen Health Insurance schemes offer free annual health checkups to the insured. Due to this, you can opt for regular screenings and ensure your health is well. But it is recommended to understand the terms to avail the free annual health checkups under your plan.

• Lucrative Add-on Covers

Health Insurance plans come with lucrative add-ons such as critical illness cover. As a senior citizen, you can benefit from this add-on as the possibility of getting diagnosed with major ailments tends to rise with old age. However, you must purchase this cover separately from your base cover.

The eligibility criteria applicable to Health Insurance for senior citizens are:

• The applicant should be between 60 and 80 years of age

• The applicant should be aware of their pre-existing health conditions. Also, they need a relevant proof regarding the same. Hence, a medical checkup before purchasing the policy is highly recommended

Senior Citizen Health Insurance is one of the most empowering tools for an individual above the age of 60 years. It provides you with a feeling of security and protection, be it financial or through its various other features. Some of the salient features of senior citizen medical insurance are as follows:

• Pre-Existing Illnesses Cover

Most Senior Citizen Health Insurance plans in India offer coverage for pre existing disease, usually after a waiting period of one year. The insurers also provide critical condition riders to provide additional coverage in times of need.

• Pre and Post-Hospitalisation Expenses

Several Senior Citizen Health Insurance plans will cover the Pre and post hospitalisation that include medical consultation from specialists, diagnostic tests, ambulance charges, etc. However, get in touch with the insurer as this may differ from one insurer to another.

• Alternative Treatment Coverage

Depending on your insurance provider, the senior citizen health plan will provide cover for alternative treatments like Ayurveda and Homeopathy.

• Continuity Bonus

The policy usually offers continuity incentives such as a No Claim Bonus in Health Insurance (NCB) for every claim-free year.

• Fixed Premiums

Most Senior Citizen Health Insurance premiums in India come with defined rates. That means the policyholder pays the same value for the chosen coverage, even when renewing the health plan.

Having seen the various amazing features of Senior Citizen Health Insurance, it is now time to look at the various benefits that such insurance can bring to you. You can get the benefits of OPD covers, rewards, tax benefits and more. Here are some of the benefits that you can enjoy under the best Health Insurance for senior citizens in India:

• No Medical Screening

Most insurers do not request the applicants of medical insurance for senior citizens to undergo a medical test before buying the policy. Hence, you are not required to, in such cases, go through the hassle of medical testing and other check-ups before getting your Senior Citizen Health Insurance.

• Outpatient Department (OPD) Cover

The policy offers OPD coverage so that it becomes easy to manage the financial needs when treating certain illnesses. Additionally, certain insurance providers, under an alliance with hospitals or medical facilities, can allow you cashless benefits or discounts for OPD consultation.

• Special Rewards

A few Health Insurance providers also offer family rewards and discounts on Senior Citizen Health Insurance schemes, mainly when the policy covers the spouse as well. Therefore, securing yourself and your loved ones not only gives you the benefit of financial security, but also additional rewards for opting for Senior Citizen Health Insurance.

• Free Health Checkups

The policy also provides free health checkups and diagnostic services at dedicated centres after the completion of the specified waiting period. These health checkups and diagnostics are usually carried out at partner hospitals or medical institutions where you need not pay a single dime and let the hospital settle the bill with the insurer. However, to confirm whether your insurance provider offers this benefit to you, you must read the policy document carefully or contact customer care for any questions.

• Tax Benefits

The premiums paid towards Senior Citizen Health Insurance can be claimed for tax deductions under Section 80D of the Income Tax Act, 1961.

Whilst Health Insurance plans for senior citizens provide ample coverage to its policyholders; it is imperative to be sure of the inclusions and exclusions that they come with. Remember that the coverage offered is likely to vary from one insurance provider to another.

A Senior Citizen Health Insurance policy not only safeguards you against healthcare costs but also enables you to save on taxes! The dual benefit of such an insurance plan allows you to claim the premium amount under Section 80D of the Income Tax Act, 1961. As a policyholder of over 60 years of age, you can claim ₹50,000 per financial year towards your health policy. An additional deduction of ₹5,000 can be claimed per financial year towards preventive health check-ups that enable you to detect ailments early on.

However, if you are a senior citizen who is covering the insurance premiums of your children, you can claim an extra deduction of ₹25,000. Under Section 80DDB, you can claim the treatment expenses related to specified medical conditions. The actual healthcare costs incurred or a sum of ₹1 lakh, whichever is less, is allowed.

You need to submit the following documents while buying the best Health Insurance policy for senior citizens online:

• Duly filled application form

• Supporting documents for pre-existing health conditions

• Proof of age

• Medical examination test results (if requested by the insurer)

In the case of medical contingencies, you must initiate the claim settlement process within 24 hours of hospitalisation. On the other hand, for planned hospitalisation, inform the insurer 48 hours before the hospitalisation.

In either case, here’s how you can file a claim on your Senior Citizen Health Insurance plan.

1. Cashless Claim Settlement

1. Inform the insurance provider regarding the claim at the earliest.

2. Submit the claim request form at the hospital insurance desk.

3. The insurer will send an acknowledgement once they receive your intimation.

4. If necessary, the insurer may raise a query.

5. Upon resolving the query and further verifications, the insurer will settle the claim directly with the hospital.

2. Reimbursement Claim Settlement

1. Notify the insurer regarding the claim as soon as possible.

2. Seek treatment at a preferred hospital and pay for the hospitalisation expenses incurred.

3. Submit the reimbursement claim form along with the necessary documents to the insurer.

4. The insurer will raise a query if they need any additional documents.

5. Make sure that you submit the medical certificate issued by the doctor.

6. Also, submit the discharge form issued by the hospital.

7. Upon verification and approval of the claim application, the insurer will credit the settlement amount to your bank account.