As the healthcare industry pushes towards providing the best medical facilities to its citizens, the costs of treatment are also increasing exponentially. This rise in expenditure affects the senior citizens of our country the most as they are out of coverage from traditional health insurance products and are at a stage in their lives where they require medical attention on a regular basis. To add to their woes, many senior citizens don’t have stable sources of income as they are retired and hence cannot afford healthcare in crucial times.
Source: India Today
As the Insurance Development Regulatory Authority of India (IRDAI) only mandates purchase of health insurance upto 65 years of age, Senior Citizen Health Insurance plans are specially curated insurance products for senior citizens between the ages of 60-80 are designed to provide adequate cover for all their healthcare expenses, greatly easing any financial burden.
Senior Citizen Health Insurance plans offer an array of features and benefits:
Coverage of Pre-existing illnesses: Most Senior Citizen Health Insurance Products offer coverage for pre-existing illnesses, usually after a waiting period of 1 year. Many Senior Citizen Health Insurances offer critical condition riders to provide additional coverage in times of need.
Coverage of pre and post hospitalisation costs: Various Senior Citizen Health policies not only provide cashless coverage of hospitalisation costs incurred by the patient but also provide additional coverage of pre and post hospitalisation charges such as medical consultations and ambulance charges. Coverage policies however differ from company to company.
No Medical Screening required: Many Senior Citizen Health Insurance providers do not warrant for a medical screening test to provide coverage up till a certain age. Some insurers do not require an acceptance medical screening at all. Hence, policies such as Senior Citizen Health policy available on Finserv MARKETS can be purchased and renewed online with a few clicks.
Coverage for alternate treatments: Various Health Insurance policies provide coverage for treatment options other than allopathy such as Ayurveda and Homeopathy.
Free Health checkups: Various Senior Citizen Health Insurance Providers offer free health checkups and diagnostic services at dedicated centres for free after the lapse of a particular waiting period.
Continuity bonuses: Senior Citizen Health Insurances providers often provide continuity incentives such as no claim bonuses when the policies are renewed after a claim-free year.
Tax Benefits: Premiums paid by senior citizens for health insurances are exempt from tax.
Locked Premiums: Various medical insurances for senior citizens providers allow policyholders to pay a constant premium for their policy provided the policy is renewed without a break.
Fast claim settlements: mediclaim for senior citizens can be availed cashless and hassle free from all empanelled hospitals. The Bajaj Allianz Health Insurance plans for individuals and family, available on Finserv MARKETS have a hassle free claim settlement ratio of 94%, ensuring that policy holders are never left stranded when it comes to expenses.
Whilst Health insurance for senior citizens provides ample coverage to its policyholders, it does come with many restrictions. These restrictions are likely to vary from provider to provider.
Cosmetic treatments such as plastic surgeries are not covered under these plans.
A list of critical illnesses such as HIV/ AIDS is permanently excluded from coverage.
Medical expenses arising out of self-inflicted damage is not covered by senior citizen health insurances.
Illnesses contracted within 30 days from purchase of policy would not be covered.
Health insurance claims arising from alcohol and drug abuse will be rejected by insurance providers.
Certain treatments such as joint replacement surgeries would be covered after a stipulated waiting period which is usually 2 years.
Injury due to war is exempt from coverage under these policies.
For most providers the eligibility criteria for health insurance remains fairly simple.
Though Senior Citizen Insurance is an option that is readily available in the market, it is always best to ensure adequate coverage from a younger age and for a more comprehensive set of risks. The Bajaj Allianz Individual and Family Health Insurance Plans are a great choice for someone looking to get coverage for themselves and their family. These plans also cover expenses related to COVID-19, a much needed feature today. These are available on the Finserv MARKETS website, allowing you to get the benefit of an easy online application process, fast processing and rapid claim settlements.
Purchasing a senior citizen health insurance requires the following documents: Age and identity proof (Aadhar Card/ Driving License etc.) Proposal form Valid documents regarding pre-existing conditions and medical checkup documents (if required)
The following factors should be considered before purchasing an appropriate mediclaim in for senior citizens: Coverage age limit: Different Insurance providers extend coverage to different age limits. Co-pay option: Some insurance companies provide part coverage of expenses. The rest of the expenses need to be borne by the insurer irrespective of the sum-insured. Hence, you should check with your provider if they cover expenses partly or provide complete cover. Domiciliary treatment option: Domiciliary treatment option is a benefit provided by some insurance companies which offers to provide insurance to the policyholder even if they are in a critical condition at home.
This term refers to diseases that those falling under the policy’s coverage have already been diagnosed with and received treatment for. These may include diabetes, some cancers or blood pressure and have to be declared before purchasing the policy.