What is Health Insurance for Senior Citizens?

Top Senior Citizen Health Insurance Plans 

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.

Why Do You Need Senior Citizen Health Insurance?

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.

Eligibility Criteria for Senior Citizen Health Insurance

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

Features of Senior Citizen Health Insurance

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 illnesses, 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-hospitalisation and post hospitalisation costs 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 (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.

Benefits of Health Insurance for Senior Citizens

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.

Myths about Senior Citizen Health Insurance

Many people harbour some preconceived notions about Senior Citizen Health Insurance that may not be necessarily true. Let’s bust those myths today, shall we?

• I am healthy and thus, don’t need Senior Citizen Health Insurance

You are healthy as a senior citizen which brings you amazing self-security and the strength to avert a plethora of ailments. However, it is important to understand that Health Insurance isn’t particularly reserved for those who already suffer from pre-existing diseases. Anyone, no matter how healthy, can have Health Insurance for a sense of holistic security and protection for your health. After all, it is always good to be prepared no matter how good the going gets. 

• My Family Floater Health Insurance plan offers me enough coverage

Here’s how a Family Floater Health Insurance plan works. All your family members listed under the policy will have access to a fixed coverage amount. This is regardless of the number of members listed under the policy. An individual Senior Citizen Health Insurance plan will cover you with a sizable coverage amount, offering you more protection and full access to your coverage and benefits. 

• I have pre-existing ailments. Senior Citizen Health Insurance will not cover that

A common myth that people harbour is that an individual with already existing illnesses cannot get Senior Citizen Health Insurance. Well, that’s not very true. Many insurers offer Health Insurance plans for senior citizens that can provide coverage for pre-existing ailments. All you need to do is find the right insurer with the perfect insurance plan for you. 

• I don’t think it is safe to buy Senior Citizen Health Insurance online

Purchasing your Senior Citizen Health Insurance online can be one of great convenience for you. Not only is online application easy, it is also a great way to hone complete control of your Senior Citizen Health Insurance plan. No agents, brokers or middlemen are involved and all of this can be done from the comfort of your home.

Inclusions and Exclusions Under Senior Citizen Health Insurance

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.

Points to Remember While Buying Health Insurance for Senior Citizens

Let’s look at a few points that you must keep in mind to avail the best Health Insurance for senior citizens online:

• Sum Insured

The first thing that you need to consider when buying a Health Insurance plan is the sum insured that you opt for. The sum insured is the maximum amount that you would be able to claim in a policy year. While opting a higher sum insured is advised, you also need to keep in mind that a higher sum insured also means a high premium. So, choose a policy that suits your insurance needs as well as your budget.

• Premium That You Pay

While there are a number of Health Insurance plans, each claiming to be giving the most reasonable premium prices, it is highly recommended that you compare different Senior Citizen Health Insurance plans so that you can get the best deal. 

• Pre-existing Diseases

After a certain age, one becomes more prone to illnesses. In case you are suffering from an illness, or suffered from one earlier, make sure to mention the same to your insurer before you finalise the plan. There are many health plans that offer coverage for pre-existing illness, with a suitable waiting period. 

• Co-Payment

Another aspect that you must be careful about is the co-payment clause in Health Insurance policy. Co-payment refers to the share of the total medical that you need to pay from your pocket. While there are certain plans that make co-payment mandatory for seniors, there are other options available too, so choose wisely. 

• Sub-Limits

Check with your insurer for any sub-limits applicable to your plan and go through the policy terms and conditions during the free-look period.

• Network Hospitals

In the case of Health Insurance for senior citizens, ideally, it is preferred to select an insurer with a wide range of network hospitals under it. That way, you can seek cashless treatment at the nearest hospital without having to worry about any medical expenses.

• Waiting Period

Consider the waiting period for certain health conditions, especially the ones you are suffering from. This will help you understand how long you have to wait until your Health Insurance for senior citizens plan starts covering them.

• Daycare Treatments

The daycare treatment in Health Insurance covers numerous procedures and treatments that can be completed within 24 hours. So, make sure you go through the treatments covered under medical insurance for senior citizens to avail extensive coverage.

• Renewability

It is always recommended to choose Senior Citizen Health Insurance schemes offering lifetime renewability so that you don’t have to buy another plan after you reach the maximum age limit.

• Other Insurance Features

Health Insurance offers several features such as domiciliary hospitalisation, daily cash allowance, organ donor cover, etc. So, you must ensure your insurance needs are met by understanding the benefits available under your plan and choosing the best Health Insurance policy for senior citizens.

Tax Benefits of Health Insurance for Senior Citizens

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.

Documents Required to Apply for Medical Insurance for Senior Citizen

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)

How to File Claims Under Senior Citizen Health Insurance?

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.

Health Insurance Plans Available at Bajaj Markets