Health Insurance For Senior Citizens

With age, senior citizens become more susceptible to developing health ailments. Given the rising cost of medical care, health insurance for senior citizens in India is a must-have.

 

On Bajaj Markets, you can compare different insurance policies with ease and get one with a premium starting at as low as ₹160 per month.

Check out some of the best health insurance for senior citizens on Bajaj Markets:

Disclaimer: The above-mentioned details are indicative and subject to change as per the insurance provider’s latest updates.

Medical insurance for senior citizens shields your finances against illnesses that come with age. Here are some of the other advantages that you get:

• Wide Coverage

Most senior citizen health insurance policies provide coverage for hospitalisation charges, AYUSH treatment, and ambulance charges. Some may even offer OPD coverage, helping you save more.

• No Claim Bonus (NCB)

If you do not raise a claim in a full year, certain policies offer NCB that helps increase the sum insured without inflating the premium.

• Coverage for Pre-Existing Diseases

Most insurance plans for seniors cover pre-existing medical conditions, such as heart disease and diabetes, after an initial waiting period.

• Inclusivity

Issuers today allow seniors to get a new policy even up to the age of 80.

• Complementary Health Screening

You can get free diagnostic tests with certain plans for seniors to monitor health ailments and take early steps to address issues.

• Greater Flexibility

Medical policies for seniors offer the option of lifelong renewability and a choice of tenures from 1-3 years.

Do some research and compare policies to get a senior citizen health plan offering extensive coverage for an affordable premium. Here are some benefits you can access with the right plan:

• In-patient Treatment: It covers expenses relating to hospitalisation due to any disease, injury, or illness covered under the policy. Mediclaim for senior citizens helps you manage hospitalisation costs with ease.

• Pre- and Post-hospitalisation Costs: Comprehensive insurance policies also cover medical expenses related to consultations, medicines and tests before and after hospitalisation.

• Day Care Procedures: Most comprehensive plans also provide coverage for the treatment of an illness that requires minor procedures of less than 24 hours.

• Regular Check-ups: Certain providers also allow you to get complimentary routine medical check-ups, supporting preventive care.

An insurance policy specifically designed for senior citizens may not cover the following:

• Cosmetic Treatments: Policies do not cover cosmetic procedures like plastic surgeries

• Self-inflicted Damage: Senior citizen health insurance plans do not cover medical expenses arising out of self-harm

• Illness During Waiting Period: Illnesses contracted within 30 days of the purchase of the health plan are also not covered 

When it comes to the senior health insurer, consider the following crucial factors:

• Claim Settlement Ratio: It indicates the proportion of claims they have approved in the recent past 

• Customer Reviews: Browse through testimonials and online reviews to know the experiences of other customers

• Renewability: To ensure extended coverage, ensure that the company offers the facility for lifelong renewability 

As medical conditions may usually worsen with age, it is crucial to have a health plan. Here is a deeper look at why these policies are worth getting:

• Coverage for Age-related Conditions: The main purpose of these policies is to provide financial coverage to eliminate any delay or compromise when it comes to treatment 

• Protects Your Long-term Savings: These policies extend financial assistance for medical needs, ensuring that you do not drain your savings

• Safeguards You from Rising Medical Costs: These plans help you get access to advanced treatments and state-of-the-art facilities that may be more expensive

Here are some other insurance plans for healthcare that you can get on Bajaj Markets:

Disclaimer: The above-mentioned details are indicative and subject to change as per the insurance provider’s latest updates.

You can initiate the claim settlement process in two ways. Here is an outline of the process to file a claim in both cases:

1. Cashless Claim Settlement

• Inform the insurance provider 

• Submit the claim request form at the hospital 

• The insurer will send an acknowledgement once they receive your intimation

• If necessary, the insurer may raise a query

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

2. Reimbursement Claim Settlement

• Notify the insurer regarding the claim as soon as possible

• Seek treatment at a preferred hospital and pay for the expenses incurred

• Submit the reimbursement claim form along with the necessary documents to the insurer

• The insurer will notify you if they need any additional documents

• Make sure that you submit the medical certificate, discharge form and other paperwork issued by the doctor/hospital

• Upon verification and approval, the insurer will credit the amount to your bank account

A senior citizen health insurance policy not only safeguards you against healthcare costs but also enables you to save on taxes. You can claim the amount you spend towards the premium under Section 80D of the Income Tax Act, 1961. 

 

As a policyholder over 60 years of age, you can claim up to ₹50,000 per financial year towards your health policy.