In the wake of 2021, with the current pandemic still playing its toll on society, it is vital to keep a backup plan ready at all times. An unexpected illness can put you in vast debts of hospital bills. It has become crucial for each individual to get medical insurance that fits your profile. While purchasing a health insurance policy, you should research the different factors and what policy suits your profile.
It is always beneficial to enter into a health insurance plan early into age. Still, with changing times and increasing competition, many brands now have different plans for different age groups. When understanding how to buy a senior health insurance plan for your parents, make sure to consider these points.
What is a Senior Citizen Health Insurance plan?
A senior citizen health insurance is a plan especially curated for people under 60 to 80 years. With age, any individual’s body becomes more susceptible to diseases. With rising cases of new ailments in the current society, you must take a close look at your needs and get a medical cover that suits your profile.
Various insurance companies now provide several-freerunning schemes and ensure that all your medical expenditure is taken care of in case of emergencies or otherwise.
Features of a Senior Citizen Health Insurance
- Comprehensive coverage including pre and post-hospitalization costs, ambulance charges, daycare costs, unique treatments, and equipment charges to name a few.
- Tax benefits can be received under Section 80D of the Income Tax Act 1961 as tax-deductible plans.
- Most of these plans with a free trial period of 2-4 weeks
- Under these plans, most insurers do not undergo a pre-health check-up required for standard health insurance, making it easier to get yourself all the services and benefits. Most individuals falling under this category may have some pre-existing ailments.
- Senior citizen health insurance plans come with a lifetime renewability advantage, which offers a lifetime cover with no restrictions and an age bar.
- Some insurance plans even come with free health check-up facilities.
- Easy cashless transition is available for any senior citizen hospitalized for more than 24 hours, while claim settlement is easy and hassle-free.
- Depending on the terms of the policy, pre-existing illnesses are also covered.
Understanding What's Not Covered in the plan
- Injuries due to participation in any war or military operations and extreme sports
- Illness due to drug or alcohol abuse
- Cosmetic surgery, congenital diseases, weight loss/control treatments, mental disorder, and non-allopathic treatments
- Suicide or self-inflicted injury
- Pre-existing diseases (before the waiting period)
- Dental treatment or external aids
- Expenses due to sexually transmitted diseases or HIV/AIDS
Some Health Insurance Plans for Senior Citizen to Look At
All the plans mentioned below come with lifelong renewability and tax deductions.
Choosing the Right Insurance for Your Parents
When choosing to buy health insurance for your aging parents, you must do thorough research to provide them with the best benefits in their time of need. You should keep these essential points in mind:
- Check for the entry age and waiting period of the policy. Most insurance policies come with a waiting period from the time you buy the policy for pre-existing ailment. Compare and choose the one with the least waiting period.
- With rising medical treatment costs and seniors being more prone to illness, make sure your insurance has higher than standard insurance coverage of Rs. 1-2 Lakhs.
- Know the medical history of your parents or grandparents for whomever you are buying insurance for. Ensure that your insurance covers pre-existing ailments, and you discuss and cross-verify all the terms and conditions with your insurer.
- By knowing the medical history, you can also decide upon the coverage amount to analyze the cost of treatment in any emergencies or otherwise. This will help you analyze and understand what premium fits your price range.
- To better understand the right insurance plan to choose from, get a health check-up of your parents done. While some insurance policies include medical check-ups, make sure to talk to your insurer about the insurance policies.
- Always make sure to compare different insurance plans available. Factors like coverage amount, premium, tax benefits, add-on benefits, inclusion, and exclusion. You can go online to search and compare the plans.
- Make sure to know and understand your geography. Check whether hospitals near you are tied up with the insurer for better benefits, less travel, cashless treatments, and hassle-free claims.
Having senior citizen health for your parents or grandparents can be beneficial for when a medical emergency arises. This also helps put your mind at ease with the rising hospital and medical bills. With any Senior Citizen Insurance plan, it's all about the benefits, services, and ease. Make sure to compare and analyze all the available options based on points as mentioned earlier. Check for the most suitable option and discuss the inclusion and exclusions in the policy with your insurer. Ensure the company you choose is connected with a good network of hospitals, especially those explicitly pioneering with treating particular diseases. Most of this insurance also comes with COVID-19 coverage. It is all about research and finding what suits your needs the best.
Mithilesh Singh is a digital marketing consultant, blogger, and founder of Tech Preview.