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Senior Citizen Health Insurance
What is Senior Citizen Health Insurance?
Senior citizen health insurance policy covers persons above 60 years of age. The senior Citizen Health Plan is designed to relieve the financial and physical stress of senior citizens in case of illness or hospitalization. This type of senior citizen health insurance plan provides financial assistance for medical treatment and can be purchased as an individual or as a family floater. Policyholders can also avail several benefits from senior citizen insurance such as coverage for in-patient hospitalization, no pre-screening, pre and post-hospitalization, etc.
Senior Citizen Health Insurance Specifications
Senior citizens health insurance is a health insurance plan that allows you to relax and enjoy your second inning of life. The following are the specification and requirements:
| Categories | Specifications |
|---|---|
| Minimum Entry Age | 60 years and above |
| Maximum Entry Age | No age limit |
| Cashless Hospitalization | At network hospitals |
| Annual Health Check-ups | Available |
| Renewability | Lifelong Renewwability |
Benefits of Health Insurance for Senior Citizen
Health Insurance for senior citizens provides several benefits to the elder people. The following are some of the primary benefits offered under the senior citizen mediclaim policy:
Comprehensive Coverage Benefits
The Senior Citizen Health Policy provides comprehensive protection to elderly people. It also helps you to get advanced medical treatment without worrying about your finances.
No pre-medical screening test
Most health insurance companies do not require a pre-medical exam for these senior citizen plans in India. People over the age of 60 who can choose a standard health insurance plan will certainly have to undergo a pre-medical screening test. This is one of the most important benefits as most people in their 60s are suffering from pre-existing diseases and hence unable to buy a standard health insurance plan from any health insurance company.
Cashless Treatment
Senior citizens can avail of cashless treatment in the network hospitals of the health insurance company. Every health insurance company offers cashless treatment under their senior citizen health insurance plans
Lifelong Renewability
Most health insurance for senior citizens offers lifetime renewal benefits. You can get health coverage for a lifetime without any age limit or restrictions.
Tax Benefits
Under Section 80D of the Income Tax Act, 1961, premiums paid under senior citizen health plans are eligible for tax benefits up to INR 50K. An annual rebate of INR 5K is also available for preventive health check-ups.
Best Health Insurance for Senior Citizens in India
Finding the best health insurance for senior citizens can be a very stressful task for any individual as there are many senior citizens health plans available in the market from various health insurance companies. To make it easier for you, we InsureNow have compiled the list of best senior citizen health insurance plans in India along with its key features in the table below:
*Disclaimer: We InsureNow does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different life insurance companies
Why Do You Need Senior Citizen Health Insurance?
Health insurance for senior citizens can play a major role in those above the age of 60. Senior citizen health insurance can be a boon for elderly people as they are more prone to get sick and fall ill. Hospitalization can be mentally and financially challenging for them and their families if they have limited or no income.
Health insurance for parents can be very beneficial for managing your financial implications at the time of hospitalization. Hence, investing in senior citizen health insurance is a good decision if you want to spend your money wisely. Some other primary reasons why you need senior citizen health insurance for your parents are:
Rising Medical Treatment Cost
Medical costs have increased drastically in recent years, and are expected to rise even more. To meet these rising costs, it is necessary to have medical insurance. Also, having senior citizen health insurance will ensure that senior citizens get proper health facilities
Free of Cost Annual Health Checkups
Senior citizens require regular health check-ups, which can be very costly. Therefore, some senior citizen health policies provide annual check-up facilities that help reduce costs. You can read your policy document to know whether your policy covers these expenses
Coverage for Critical illness
Older people are more vulnerable to diseases like heart diseases, cancer, and some other chronic diseases. With a senior citizen insurance plan, you can buy a critical illness cover for those above 60 years of age
Peace of Mind
Elderly people may find it difficult to pay the hefty hospital expenses. As a result, senior citizen health insurance becomes necessary to cover the rising costs of minor and major illnesses of senior citizens of the family
What is Covered Under Senior Citizen Health Insurance?
Some of the common coverage benefits offered under senior citizen health insurance:
Hospitalization
Senior citizen health insurance plan covers all the hospitalization expenses arising due to any diseases and injury such as doctor fees, room charges, medicine and drugs cost, nursing fees, cost of surgical appliances, ICU charges, and operation theatre charges
Pre-Hospitalization
Medical expenses incurred before the hospitalization of the policyholder are covered under individual health plans
Post-Hospitalization
Medical expenses incurred after the discharge from the hospital are covered under individual health plans
Daycare Treatment
Senior Citizen health insurance plans offer coverage for the treatments that can be treated in less than 24 hours of hospitalization
Domiciliary hospitalization
Health insurance plans for senior citizens cover expenses incurred due to home hospitalization due to the non-availability of medical facilities in hospitals
AYUSH Treatment
Senior citizen health plans cover various alternative treatments such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy
Hospital Daily Cash
Policyholders will get some cash amount each day during the time of hospitalization
OPD Charges
The doctor’s prescription and the prescribed medical test cost are covered under the senior citizen health insurance plan
Annual Health Check-up
Senior citizen health plan offers free annual health checkups to the policyholders
Emergency Ambulance
Senior citizen mediclaim policy covers the charges of ambulance service in case of a medical emergency
Room Rent
Room rent charges are covered under senior citizen health insurance. It is the maximum amount of room charge that you can claim under the plan if you are hospitalized
ICU charges
Senior Citizen Health Plan covers the expenses due to the policyholder admitted to the ICU. The Intensive Care Unit (ICU) is a special department in hospitals where patients with serious medical conditions are treated
Automatic Restoration of SI
Automatic Restoration of the sum insured is a benefit in which a health insurance company restores the sum insured completely or up to a certain percentage after the sum insured is completely exhausted in treatment. This percentage of the restoration amount may vary from plan to plan
Exclusion Under Senior Citizen Health Insurance
Below mentioned are the situations and conditions that are not covered under Senior Citizen Health Insurance Plans:
- Self-inflicted injury
- Dental treatment
- Obesity Treatment
- Abuse of drugs and alcohol
- Adventure sports
- IVF Treatment
- Cosmetic Treatment
- Injuries arise during a war-like situation
- Breach of law/criminal activity
Why Buy Senior Citizen Health Insurance Online?
Below mentioned are the benefits to buy senior citizen health insurance online:
- Compare premium quotes
- Transparency
- Availability of Value-added riders
- Secure payment platform
- Abdunce of choice
- Discounted premiums
Things to Consider While Buying Senior Citizen Health Insurance
The following are the factors that you need to consider while buying a senior citizen mediclaim policy:
Cashless Hospitalization
Every health insurance company has a long list of network hospitals where you can get cashless hospitalization. Before buying a senior citizen health plan, always check your insurer’s network hospital list. This will help you to know whether your nearest hospital comes on the list or not.
Health Insurance Claims
While buying health insurance for senior citizens, always check the claim settlement ratio and the time taken by the insurance company to settle the claim. If the claim settlement time is short and the claim settlement ratio of a company is high, this means your claim is more likely to be settled quickly.
No Claim Bonus
Health insurance companies reward policyholders with an increase in the sum insured in the form of a no-claim bonus for each claim-free year. In such cases, the sum insured of senior citizen health insurance increases from 20% to100%.
Copay
Copay in health insurance means co-payment. Many health insurance companies impose a copay clause under their senior citizen health insurance plans. In this copay clause, the policyholder has to pay a certain percentage of the hospitalization expenses and the rest of the amount will be paid by the insurance company.
Waiting Period
Pre-existing diseases are common among older people and their treatment can drain all your savings. Hence, always choose your senior citizen health plan which has a minimum waiting period for pre-existing diseases.
Senior Citizen Health Insurance Policy Buying Process
You can buy a senior citizen health insurance from the insurance company’s official website as well as from “InsureNow”. Below mentioned are both the buying process of senior citizen health insurance plans:
Buying process from the official website
01
Visit the insurance company’s official website and click on the “Senior Citizen Health Insurance” tab.
02
Select the desired plan.
03
Fill in all the required information.
04
Click on Buy Now button.
05
Make payment.
06
The insurance company will send the policy documents to your email address.
Buying Process from “InsureNow”
01
Visit the official website of InsureNow.
02
Click on the “Health Insurance” tab.
03
Fill out the form that shows on the next page.
04
Compare health plans and select your desired senior citizen health plan.
05
Click on the “Buy Now” button
06
A pop-up will show you the plan details and the additional riders information.
07
Click on the “Proceed to Buy” button.
08
Make online payment and the policy documents will be sent to your registered email address.
Documents Required to Buy Senior Citizen Health Insurance in India
The following are the documents required to buy a senior citizen health insurance plan in India:
01
Identity Proof
02
Income Proof
03
Two Passport size photo
04
Age Proof
05
Address Proof
06
Medical Report
Why Buy Senior Citizen Health Insurance From InsureNow?
Below mentioned are the reasons to buy a health insurance plan for a senior citizen from InsureNow
01
Free comparison of plans
02
IRDA approved company/p>
03
24×7 Customer support
04
Safe and Quick Buying Process
Senior Citizen Health Insurance Claim Process
There are two types of claim settlement processes offered under Senior Citizen health insurance plans i.e. Cashless claim process and the Reimbursement claim process.
Cashless Claim Process
01
Intimate the insurer within 48 hours of hospitalization
02
Fill and submit the claim form
03
Submit the other necessary documents
04
Once the claim is approved, the insurer will settle the medical bills directly with the hospitals.
Reimbursement Claim Process
01
Intimate the insurance company
02
Collect the original discharge summary.
03
Fill and submit the claim form along with the ID proof
04
The insurance company will verify the documents
05
Once the verification is done, the insurance company will initiate the reimbursement process.
Senior Citizen Health Insurance Renewal Process
Senior citizen health insurance can be renewed via two platforms i.e. online and offline. Below mentioned are both the renewal process of health insurance for senior citizens in detail:
Online Process
01
Visit the official website of the insurance company.
02
Select “Renewals” from the menu section.
03
Enter your policy number and Date of Birth.
04
The next page will show you the amount that you need to pay.
05
You can also customize your individual mediclaim plan as per your needs.
06
Once you did the Renewal payment, your policy details will be sent to your registered e-mail address.
Offline Process
You can renew your senior citizen health policy by visiting the nearest insurance company branch. You can also contact InsureNow POSP advisors to get assistance for the renewal of your Senior Citizen Health Plan.