Old Age is when people feel physically more challenged and economically less sound. Therefore, the need for a suitable medical insurance to handle any surprise critical medical expenses is more of a necessity than a bonus.
Once you cross the golden 50, your options for getting a suitable health insurance gets limited. Most insurers tend to see any client beyond this threshold, as a nugatory client and don’t bother to offer fresh health covers because of the age-related health issues that may pop in anytime. To answer this pain point, insurance companies came up with special kind of health cover to satisfy the special needs of Senior Citizens. These health insurance schemes also are known as the Senior Citizen Health Insurance readily covers a multitude of medical outlays including hospitalization, critical illness coverage, explicit coverage for diseases like Cancer, Stroke etc.
Let’s take a look at some of the key features of these special health insurance plans:
• Hospitalization Expenses that Covers Medical Bills and Room Charges
• Cashless Hospitalization
• Day Care Expenditures
• Ambulance Charges
• No Medical Test Required Before Availing Insurance
• Higher Sum Insured Coverage
• Pre-existing Disease Coverage
• Quicker and Hassle-free Settlement
Next, it is about buying the right health plan that satisfies the needs of the senior citizens. Follow these points and you will be good to go.
• Consider the medical history before you opt for a health cover as insurance providers always ask about existing health ailments that the senior citizens have and are aware of. Remember that a doctor on the panel of the insurance company will conduct a series of medical tests to determine any pre-existing conditions and other routine check-ups.
• Always make extensive efforts and spend time in knowing and comparing various health insurance plans that are available in the market.
• You should think about taking the help of IRDAI approved insurance brokers as they know the features, benefits, limitations in detail while giving you some of the best quotes possible. Why would you want to miss out on the bargain on premiums and optimum coverage that might come your way?
• Then comes filling out the proposal form. Be sure to fill in all the relevant information correctly as incorrect particulars will complicate the process and may also lead to rejection of the application.
• If your proposal was declined by the insurer, try resubmitting the application with medical tests from another approved doctor.
Though these Senior Citizen Health Plans come with limitations, they also have many benefits that make them worthy any day. Here are a few:
• You get to enjoy tax benefits on the insurance premiums you pay
• Treatments and medical facilities can be availed from a host of hospitals
• Get cashless treatment and daily allowance according to the insurer you choose
• Many insures allow renewal of these policies
• Domiciliary Hospitalization cover is available
• Insured gets to enjoy free-look period
• Annual health check-ups can be availed
• Reload of sum insured is also possible
Now that we know the advantages of these plans, let’s look at some of the prominent exclusions as well:
• Most insurers have limitations on pre-existing injuries or diseases
• Diseases that are contracted within 30 days of availing the policy are not covered
• Non-allopathic treatments and therapies are not supported
• Medical expenses incurred due to self-inflicted injuries
• Medical expenses incurred as a result of drug abuse
• Spectacles, lenses and dental treatment expenses (except for those arising out of accident)
• Medical expenditures related to treatment of AIDS
• Cosmetic Surgery
• Injury due to war and act of foreign army are also not covered
Top Senior Citizen Health Insurance Plans and Features:
Here are a few top Senior Citizen Health Insurance products that has some of the best features and flexibilities.
STAR Red Carpet
• For Senior citizens aged between 60 to 75 years
• No pre-insurance medical test required
• Covers pre-existing diseases from the second year onwards
• Medical Consultations as an Out Patient in a Network Hospital
• Guaranteed lifetime renewals
• Post-hospitalisation paid as lump-sum up to specified limit
• No Third Party Administrator, direct in-house claim settlement
• Network of more than 6000 hospitals across India
• Facility for maintaining personal health records in electronic format
RELIGARE Care Freedom
• Lifelong Renewability under the prevailing health insurance
• Health Check-up and Day Care Treatments covered
• Waiting period of only 30 days for any illness except injury
• Organ Donor Cover is available
• Recharge of Sum Insured
• Dialysis Cover Available
• Pre-hospitalization and Post-hospitalization covered
APOLLO MUNICH Optima Senior
• Lifelong renewable policy for individuals above 61 years of age
• Inpatient hospitalization expenses covered
• Cashless network of 4000 hospitals
• Domiciliary Treatment and expenses for Organ Donor are covered
• Free second opinion by the medical panel for listed ‘Critical Illnesses.'
• Cumulative Bonus or No-claim discount available
All the above special health Insurance plans for senior citizens have exclusive benefits and capping that needs to be considered while choosing one. Don’t forget that you get more benefits and lesser limitations as your premium goes higher. Every paisa spent on a suitable health cover is a rupee saved. So go on and get yourself one without wasting any time. Got more doubts on the products or need more suggestions, feel free to call our IRDAI Approved Insurance Experts on the toll- free number 1800-1035-569 or drop an email to firstname.lastname@example.org