Senior citizen health insurance means policy offers coverage only for citizens age between 60 years and 80 years or according to the insurance company. This insurance policy is a necessity for senior citizen because this insurance policy provides finical support at the time of emergency hospitalisation.
At this age, an increase in medical expenses can give you a big burden. Now a day’s advances in medical technology and treatments make the healthcare treatment costly, making good medical treatment affordability is a problem. The best solution to these problems is Senior Citizen Health Insurance Policy or Senior Citizen Mediclaim. A sudden medical emergency can result in a financial crisis and they burn your hole savings.
- Entry age – Every insurance company has age criteria. Most insurance companies offer Mediclaim for senior citizens aged between 60-80 years.
- Renewal age – Renewal age means that age limits up to which you can renew your policy and not beyond that. Nowadays mostly companies provide life long renewal.
- Waiting period – Before buying senior citizen health insurance this is a very important point that you have to know about all waiting periods in your policy. The waiting period means that the duration in which the insured person has to wait for the claim for some diseases as listed in the policy. During this period, you cannot file a claim for such diseases.
- Sum assured – Sum insured means that maximum value for a year that your Insurance Company can pay in case the insured person is hospitalized. However, with a higher sum assured the premium will insurance.
- Premium – It means that payment that you make to your health insurance company that keeps your coverage active at the time of hospitalized. For a senior citizen, the health insurance premium for policies for the old is usually high, because the age of the life to be insured exceeds 60 years. Health risk increases.
- Co-payment – Co-pay is the fixed amount that the policyholder pays from his own pocket for the insurance policy. Most of the senior citizen health insurance plans come with a co-payment because at this age the treatment and medication are highly required.
- Coverage – Choose the accurate insurance policy that suits your requirements and wants. Choose that insurance company that offers maximum coverage and comes with minimum limitations. Check if the plan has sub-limits, co-payment clause, and room rent capping.
4. What are the benefits which can be availed by senior citizens under the product?
With health insurance plans for senior citizens, you can avail benefits like lifetime renewability, Pre and Post hospitalization, Daycare treatments, Ambulance charges, tax benefit and Cashless hospitalization.
Co-pay refers to an arrangement in which the policyholder will need to pay a fixed amount for the medical expenses on their own at the time of claim and the rest amount will pay by the insurance company.
• Hospitalization and medical expenses
• Pre and post hospitalization
• Emergency services
• Doctors’ consultation fees
• Tax Rebate
• ICU chargers
• Room rent
• Road ambulance
• Free health check-up
• Day care treatment
• Personal accidental
• Restoration
• No claim bonus
• Treatment cost of HIV/AIDS/STDs
• Cost of lenses/spectacles
• Dental Treatment
• Drug abuse related treatments
• Cosmetic Treatment and Surgery
• Congenital diseases
• Non-allopathic treatments
• Claims raised during the waiting period.
• Ailments diagnosed within 30 days of buying the policy
• Star Health’s Red Carpet
• Apollo Munich’s Optima Senior Health Plan
• ICICI Lombard’s iHealth Plan
• New India’s Senior Citizen Mediclaim Policy
• National Insurance Varishtha Mediclaim
Senior citizen health insurance is designed for individuals & with spouses between the age group of 60 years to 80 years, though it varies between insurance companies. Senior citizens or those approaching 60 years of age are eligible for purchasing senior citizen health insurance plans.
But in Star Health Insurance’s Red Carpet for Senior Citizens. In this, medical test is not required. No, you cannot buy senior citizen health insurance without medical test because at this age might senior citizen haves pre-existing diseases.