With increasing age the risk of contracting diseases increases. Old age brings with itself several ailments which become a burden on one’s pocket. A sudden medical emergency plan can result in a financial crisis. To avoid such emergencies one needs a comprehensive senior citizen insurance policy. The insurance policy provides financial aid to senior citizens in time of need. Medical insurance enables senior citizens to pay for a health check-up and emergency treatment. Medical insurance is provided through various public and private insurance companies. The senior citizen health insurance policy is for people between 60 and 85 years of age.
KEY FEATURES OF SENIOR CITIZEN HEALTH INSURANCE IN INDIA:
Hospitalization cover including medical bills and room charges
Day Care expenses
Ambulance Charges are covered
Pre-existing diseases are covered based on the insurance provider
No medical test required before availing medical insurance. This is based on the insurance provider
Higher sum insured coverage
Pre-existing disease coverage
Faster and hassle-free settlement
CRITERIA TO SELECT THE BEST PLAN
Entry age – Choose an insurance policy which has an entry age of 60 to 80 years so that health coverage can be bought even after one has crossed 60.
Renewal age – choose a policy which has maximum renewal age
Insurance coverage – Choose a plan which covers the majority of conditions including the pre-existing ones
Network Hospitals – Choose an insurer which has a large number of network hospitals.
THINGS TO KEEP IN MIND WHILE CHOOSING THE PLAN
Lower waiting period – Choose the plan with the lowest waiting period for pre-existing conditions
Co-payment – Under co-payment the policyholder pays a part of the amount from his pocket. Choose the plan with low co-payment.
Separate policies for parents – Premium is based on the eldest member of the family. So it is advisable to choose a separate plan for the elderly in a family.
Comparing with other plans – The plan should cover the specific needs of the individual. Comparing with other plans gives the fair idea about other pros and cons.
ADVANTAGES OF SENIOR CITIZEN INSURANCE PLAN
Tax benefits on insurance premiums
Easy availability of the treatment across the country
Free Annual Health Check-up
Availability of cashless treatment.
With the steady rise in healthcare costs and lifestyle diseases, it can be difficult to pay medical bills out of the pocket. This is why a health insurance policy will come in handy.