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A senior citizen health insurance policy is a kind of health cover which is exclusively designed to meet the specific medical demands of beneficiaries who are 60 years old and above. These polices are not as similar to regular health insurance as one would expect; more suited for older individuals, keeping the health issues they could develop. Some of the features of this type of policy are; hospitalization, treatment without paying cash in advance, coverage of pre-existing diseases after waiting period, all these make senior citizens to be well taken off by their insurance policies without burning their pockets.
Basics of Senior Citizen Health Insurance Plan
1.High Insurance for Minor Illness
The health insurance schemes for elderly people often allow for higher benefit for those diseases most commonly found in seniors like diabetes, high blood pressure, cardiovascular diseases, and renal abnormalities. This is particularly appropriate since this will mean that the insured require spend less out of their own pockets
2.Essential Health Benefits: Pre-Existing Conditions
The majority of the health insurance senior citizen plans offer coverage for pre-existing illnesses after a waiting period. This feature is very important because majority of the elderly persons have one form of chronic illness or the other that would need some form of medical attention and/or treatment always.
3.Cashless Hospitalization
As with cashless hospitalization policy holders can avail treatment from the network hospital since they do not incur the costs involved; the insurance company will address them. This feature is unique to elderly patients since it eliminates all barriers to quick and easy access to the necessary medical services.
4.Daycare Treatment Coverage
A most popular health insurance plan is senior citizen health insurance plan which has an inclusion of daycare treatment which means that the senior citizens will be able to take treatment which does not call for hospitalization for more than a day. Such may include ; cataract surgery, dialysis and chemotherapy, which are common among elderly people.
5.Home Hospitalization and Domiciliary Treatment
Since their mobility may be restricted, many insurance plans pay for domiciliary or home based treatments for the elderly.
6.Immediate or emergency services & ambulance
Emergency services including ambulance charges are essential part of the senior citizen health insurance. This can prove very useful in cases of any medical complications where one is easily transferred to a hospital of choice with no complications.
7.No medical tests required
There are cases when some insurers sell policies without insisting on senior citizens to undergo through severe medical examination especially for seniors upto a certain age limit making it easy for Indian people to avail
8.Higher Age Limit
Many senior citizen health insurance products offer generous age limits right up to 85 and beyond in certain cases, while this is not so with normal health insurance products.
Top Senior Citizen Health Insurance Plan
|
Health Insurance Plan |
Claim Settlement Ratio | Sum Insured Range | Entry Age | Number of Network Hospitals |
| Care Senior | 100% | 3 Lakhs – 10 Lakhs | 61 years | 24800 |
| Senior Citizens Red Carpet Health Insurance Policy | 99.21% | ₹1-25 Lakhs | 60 years | 14,000 |
| ManipalCigna Prime Senior | 99.96% | ₹3-50 Lakhs | 56 years | 8,000 |
| Nivabupa Insurance | 100% | ₹5-25 Lakhs | 61 years | 10,000+ |
| TATA AIG Elder Care for Better Cover | 95.46% | ₹3-20 Lakhs | 60 years | 7,200 |
| New India Insurance | 90.73% | ₹2-5 Lakhs | 60 years |
10,000 |
Benefits of Senior citizen health insurance plan
1.Financial Security in Old Age
Health insurance for senior citizens helps retiree manage high medical costs, which can be a major concern to people paid limited Income after retirement. Thus, these plans assist in reducing out-pocket expenses thus protect savings and assets.
2.Access to Quality Healthcare
By getting insurance, senior citizens can take the needed medical care because for them, money should not be an issue. This puts them in a position to acquire the best of everything that they need most in regard to their health situations ranging from good hospitals, treatments, and medications.
3.Tax Benefits
The policyholder or the family members, who pays premium for the insurance of the policyholder, can claim tax deductions under Section 80D of the IT Act thereby reducing their taxable income by paying less personal income tax.
4.Peace of Mind
Families being aware that all medical expenses are catered for will reduce stress on the side of the insured as well as the family.
5.Critical Illness Coverage
Many senior citizen insurance plans are offered with critical illness benefits where patient gets fixed amount for major disease such as cancer, stroke or heart attack. It can assist in the alleviation of burden that comes with treatment costs on a critical illness.
6.Alternative treatments.
A few plans include complimentary systems of medicines like Ayurveda, Homeo, and Naturopathy making it possible for the senior citizens to get treatments that they would probably prefer.
Conclusion
A senior citizen health insurance plan is an important need especially for people who are 60 years old and above since it caters for their medical needs depending on what they are likely to be diagnosed with. Services like pre-existing illness, cashless hospitalization, and critical illness are some of the basic services that safeguard senior citizens from hefty bills of medical costs and allow them to have good standard healthcare services. In addition, they promote no stress, financial stability and more ability to enjoy the retirement period without the stress and uncertainty of future health costs. To seniors and their families, Health Insurance signifies a relaxed and managed worry and appropriate finance for the acquisition of quality senior dignity care.
