Expert's Guide to Buy Health Insurance Plans for Senior Citizens

Old age refers to a period when the chances of becoming prone to diseases increases. More often, with an increase in age, one can hardly afford the cost of hospitalization, treatment and medicine. Therefore, it becomes necessary to get a proper safeguard that can protect you from these increasing costs.

Health insurance plans for senior citizens refer to policies that provide medical assistance to the elderly. These plans have become an absolute necessity in the modern world. They offer exclusive benefits such as low coverage and less waiting periods to the elderly.

With a variety of policies that the insurance companies are offering, it has become burdensome for the elderly to choose the most appropriate policy. The following the information must be kept in mind while selecting an appropriate health insurance policy for senior citizens. 

Types of health insurance plans for senior citizens

It is very important for senior citizens to have a health insurance policy. The following are the main types of health insurance plans for senior citizens that provide coverage to the elderly:

Individual plans

Individual health plans for senior citizens provide coverage for a number of diseases along with some add-on benefits that meet individual requirements. Individual insurance plans are more economical for the elderly as they increase the chances of claims.

Group plans

Group insurance plans provide extended coverage to the family members as well. Though to a limited amount, these plans cover the senior citizens of the family.

Family floater plans

Family floater plans include insurance coverage for the entire family. Claims can be made by one member or individually by the family members. These plans are more economical for senior citizens.

Top-up plans

Top-up plans are more economical and beneficial than other types of insurance plans. They are cheaper than individual schemes and include higher claims. They also provide a high amount of coverage. 

Senior citizen plans

Almost all insurance companies have policies specially made for senior citizens. These plans have relatively lower waiting periods and are designed for individuals who are above 65 years of age.

Advantage of buying senior citizen health policies

The following are the main advantages of buying health insurance plans for senior citizens:

Includes the medical costs of pre and post hospitalization

The health insurance plans for senior citizens cover almost all hospitalization expenses. The days covered depends on one policy to another.

Covers the daycare costs

Costs for chemotherapy, dialysis and other such procedures are included in these plans. It also includes the cost of a few types of medical equipment.

Ambulance charges are covered

These plans include ambulance charges up to a certain maximum limit.

Coverage of the hospitalization costs

In the case of hospitalization for more than a day, the entire cost is covered by the insurance company. Costs such as room charges, doctor fees, nursing charges, etc are included in it.

Tax benefits

Senior citizens enjoy tax exemptions on insurance premium paid on health insurance. They can avail deductions of sum up to Rs 30,000.

 

Exclusions in the health insurance plans for senior citizens

The following are a few exclusions that can be seen in health insurance plans for senior citizens:

●     Costs of spectacles and lenses

●     Cosmetic surgery

●     Treatment of AIDS

●     Injuries that are self-inflicted

●     Health problems due to drug abuse

●     Non-allopathic treatment

●     Dental treatment

●     Pre-existing illness

 

Things to keep in mind while buying health insurance plan for senior citizens

Age of the insured

Every health policy includes a certain age limit. Generally, the health insurance plans for senior citizens can be purchased until the age of 90. However, it depends on the company and the policy. As premium increases with age, it is better to purchase a policy as early as possible.

The waiting period

The most important thing to keep in mind while buying a health insurance plan is the waiting period. Generally, insurance plans for senior citizens must have a low waiting period.

Renewal age

Renewal age refers to the age until which one can renew his policy. This varies from one company to another.

Sum insured

Before purchasing a policy, one must consider the sum that needs to be insured. This sum can be affected by inflation. Thus, you need to select a plan with an appropriate face value.

Premium

As the risk increases with age, the insurance companies charge high premiums from senior citizens. Thus, before buying a policy, one must precisely compare the premium rates that different companies are offering.

Alternative treatments

Some companies include health insurance coverage for treatments such as homoeopathy and Ayurveda.

A broad network of hospitals

Go for insurance policies that include a wide hospital network in it. In case of emergency, maximum hospital coverage proves beneficial.

Health insurance plays a very important role in a senior citizen’s life. It has become more of a necessity. With numerous plans available, it is essential to consider the required factors and then settle for a specific health insurance policy.