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Aditya Birla health insurance | health insurance for senior citizens

Buy The Right Health Insurance For Senior Citizens In India

Health insurance for senior citizens is an extremely important element to take care of medical emergencies during retirement. Buying the right insurance plan involves carefully reading its terms and conditions to make an informed decision.

Points to remember while buying health insurance plans for senior citizens

Network Hospitals

You should opt for a health insurance policy with a wide range of network hospitals as they offer cashless treatment facilities and easy claim settlement. This will help senior citizens to get treatment at the nearest hospital without worrying about medical bills. 

Waiting period 

Most health insurance plans come with a waiting period of two to four years, during which a policyholder cannot file a claim for pre-existing diseases. Senior citizens should go for an insurance policy with a minimum waiting period to receive the required treatment on time. Providers such as Aditya Birla health insurance offer policies where an insured can get coverage for pre-existing illnesses, including asthma, diabetes, cholesterol, and blood pressure.

Medical check-up facility

The best health insurance plan for a senior citizen allows free annual medical check-ups. Most older adults require regular medical screening for a timely diagnosis of a serious illness. 

No Claim Bonus

No claim bonus is the reward given by the insurance company to the insured for not raising a claim during the policy period. You must select a health insurance plan offering maximum NCB benefit for each claim-free year. It increases your sum insured amount by a specific percentage. 

Domiciliary hospitalization

Purchase a health insurance policy offering domiciliary hospitalisation cover if senior citizens fail to avail medical treatment at hospitals. This cover allows at-home treatment of serious illnesses and covers all the medical expenses. 

Daycare Procedures Cover

Daycare treatments such as dialysis, tonsillectomy, cataract, lithotripsy, or radiation require hospitalisation of less than a day. A health insurance plan with such a cover benefits senior citizens by ensuring high-quality medical care. 

Lifetime renewability 

With a lifetime renewability option, an insured can renew the health insurance policy lifelong irrespective of age. This saves senior citizens from the hassle of buying another policy in old age and lowers the financial burden during medical emergencies. 

Coverage 

You should always check what type of coverage a health insurance plan offers before buying. Choosing a plan offering sufficient coverage is necessary to meet the medical expenses for costly treatments. 

Co-Payment Clause

It refers to the portion of the claim amount the policyholder bears. Before finalizing the policy, senior citizens should check which health insurance for senior citizens comes with a low co-payment.

Claim Settlement Ratio

Another factor to consider while investing in a health insurance plan is the claim settlement ratio. Senior citizens should go for an insurance company which takes less time to settle the claims and has a high claim settlement ratio. 

Sum insured

It is the maximum amount for a financial year paid by the insurance provider to the insured in case of his/her hospitalisation. An inadequate sum insured can result in out-of-pocket expenses and put a financial burden on the policyholder. Senior citizens should opt for a sufficient sum insured amount to cover all health-related expenses. 

Entry age

It is advisable to choose a health insurance policy for senior citizens that comes with a maximum entry age criterion.  

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Benefits of Senior Citizen’s Health Insurance Plan

Hospitalisation Expenses Cover

Senior citizens’ health insurance offers coverage against multiple hospitalisation expenses arising from accidents or illnesses. These include nursing fees, ICU charges, room rent, diagnostic tests, doctor’s consultation fees, and medicines costs. 

Tax Benefits

Senior citizens who pay premiums for health insurance policies are entitled to a tax benefit of ₹50,000 per annum under Section 80D of the Income Tax Act, 1961.

Pre And Post-hospitalisation Expenses Cover

Pre-hospitalisation expenses are incurred before getting hospitalised and include MRI scans, CT scans, medication, X-rays, or other diagnostic tests. Post-hospitalization expenses are incurred after getting discharged from the hospital and include follow-up tests, doctor’s consultations, and continuing treatments.

COVID-19 Expenses Cover

The expenses incurred by a policyholder on coronavirus treatment can also be covered under the health insurance plan. 

Critical Illnesses Expenses Cover

The treatment cost of critical illnesses such as heart attack, paralysis, kidney failure, and cancer are covered under the plan. 

AYUSH Treatment Expenses Cover

The insurance plans cover the expenses made on alternative therapies- Ayurveda, Homeopathy, Siddha, Yoga, and Unani availed at a government-recognised institute. 

Exclusions Of Senior Citizen’s Health Insurance

  • Cosmetic surgery
  • Rehabilitation procedures
  • Joint replacement surgery
  • Self-inflicted injuries
  • Expenses related to drug abuse or alcohol
  • Treatment expenses of AIDS
  • Injury due to civil war

In Conclusion

A senior citizen’s health insurance policy protects the elderly from financial and mental stress and provides good medical care. You can review your policy according to the above points to buy the best health insurance plan for yourself.

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