Thursday, 7 December 2017

What to Look out When You Buy Senior Citizen Health Insurance?

Health insurance should top the priorities for individuals both young and old. Unforeseen circumstances can hit one anytime. Therefore, it is essential to be prepared before any unfortunate events strike. Therefore, buying a health insurance for senior citizens can keep you secured post-retirement.

Senior citizen health insurance plans are rolled out by multiple insurers for those who have retired from a hectic work life. Adequate coverage and better plans can help senior citizens during medical emergencies which can otherwise prove as a setback due to limited income.

How To Decide Which Health Care Plan For Senior Citizens Is Right?

In case you are purchasing a health insurance for senior citizens such as your parents, it can be a cumbersome task to drill down to that perfect plan which offers the best coverage and plans at an affordable premium rate.

Severe medical conditions such as joint problems, heart-related problems, chronic lung diseases, diabetes et al. are usually covered under most of the health plans for senior citizens. However, buyers should focus on the capping limit rolled out by the plan in case of a hospitalization or any other chronic illnesses.

A Thoughtful Gesture

Affordable health insurance plan for senior citizens over the age of 60 is designed to cover the medical expenses that are incurred during the policy coverage duration. It is more than a thoughtful gesture if you plan to gift a healthcare plan for your parents.

But Why Is It Crucial To Buy Health Insurance For Senior Citizens?

With increasing age, the body starts losing its resistance to diseases as the natural immune system starts becoming weak. Survival and living on the pension and savings incurred over a period of time is what everyone looks forward to. However, with age, senior citizens start becoming prone to multiple health issues.

It is essential that there is a health insurance for senior citizens in place to take care of the medical needs and emergencies. Not only does a senior citizen healthcare plan ensure security, but also makes the process free of any additional hassles.

Immediate crises can be a sudden blow. However, without a health insurance for senior citizens, the family members might have to struggle to make ends meet just to afford the medical expenses for the elderly. Therefore, an affordable healthcare plan for the elderly can not only reduce the financial burden but also help you claim tax rebates according to the various laws of the Income Tax Act.

Tips To Consider Before Finalising The Senior Healthcare Plan

There are several factors which need to be taken care of before you invest in that mediclaim policy for the elderly. A thorough research and proper comparison can help you pick out the most suitable plan for you.

·         Co-payments clause offer that a ratio of premium is paid by the insurer and insurance holder. However, caution should be exercised in terms of the coverage that the plan has to offer.
·         Choose a plan that allows renewal up to the maximum age limit. With the premium paid annually, it makes it slightly affordable.
·         Pre-existing diseases are covered only after the policy has completed 12-18 months since the purchase. However, there are many insurers who do not cover pre-existing illnesses. Thus, making an informed decision is the key.
·         Pick a plan that has a lower waiting period and provides better coverage.

Which Health Insurance For Senior Citizens Is The Best?

There are a lot of options available in India when it comes to securing health insurance for senior citizens. It is essential that you compare various policies based on the number of dependents, income, age, financial status etc.

Not only do these factors help you in finding the affordable health care plan for the elderly, but also guide you in choosing the best available plans. Senior citizen, health care plans, have been rolled out by leading insurers in India.

1.  Silver Health from Bajaj Allianz
  •       Offers coverage up to 70 years  for an assured sum of 50,000- 5lakhs
  •          All pre-existing diseases are covered from the second year of the mediclaim
  •         Medical check-ups, Out-patient visits and even hospitalization is covered under the policy offered.

2.    New India Senior Citizen Mediclaim Policy

  •          It provides coverage up to 90 years.
  •          Available for a sum of 1-1.5 lakhs
  •          Pre-existing diseases are covered after 18 months of the policy commencement
  •          Depending on the days of hospitalization, the plan reimburses 5-10 percent of the total charges incurred.

3.    SBI Arogya Top Up Plan
  •          An affordable health care plan for senior citizens which provides coverage from the 65th year of birth
  •          It covers 60-90 days of the total hospitalization charges and other medical expenses.
  •          It does not require any prior medical tests if there has been no medical history prior to policy declaration.
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