It is true that you can never be very sure when it comes to health care, and health insurance plans and their demands speak volumes regarding this. Health is a very sensitive subject because our entire lives depend on our health.
Even if it isn’t a matter of life and death, health determines our feelings and standard of living. You realise that financial support for health issues is a huge responsibility and burden. It is always great when you have something to lean on in difficult times, and health insurance is that ‘thing’ for you.
Old age, specifically, is such a vulnerable and overwhelming state of life. You are open to multiple risks of infections, illnesses, and injuries. So, is it alright to consider buying a policy for your old age or your parents? Yes! It is not just alright; it is crucial. You should consider buying insurance for senior citizens.
When you compare health insurance policies, you will read the features and understand what makes it important to have a policy for old age.
Senior Citizen Health Insurance Plans
As days pass and old age arrives, it brings various physical issues. It is not necessary that all the old people might get ill or catch diseases or injure themselves. But, due to the age factor, they are very susceptible and vulnerable to these things.
Weak joints make it difficult for them to balance if they trip, and bones might get damaged easily after falling; weak eyesight makes it difficult to see clearly, and the risk of falling increases.
The policy that is designed to cater for the healthcare needs of senior citizens aged 60-70 and above is health insurance for senior citizens. This insurance covers the financial requirements of the policyholder and provides various benefits within its range. The coverage usually differs from one company to another. Let us study the insurance policy’s coverage.
Health Insurance for Senior Citizen: The Coverage
Like any other medical insurance plan, senior citizen policy also provides financial support to the policyholder in case of potential illness or injury. We have listed below the coverage these policies normally offer.
| Sr. No. | Covered | Description |
| 1 | Hospitalisation Expenses | All the expenses related to the hospitalisation of the patient, like physician fees, medicines, food, nursing fees, and operating room expenses. The policy covers all these expenses. |
| 2 | Day-care expenses | When hospitalisation is required but for less than 24 hours, it comes under the day-care section. Whatever expenses you incur on this day are covered under the policy. |
| 3 | Ambulance Charges | If there is an emergency situation and you have to call an ambulance for the policyholder, the charges will be covered by the policy money. |
| 4 | Home care expenses | Many times, the nurses or doctors will have to visit the patient’s house for treatment. In this case, whatever the doctor or the nurse charges is provided under the policy coverage. |
| 5 | Pre and post-hospitalisation | Several checkups come before being hospitalised and follow once you are released from the hospital. These checkups and treatments are also covered in the policy. |
| 6 | Alternate treatment expenses | If you went under treatment and it did not help you recover completely, you will have to switch the type of treatment. Now, this alternate treatment will require separate fees. But there is no need to worry because the policy can cover those expenses, too. |
Let us also understand what is not covered under a policy so you can be more aware and make informed decisions regarding these points.
- Expenses that are incurred from self-inflicted injuries.
- Charges for hospitalisation due to a pre-existing condition or illness.
- Apart from accidental injuries, if you raise a claim for an illness or disease within the first 30 days of the policy purchase.
- Hospitalisation expenses incurred without the doctor’s permission or recommendation.
- Dental treatment expenses, unless they are from an accidental injury.
- Note that all of these are generalisations and do not apply to all of the senior citizen insurance policies. You will have to read the policy and add your riders or benefits yourself to receive the coverage required.
Health Insurance for Senior Citizens: The Benefits
- Under section 80D of the Income Tax Act, 1961, you can deduct the senior citizen policy premium from your total income. This will reduce the amount of taxable income and lead to tax reduction. This is another monetary benefit you receive from buying a senior citizen health insurance.
- Cashless healthcare is a blessing in the form of a facility provided by the insurance companies. If there is a need to hospitalise the policyholder, you can notify the insurance during and after the hospitalisation. Ensure that the hospital you go to is in the company’s network. Later, the insurance company and the hospital will settle all the finances, and you do not have to worry about searching for cash at the time of admission.
- You receive a high sum assured for the policy, and you can reset the assured amount if you want to.
Conclusion
It is a wise decision to purchase a senior citizen policy for individuals above 60 or 70 years of age. There are customisable policies that satisfy specific requirements and benefit almost everyone in need of this policy.
When we were young and vulnerable, we were secured and protected by the elders. Now, as elders, we are responsible for the vulnerable and old members of our family. Let’s be responsible and caring towards them and buy the policies that will be helpful.
