Suffering from various diseases as one gets older is very common. With age, the mental stress of money and being able to pay for hefty medical expenses becomes inevitable. Here come the health insurance plans for senior citizens that provide medical expense coverage for elderly persons 60 years and above. These schemes are especially to offer financial aid in the case of medical conditions of senior citizens. A maximum of these plans cover pre-existing medical conditions. 

Old age brings different ailments, and with inflation, medical expenses are rising. So to to be able to pay these substantial medical expenses in old age, it becomes mandatory to get health insurance for senior citizens. So to enjoy a happy and healthy life in old age, health insurance for senior citizens becomes significant. 

Benefits

Following are some of the benefits of senior citizen health insurance:

• Coverage of pre-existing medical conditions

Based on the health insurance plan you select, you can enjoy coverage for any pre-existing medical conditions after the first year of the plan. There are plans that offer coverage for pre-existing conditions after the second or third year of the plan.

• Good savings are possible. 

As in old age, most of the expense is spent on the treatment of diseases, and the insurance plans help you to save your pension and use it for other purposes by paying your medical bills. 

• Process is convineint 

Insurance providers provide the facility of applying for or renewing your insurance policy online, making it an easy and convenient process. 

• Cashless treatment 

It is possible to avail treatment for any ailment cashless from any of the insurer’s network hospitals. Thus, individuals can get the best cure for any of their ailments without paying in cash.

• Comprehensive coverage of the medical expenses

The best health insurance plans for senior citizens cover medical expenses comprehensively. That is, it covers all the before and after hospitalization expenses, including daycare costs, domiciliary hospitalization expenses, ambulance costs, etc.

• Sum assured

You have the choice of choosing your sum assured

• Benefit in income tax

The premium you pay for health insurance is exempted from paying tax under section 80D of the Income Tax Act, 1961. Thus, in addition to providing good health in old age, it also helps you save your hard-earned money. 

• No claim bonus

You get a chance to get a claim bonus when you renew the policy after each claim-free year.

• Coverage for transportation

You can even get coverage for ambulance expenses. 

• Lifetime renewability

Most insurance for senior citizens provides the facility of lifetime renewability. Thus, it offers the benefit of lifelong renewability of the policy without any restrictions or age limitations.

Significant features

Following are some of the essential features of the senior citizen health insurance plans:

• The minimum age to apply for the policy is 60 years.
• The maximum age to apply for the policy is 99years, while there are certain insurance companies that have no maximum age bar.
• You get cashless claims at network hospitals of the insurance provider.
• A facility for preventive health checkups is also available. 

What all are included in senior citizen health insurance plans?

Following are the advantages you get from insurance plans for senior citizens:

• Hospital expenses coverage

Multiple hospital expenses that covered under the senior citizen health insurance plans. The expenses covered are medicine and drug bills, room costs, ICU charges, nursing charges, doctor charges, and also the charges of other medical staff like surgeons, anaesthetists, consultants, surgeons, etc.

• Daycare treatments

There are some ailments that require hospitalization for less than 24 hours like dialysis, chemotherapy, and physiotherapy. These treatments also get coverage under an insurance policy. However, this facility may vary from policy to policy.

• AYUSH treatments coverage

AYUSH treatments include Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy. These are treatment options other than allopathy. Most senior citizens prefer these treatment options. The insurance for senior citizens covers the expenses of these treatments also.

• Other medical costs

Other medical expenses that are included in the health insurance plans of senior citizens are medical appliances, operation theatre, blood transfusion, medicines, stents, pacemakers, and various diagnostic tests. 

What is excluded from senior citizen health insurance plans?

Following are the expenses that are not covered under the health insurance plans for senior citizens in India:

• Any medical condition diagnosed in the first month of the plan is not covered under the plan.
• Medical expenses occur due to self-inflicted injuries.
• Pre-existing conditions are covered after the first year of the plan, while some provide coverage after the second or third year. 
• Diseases like AIDS and related diseases are excluded.
• Non-allopathic medicines, esthetics, cosmetic treatments, and other treatments are not covered.
• Expenses incurred due to drug addiction or mental or psychiatric conditions are excluded from the insurance plans.
• Expenses for injuries that arise due to war are excluded.
• Joint replacement surgery ( except due to accidents) has a waiting time.
• Some medical conditions like hernia, cataracts, piles, benign prostatic hypertrophy, etc., also have a waiting period.
• Expenses for cosmetic surgery are also excluded.

The necessity of buying health insurance for senior citizens

As one gets older, the body gets more prone to various types of diseases. If you haven’t purchased health insurance, then depletion of your saving is a must in your old age. It leads to mental stress. To overcome these difficulties, it is necessary to have health insurance for senior citizens. 

The online facility makes it a straightforward process. It allows you to purchase the health insurance plan from the comfort of your home. It will enable you to compare multiple policies from home and help to select the best plan for you. In addition to the plan quotes, documents needed, and plan, you also get information about the best discounts that you may avail of. Online payment facility adds more comfort to the process, making it a hassle-free process.

Thus, it can be concluded that health insurance plans for senior citizens are a must for living a stress-free and healthy life in old age. It will even help you save for pensions and use it for other purposes.