Senior citizens are the most susceptible to diseases. At the same time, their earning capacity is limited. Therefore, having a medical insurance policy is a must for them. It saves them from the additional stress of arranging funds during a medical emergency. This article will discuss the reasons why the elderly population should buy health insurance plans and the tips to select the right plan according to their requirements.
Benefits of Medical Insurance Policy for Senior Citizens
Insurance companies offer mediclaim policies specifically designed for those above 60 years of age. They provide the following advantages.
Coverage
Senior citizens health insurance covers a wide variety of pre and post-hospitalisation expenses. For instance, ambulance cover, preventive checkups, domiciliary treatment, AYUSH treatment, etc., are included. After a certain waiting period, coverage is also provided for pre-existing conditions.
Tax Benefit
Section 80D under Income Tax Act further encourages mediclaim policies for senior citizens by making premium payments eligible for a tax deduction. The resulting reduction in tax liability leads to financial savings.
Financial Support
Nobody wants to spend the golden years of their lives excessively worrying about money. Senior citizens are forced to borrow from financial institutions or relatives if not insured. An expensive debt can sometimes lead to bankruptcy. Having a mediclaim insurance policy ensures peace of mind by guaranteeing financial aid during illnesses.
Quality Care
Health insurance plans for senior citizens usually provide a cashless treatment facility. It is not only more convenient but also gives access to a network of hospitals and doctors. The insurer performs a quality check before including any healthcare provider in their network; thus, senior citizens are assured superior care.
Tips to Select the Best Mediclaim Policy for Senior Citizens
It is challenging to select the best mediclaim policy in India because of the numerous options available. Nevertheless, the following pointers must be considered for an informed decision.
Cover
Before buying a medical insurance policy, you should assess your needs and medical history. You must look for a plan that covers your specific pre-existing conditions and the hereditary diseases you are vulnerable to. Check out the list of inclusions and exclusions for information on coverage of critical illness, domiciliary care, daycare expenses, ambulance charges, etc.
Sum Insured
For senior citizens, medical treatments are needed more frequently and are costlier. Therefore, get a policy which has an adequate sum insured amount and also provides the option to restore it. Best insurance policies also allow you to expand the sum insured amount to stay ahead of inflation.
Cost
The premium of your selected policy should be within your budget. Also, check the co-payment clause. It states the percentage of the total medical expenses the insured will have to pay at the time of claim. It affects your financial savings and is thus essential to consider. In addition, look for the no-claim bonus provision to get rewarded for every claim-free year.
Waiting Period
Health insurance plans for senior citizens also have a waiting period, during which no claim can be made. During this period, pre-existing conditions are also left uncovered. You must opt for a policy that has the shortest waiting period.
Network
Ensure that the hospitals empanelled in the insurer’s network are reputable and located near you. The network hospitals should also have doctors who specialise in treating your diseases; otherwise, you will not be able to enjoy the cashless treatment.
Claim Settlement Process
The insurer must have a high claim settlement ratio to avoid later complexities. In addition, the process for settling claims must be hassle-free and swift.
Renewability
The best mediclaim policy for senior citizens will be lifetime renewable. As a result, senior citizens will not have to go through the arduous task of looking for another policy after a certain age.
Conclusion
Based on the above points, we can conclude that insurance for senior citizens is crucial for their well-being as well as financial independence. Buying an insurance policy is more like an investment; thus, the decision for the right policy must be made after sufficient research and comparison. Make sure to go through the official websites of different insurers, read the customer feedback and consult insurance specialists.