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An ultimate guide to senior citizen health insurance plan

It is a prudent financial decision for seniors to get a senior citizen health plan that will pay for costs associated with unforeseen medical expenses.

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In light of India’s rapid rise in medical inflation, it has become essential for every individual to get suitable health insurance coverage for their loved ones, particularly for senior citizens. People are more vulnerable to chronic illnesses and medical disorders as they age. This might lead to exorbitant medical bills.

The senior citizen health plan is a personalised health plan curated to meet the medical needs of older people. Based on the benefits, features, inclusions, and other aspects of the plan, such policies are slightly more expensive than standard health plans. With the new IRDA regulations in effect, each and every healthcare provider must offer insurance for people up to the age of 65.

 If you fall into the senior citizen category, you have the choice to purchase an individual senior health plan or an umbrella plan that covers you and your spouse; if not, you can include your parents as well. It is a prudent financial decision for seniors to get a senior citizen health plan that will pay for costs associated with unforeseen medical expenses. In this article, we will cover all you need to know about senior citizen health policies.

 What is a Senior Citizen Health Insurance Plan?

A senior citizen health insurance plan pays for medical costs incurred by those over 60. As per the National Council on Aging, 80% of senior citizens have at least one chronic health condition.

It provides elderly patients with preventative health check-up services and cashless hospitalisation at the insurance company’s network hospitals. Pre-existing conditions, hospital expenses, critical illnesses, pre-, and post-hospitalization costs, and coronavirus treatment are all covered under this policy.

Senior Citizen Health Plan: Top Features

Senior citizen health insurance plans provide much more than simply lowering your physical and financial burden. 

Some of its prominent features are mentioned below:

  • The senior citizen medical insurance plans provide you with comprehensive coverage which will be sufficient for you in your old age.
  • Under senior citizen plans, there are several different coverages available. These include coverage for a particular illness, an emergency ambulance, and more.
  • Under senior citizen insurance coverage, you can choose a reimbursement option or even a cashless treatment option.
  • There are several plans that enable you to pay a lower health insurance premium and yet get the same benefits by choosing the co-payment option.
  • Most senior health insurance policies provide renewability options, allowing unlimited renewals as long as premium payments are made on time.
  • These policies provide coverage for pre-existing conditions following a certain waiting period, which might vary as per the company.
  • Under senior citizen plans, there are several different coverages available. These include coverage for a particular illness, an emergency ambulance, and more.
  • Some plans provide coverage for both the senior citizens along with their better half. This, in turn, keeps the insured individuals at ease.

 Significance of Senior Citizen Health Insurance Policies

Let’s go through some of the main aspects that highlight how important it is for aged people to get senior citizen health insurance:

  • Planning without worry: Every person faces several health problems as they become older. A health plan is something that makes future planning easy and hassle-free.
  •  Protection against financial emergencies: After the age of 60, people are more likely to suffer from a chronic or acute disease, and since they are no longer employed, they are more likely to find themselves in financial crises in the event of unforeseen medical expenses. Therefore, senior citizen health policies can be purchased to aid those in need and provide them with financial assistance.
  • Protects you from diseases: As people age, their chance of encountering chronic illness increases, and thus, it is advisable to have some money reserves set up in case of future medical issues.
  • Inflation effects: The pandemic caused a sharp rise in medical inflation, which has driven up the cost of healthcare services and caused people to spend through their savings. Therefore, it is crucial for people to have insurance coverage to cover these costs.
  • The unstable flow of income: After retirement, an individual’s income is often constrained or unstable, which might leave them with empty pockets. As a result, in case of a medical emergency, having some financial backup is essential.
  • Employer’s insurance termination after retiring: Most individuals rely on their group health insurance policies for the whole of their lives. Still, when they leave their jobs, they must purchase a stand-alone policy for themselves to cover any remaining medical expenses. In such situations, a senior citizen health plan is an intelligent decision.

Due to the constantly increasing medical costs, it might be challenging for senior citizens to bear the enormous medical expenses. With the availability of advanced medical facilities, an average Indian citizen’s life expectancy has grown recently. Seniors without a steady source of income might not be able to afford high-quality medical care. This is why a senior citizen’s health insurance is necessary to get access to on-time medical care for planned and unplanned medical expenses.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

(ThePrint ValueAd Initiative content is a paid-for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.) 

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