In our country we value our traditions and know to respect our elders but when it comes to the health of our elders why we all not taking it seriously? Unlike us our grandparents are more susceptible to get any disease so it is important to take care of their health on old days and take a health insurance plan for them. The health condition of our grandparents is different from us so it is also obvious that we have to take a different type of coverage for them by keeping all the factors in mind. We have to consider the maximum coverage for them and choose the health insurance policy that will provide overall financial protection to the family.
If Suddenly any senior citizen in your family gets some illness, then it will cause a matter of stress for the whole family. So, this insurance policy will help to recover the debt crises in the family.
For the insurance companies, the age group of 60-80 is eligible to avail of senior citizen insurance plan. As per the recently updated conditions of IRDA, you can insure yourself in a regular insurance plan until the age of 65. If you want to continue your insurance policy after the age of 65 then you have to take a senior citizen plan. There are certain factors that must be considered as paramount while taking any policy for senior citizens.
The extent of Cover: Whenever you are going to buy any policy for old people take a look at the extent of the coverage amount. Generally, the company will provide 1-2 lakhs for the entire coverage. But if you are going to purchase the policy for the person whose health conditions are not good then raise the bar and enhance the coverage amount.
Co-Payment: Co-payment is inversely proportional to the premium amount. Under this, you have to pay some percentage of the total bill at the time of claim settlement and the rest payment will be done by the insurance company. The percentage you have to pay fluctuates from policy to policy and it is predefined at the time of purchasing the policy. If you pay the higher percent of co-payment then you have to pay a low premium. So, it is important to read the terms and conditions carefully and understand the norms of co-payment.
Waiting Period: In this time period for which some critical pre-existing diseases are not covered in the insurance policy. It is better to look for the waiting period if you are going to take an insurance plan in order to cover any specific disease. After the waiting period is over, you can make a claim for the list of pre-existing diseases.
Coverage of Pre-Existing Diseases (PEDs): Any disease that already existed at the time of purchasing the insurance plan is considered a Pre-existing disease. Normally for all insurance companies there is a fixed waiting period of 2-4 years to cover these diseases and you can also reduce this time period by paying extra premium. Certain chronic and critical diseases are still excluded from coverage.
Previous Medical History: The insured person has to mention all the previous medical history on the proposal form at the time of purchasing the policy. Sometimes the person himself is unaware of any medical emergency. At that time, we can go for a full body check-up to get a better idea about the health condition of the senior citizens. If you will hide any illness and further it will get detected at the time of claiming then you might get an issue in successful claiming.
Take regular medical check-ups: When you purchase any insurance plan for an aged person then the insurance provider will conduct a full body check-up for the insured. In this check-up they will perform blood sugar tests, lipid tests, kidney and liver check-ups, sonography and urine test to get the current medical condition. The purpose of these check-ups is to verify the accuracy of the provided information.
Procedures that are covered in the Health Insurance Policy of Senior Citizen:
- All expenses of in-patient hospitalization in case of treatment of injury/accident/disease
- Room rent in hospitals and transportation expenses
- Cashless treatment at preferred network hospitals
- Day-care expenses
- All pre-existing diseases will be covered after completing the waiting period
- Pre and post hospitalization expenses
- Critical illness rider option
- Organ donor expenses
- Domiciliary expenses
Benefits of having Health Insurance plan for Senior Citizens:
- The hassle-free and convenient claim settlement process
- The patient can take Cashless treatment at any network hospitalization if they are available to admit for more than 24 hours
- You can renew the policy for life until death
- By taking a senior citizen’s health insurance plan you can avail cover for medical bills, room charges, doctor’s fees, in-patient health expenses, etc.
- Ambulance cost will also cover by the insurance company
- Pre and Post hospitalization expenses are covered
- Some Pre-existing diseases are covered once the waiting period is over
This insurance will directly provide protection to your loved ones and you can also take many other benefits from it. On a senior citizen plan you can also avail double discount on tax savings. So before buying any insurance check online quotes to compare and choose from the best. By taking a health insurance policy for your elder ones you can spend your whole life with peace.