We all plan for our old age and hope to have a great time once we are done with our responsibilities. But unfortunately, with old age comes several ailments that are expensive to treat and long term. As much as we all want to have a disease-free old age, there’s no telling how it is going to be. Won’t it be better to be prepared and plan your healthcare?
Senior citizen health insurance policies cover medical expenses like hospitalisation, pre-existing diseases and even critical illnesses. Before jumping to the best health insurance policies for senior citizen in India, let’s understand what senior citizen health insurance is and why seniors should invest in them.
Technically speaking, a senior citizen health insurance is medical insurance for people aged 60 years and above These are designed to cover all types of ailments that often accompany old age. Children with parents in this age group should consider gifting health insurance to their parents for their medical care. Older adults who wish to manage their expenses and savings better should consider investing in a senior citizen health insurance policy for themselves.
Old-Age and Illness Are a Bad Combination: Most people above the age of 60 are retired and living on their savings. At this time, when they do not have a direct source of income, diseases bring extra expenses. A senior citizen health insurance policy ensures that the elderly do not have to spend from their savings and can enjoy their retirement.
Stress-Free Wealth Management: A senior citizen health insurance policy takes care of medical expenses and allows the seniors to enjoy a stress-free retired life. They do not have to worry about paying bills; rather, they can make plans for travel or other things they love.
No Financial Burden on Other Members: Sudden health problems can lead to a financial crisis on the family. Children of the elderly people may have to manage the expenses through their own savings, which might take a chunk off other crucial expenses like household, education, etc. With a sensible senior citizen health insurance policy, the senior members of the family’s health expenses do not become a burden on anyone.
Apollo Munich Optima Senior is available for seniors aged 61 years and above. This senior citizen health insurance policy has no maximum age for entry and offers cover options ranging from Rs. 2, 3 and 5 lakhs. It comes lifelong renewability and offers cashless facility in over 4000 hospitals in India. In case of hospitalisation, this policy also takes care of ambulance charges of up to Rs. 2000.
Highlights of this senior citizen health insurance policy include pre-hospitalization coverage of up to 30 days, post-hospitalisation coverage of up to 60 days, and a cover for 140 daily care procedures. Apollo Munich Optima also offers special deals - for every claim-free year, a senior citizen gets 5% discount on the premium. Furthermore, a couple that enrols for this plan receives a 5% discount, and those who opt for a 2-year policy can avail a discount of 7.5%.
This senior citizen health insurance policy is open to anyone in the age group of 60-75. The minimum assured sum by the Star Health Senior Citizen Red Carpet Policy is Rs. 1 lakh and the maximum sum assured is Rs. 25 lakhs. There is also a family floater plan, wherein the sum assured falls between Rs.10-25 lakhs.
Star Health Insurance, just like all the other senior citizen health insurance policies, requires premedical tests to qualify. It covers pre-existing medical conditions after the first year of the plan. Some specific diseases are covered after 24 months of the policy date.
There is a lifelong renewability option along with pre-hospitalisation expenses covered for 30 days and ambulance charges covered to the specified limit. With this senior citizen health insurance policy, the elderly can expect costs covered for room rent, medical professional charges, specialist fees, cost of drugs and medicines and consultant fees up to a specified limit.
Some top-up perks include 5% discount on the premium if the policy is purchased online, coverage of all daily care procedures, and health check-up coverage for every claim-free year.
There are several benefits of investing in insurance in old age. The benefits of a senior citizen health insurance policy are:
Cashless hospitalisation across a network of top-class hospitals in the country
Pre and post-hospitalisation expenses covered along with coverage of daily care procedures
Coverage of emergency ambulance expenses
Coverage of pre-existing conditions according to terms and conditions mentioned in the senior citizen health insurance policy
Fast and convenient claim settlement process
Premiums of senior citizen health insurance eligible for tax deductions
Some of the senior citizen health insurance policies also cover regular/monthly health check-ups
Old age is often termed the golden years of a person’s life, but it can easily be mired by health issues and their accompanying medical bills. A senior citizen health insurance policy cannot fix health problems, but it can definitely help with the management of expenses incurred in treatment. It can guarantee seniors financial freedom, along with the wonderful feeling of not being a burden on their children.
Consider investing in one of the above senior citizen health insurance policies and enjoy health care at some of the best hospitals in the nation: cashless. Your senior citizen insurance can somewhat restore the carefree bliss of old age. Give it a try.
Recommended Link: Best Health Insurance Plans for Senior Citizen
