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It becomes difficult to find health insurance options as your age increases. Most health insurance policies allow a maximum entry age of 65 years. Hence, investing in a senior citizen health insurance policy is crucial because increased medical expenses in old age can put financial pressure and drain out retirement savings.
Health insurance policies for senior citizens are designed for people above the age of 60 years and provide much more coverage as compared to regular health insurance policies. They offer many benefits like preventive health check-ups, cashless treatment at network hospitals, pre-existing disease cover, day care treatment cover, critical illness cover, pre and post-hospitalisation cover etc. HDFC ERGO senior citizen health insurance offers a variety of health insurance plans for senior citizens.
Here are the most recommended plans for senior citizen health insurance by HDFC ERGO.
There are certain features of an HDFC ERGO health insurance plan for a senior citizen that differentiates it from a standard health insurance plan. Listed below are some of the features and Coverages of senior citizen health insurance to look for.
Entry Age - This is the most important feature of a senior citizen health insurance plan. Most plans allow entry till the age of 65 with a facility of lifelong renewability where you can enhance coverage through add-on covers or super top-up as per your requirements. However, there are plans which allow lifetime entry, where an individual above 65 years of age can also purchase the plan. Remember that premiums are higher when you buy health insurance at a later age.
Waiting Periods - The waiting periods in a senior citizen plan should be minimum. This is because the insured can claim without waiting for a long duration.
Renewability - Senior citizens' plans must allow lifetime renewability so that the insured can have health coverage for his lifetime.
Cashless Treatment - Almost all insurance plans offer cashless treatment at network hospitals. A cashless facility is very important for senior citizens as most of the hospital expenses are taken care of by the insurance company with little burden on the insured. With a cashless facility, always ensure that there is a good network of hospitals accessible to senior citizens.
Restoration Benefit - Senior citizens might need to be hospitalised multiple times in a year because of health issues. So, having a sum insured restoration benefit is very crucial as it will restore the sum insured to its original value after a claim is made and the insured need not worry about multiple claims in a policy rear.
Additional Benefits - Some senior citizen plans offer additional benefits like e-consultation, AYUSH treatments, nutrition guidance etc for senior citizens. These benefits are very helpful, for instance, if a senior citizen is unable to visit a doctor, he can avail the facility of e-consultation from the comfort of his home or nutritional guidance can help a senior citizen manage a pre-existing lifestyle disease.
Discounts - Senior citizen health insurance plans usually offer many discounts like long-term policy discounts, renewal benefits, benefits for claim-free years etc. These discounts can lower the premium and benefits can give you enhanced coverage.
Health Check-Up Coverage - Regular health check-ups are a must for senior citizens and this need is addressed by most of the senior citizen plans, which offer free annual health check-ups on renewal. Also, you can get discounted health check-ups at specified diagnostic centres as per your policy terms.
OPD Cover - Doctor consultations and OPD visits become frequent during old age. Therefore, having OPD consultations covered under your health insurance can help save a lot of money. Always include OPD coverage in a senior citizen health insurance plan.
No Cappings - A senior citizen plan should not have any sub-limits on room rent and also no disease capping. Many plans cover room rent upto the sum insured limit and there is no restriction on the diseases covered.
After a certain age, people become more prone to health issues and thus need more healthcare and medical supervision. Hence, having a proper senior citizen health insurance plan is important in old age. A comprehensive senior citizen plan not only covers hospitalisation expenses but also takes care of many age-related issues. It provides coverage for health check-ups, OPD consultations, alternative treatments and many other additional benefits. If you are looking for a senior citizen health insurance plan, HDFC ERGO general insurance offers a range of senior citizen plans to cover all your medical needs. These plans can be customised as per your requirements. To know more about these plans, visit www.coverfox.com.