Health Insurance is a necessary policy for every age group, especially for those who are 60yrs & above. As the age increases the probability
Looking at the rising cost of medical expenses and increase in lifestyle disorder, it is advisable to buy a Health Insurance Policy.
Benefits offered under a Senior Health Insurance Policy:
There are lots of benefits which are offered under a Senior Citizen Health Insurance Policy. It is important to understand those benefits before buying a product. Let us look at the most important benefits which are required while choosing the right product:
- Pre & Post Hospitalization:
Youpolicy needs to cover Pre & Post Hospitalization. Generally, most of the companies cover a 30 Days Pre HospitalizationExpenses (i.e. before the insured gets hospitalized if there are any expenses related to the diseases like doctors expenses, medical bills, pathology reports, etc. are covered) & 60 days post hospitalization expenses (i.e. after the insured is discharged from the hospital if there are any expenses related to the diseases like medicines, physiotherapy, doctors expenses, pathology reports, etc are covered)
- Cashless Hospitalization – Every insurance company has a list of network hospitals which provide cashless facility when the insured is hospitalized. It is important to check the list in advance.
- No Claim Bonus – In case you do not claim for the current year then the insured shall provide you a No Claim Bonus which will either increase you sum insured every year or give you a discount on the premium.
- No Capping – Your health insurance policy should not have any limits on room rent, doctor expenses, OPD Charges, ICU, etc.
- Tax Benefits – Under section 80D of the Income Tax. Senior Citizen can avail a benefit on the health insurance premium up to Rs. 30,000 for one year.
- Ambulance charges are covered
- No medical test are required before purchasing a health insurance policy. However, this depends on the insurance company you choose.
Exclusions and waiting period under Health Insurance Cover:
Every Health Insurance Products have certain exclusions and waiting period which
- Initial Waiting Period of 30 days to 90 Days
- Pre-Existing conditions (It varies from 12months to 48 months waiting period)
- Specified Diseases (Eg, Hernia, Cataract, Joint Replacement Surgery, etc) waiting period (It varies between 12months to 48months)
- Circumcision unless for treatment of a disease
- Cost of specs, contact lenses, hearing aids) Dental treatment / surgery unless requiring hospitalization
- Convalescence, general debility, congenital external defects, V.D., intentional self-injury, use of intoxicating drugs / alcohol, Expenses for Diagnosis, X-ray or lab tests not consistent with the disease requiring hospitalization.
- Any condition directly or indirectly caused or associated with any sexually transmitted disease
- Any treatment related to sleep disorder etc.
- Treatment of mental illness,
stress ,psychiatric or psychological disorders Non Allopathictreatments
- Treatment received outside India (unless it’s part of the policy)
- Act of self-destruction or self-inflicted
injury ,attempted suicide
- Any Hospitalization primarily for investigation or diagnosis purpose
Factors which needs to
- Sum Insured you want to cover for
- Maximum age at renewability
- Coverage of Specified Diseases
- Pre-Existing Diseases have lesser waiting period
List of Insurance Companies which offer a Senior Citizen Health Insurance:
- Bajaj Allianz – Silver Health Insurance Plan
- National Insurance - Varishta
- Star Health Insurance – Red Carpet
- Tata AIG – MediSenior Health Insurance
- Apollo Munich – Optima Restore
- Oriental Insurance – Hope