Health insurance is a necessary policy for every age group, especially for those who are 60 years & above. As the age increases the probability For suffering from diseases/ illness or injury is higher. At the higher age, they can be prone to ailments like hypertensions, diabetes, heart problems, joint problems, etc. However, our parents never consider or feel there is any importance of opting for a health insurance.
Looking at the rising cost of medical expenses and increase in lifestyle disorder, it is advisable to buy a health insurance policy. Now a days, there are several companies who offer health insurance specifically for senior citizens. A good senior citizen health insurance policy, apart from giving you extensive health coverage, also provides emotional peace and a complete sense of security.
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: You policy needs to cover pre & post hospitalization. Generally, most of the companies cover a 30 days Pre hospitalization expenses (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 Are not covered under the policy. Let us list down few:-
- 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 allopathic treatments
- Any Out patient treatment
- 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 Be consider before opting for a health insurance for senior citizen:
- Sum insured you want to cover for
- Maximum age at renewability
- Coverage of specified diseases
- Pre-existing diseases have lesser waiting period