As medical inflation in India is persisting at high levels, the need for an all-round health insurance policy is tremendous. At around 7.14% in 2018-19, it is a drastic rise from 4.39% in the last financial year.
Hence, health insurance for senior citizens is more necessary, owing to the numerous medical expenses that arise with age. Such insurance plans are tailor-made to suit the medical requirements of individuals aged 60 or above.
Benefits of senior citizens health insurance are –
Coverage against all diseases
A senior citizen can already be diagnosed with specific conditions before availing an insurance plan. Major financial institutions provide coverage against these ailments as well. Nevertheless, any claims against such pre-existing illnesses can be made post completion of a year since the policy has been activated.
All-round medical care
The best health insurance for senior citizens caters to all kinds of medical needs, such as hospitalisation expenses, medication costs, diagnosis charges, doctor’s fees, etc. Emergency ambulance charges and benefits pertaining to 30 days before and 60 days after hospitalisation are also extended.
Senior citizens usually don’t have any source of income, making them heavily dependent on their lifetime savings or pension. Such health insurance plans help senior citizens preserve their financial interests, as premium healthcare can be availed at nominal annual premium costs.
Consequently, any adverse complication in an individual’s health does not put a dent in his/her pocket, as an insurance aggregator assumes the payment liability in such cases. Total sum assured and annual premium charges can be decided by an insured individual itself, levying no unnecessary burden on individuals.
Major non-banking financial corporations such as Bajaj Finserv provide Senior Citizen Health Insurance online. Requisite forms can be filled and submitted through the official portal of the NBFC, along with KYC documents and past medical records.
Renewal of such online policies can also be done easily through the web portal. An individual renewing his/her existing policy is eligible to receive a loyalty bonus on their premium deductible.
Additionally, a no claims bonus is also given for every claim-free year during the insurance tenure.
Senior citizens can also opt for a top-up health insurance policy along with the existing insurance, to gain additional coverage for specific ailments. Since senior citizens are prone to have a higher hospital bill generated in their name, having extra coverage can be fruitful.
Benefits of a top up health insurance policy can be stated as follows –
- High-value claims can be made against all diseases present before the activation of the top-up insurance plan, as the sum assured in such policies tend to be substantially high.
- Such policies cover family members of an insured individual simultaneously under one umbrella, minimising the overall expenditure of one family on medical bills.
- Top-up insurance policy comes with a free health check-up facility irrespective of claim status.
- Wide range of coverage can be obtained under such insurance plans, starting from maternity to organ donation charges.
- The premium payable is eligible for income tax rebate under Section 80D. A total of Rs. 55,000 dedicated towards premium charges is deductible against taxable income tax.
- A hassle-free application process with a 15-day trial window is associated with all top-up insurance plans. Disbursement of the claim amount is directly made to the concerned party without any involvement of a third person.
Also, health insurance can be availed by individuals having a full health record at the time of application. It plays a vital role in the determination of annual premium payments, and the total sum assured promised during claims as well.