Senior citizen health insurance
Senior citizen health insurance plans provide coverage to the elderly against medical expenses like pre-existing diseases, critical illnesses, and even coronavirus. These are the plans designed for people aged 60 years and above to provide financial protection if they suffer from any age-related diseases.
Benefits of Senior Citizen Health Insurance Plan
There are many benefits that you can get under a senior citizen health insurance plan. It pays for the expenses that include hospitalization, surgery treatment, critical illness, accidental injuries, etc. If you renew the policy on time, you will be covered for up to 80 years* with a lifetime renewability option.
*Can differ from insurer to insurer
These are the benefits of the plan that you need to understand:
Medical Cover for Elderly People
Insurers cover older people who are above 60 years of age (can differ from one insurer to another) under this policy. The primary health insurance plan provides coverage up to a certain age only. This is one of the top reasons for buying this policy for senior citizens.
Most of the people who buy this policy do not need pre-medical screening. However, some insurers make pre-medical screening compulsory, so you need to check the policy details for clarity.
Senior citizens can avail of cashless treatment in some of the top network hospitals of the insurance company. You can avail of this treatment if you are admitted to the hospital for at least 24 hours, and this covers medical bills, doctor fees, room rent, etc.
No Claim Bonus
It is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. NCB is the discount offered by the insurance company for all the claim-free years. It can vary in some of the plans.
Another benefit of buying this policy is getting a tax exemption under Section 80D of the Income Tax Act. The premium that you pay towards the policy is eligible for tax benefits.
Why Do You Need Senior Citizen Health Insurance?
Senior citizens need health insurance as health-related issues are unpredictable. Medical expenses can cause pressure on the elderly and their family members, so it becomes crucial to have medical insurance. Other benefits of medical insurance include:
There has been a steep rise in medical costs in recent years, and it is expected to increase even more. To meet these rising costs, it is essential to have medical insurance. Also, having health insurance will ensure that senior citizens get the appropriate healthcare facilities.
Annual Checkup Facilities
Senior citizens require health checkups regularly, which can be expensive. So, some policies offer annual checkup facilities that help to mitigate the costs. You can read your policy document to know whether your policy covers these expenses or not.
Critical Illness Coverr
Due to older age, people are more vulnerable to diseases like heart attack, cancer, etc. With a senior citizen insurance plan, you can buy a critical illness cover for those above 60 years of age.
Peace of Mind
Paying off hefty hospital bills can prove to be stressful for the elderly and their family. So, health insurance becomes essential to meet the growing expenditure on minor as well as major illnesses. A health insurance policy can bring peace of mind to the elderly and their family members.
Inclusions In Health Insurance
Inclusions in health insurance include all the coverage benefits you will get after buying a health insurance plan. These are the inclusions in a health insurance policy that you must know about:
Health insurance plans cover the expenses incurred during hospitalization of more than 24 hours.
Pre-and Post-Hospitalization Expenses
It covers the medical expenses incurred due to an illness before getting hospitalized and the expenses of follow-up treatment after getting discharged. The pre-and post-hospitalization expenses are covered up to a specific number of days before and after hospitalization.
A health insurance policy also covers the cost of treatment undertaken in an ICU or Intensive Care Unit during hospitalization.
Day Care Expenses
It also covers expenses incurred on a treatment that does not require hospitalization for at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, etc. But health insurance plans cover only a specific number of daycare procedures as stated in the policy.
It covers the expenses of an ambulance availed to reach the nearest hospital in case of a medical emergency.
The policy also pays for coronavirus treatment of the elderly up to a specific limit.
Treatment at Home or Domiciliary Hospitalization
It also covers expenses incurred if the treatment is done at home under the guidance and advice of a medical practitioner. The treatment might be subject to some sub-limits, so it is crucial to contact your insurer to know more.
Insurance providers also provide cover for pre-existing diseases subject to the terms and conditions of the policy.
Depending upon the terms and conditions mentioned in the policy, some insurance policies cover treatments under the AYUSH, including Ayurveda, Yoga, Unani, Homeopathy, and Siddha.
Exclusions In Health Insurance
Health insurance exclusions refer to the expenses that are not covered under the health insurance policy. These include:
War, Terrorism, and Nuclear Activity
Any medical emergency caused due to war, terrorism, and nuclear activity is not covered by a health insurance policy.
Sexually Transmitted Diseases or AIDS
AIDS or similar diseases are not covered under a health insurance policy. The insurance company will also not pay for diseases or disorders resulting from unhealthy lifestyles or habits such as excessive drinking, drug abuse, or prescription medication abuse.
Cosmetic and plastic surgery is not covered under the policy. However, if cosmetic surgery is required due to an accident, some policies do cover these expenses.
Eye and Dental Surgery Expenses
Eye and dental surgeries are not covered under the policy. Though some insurance policies do have dental and eye care provisions, their scope may be limited. The policyholder must check the terms and conditions, particularly daycare procedures since these could be considered daycare or outpatient treatments.
How to Buy Health Insurance Policy Online with D2C Insurance Broking Private Limited (“RenewBuy”)?
To get an insurance policy from the comfort of your home, you can purchase a policy online with RenewBuy (www.renewbuy.com). The steps that you need to take include:
- Go to the website (www.renewbuy.com)
- Select your gender and enter your details
- Enter your pin code and sum insured that you need
- You will get instant quotes of different policies that you can purchase
- Once you have chosen the right policy, select 'Buy Now’
- In the next window, you will see the option of adding ‘Add-On Covers’
- Once you are done, you need to submit all your details on the next page
- Next, you can pay the premium for the policy, and the policy will be issued to you
- Once this is done, the policy is mailed to you at your e-mail address
These are the steps that you need to take if you want to buy an insurance policy online. It is a convenient and hassle-free process.
How To File a Health Insurance Claim?
Health insurance plans come with benefits like cashless hospitalization and reimbursement. Below are how you can file an insurance claim:
In Case of Planned Hospitalization:
Inform the insurance company about the hospitalization, 72 hours prior to it; either online or by calling them on their number
Once you get approval, you can file a claim later
In case of hospitalization, you must share the details of the group insurance policy with the hospital
The insurance company will ask the policyholder for the relevant documents along with the claim form
In Case of Emergency Hospitalization:
Inform the insurance company about the hospitalization within 48 hours of getting hospitalized
Show your health card at the hospital
The insurance company will ask the policyholder for the relevant documents along with the claim form.
If the claims are verified, the insurance company settles the bill on behalf of the policyholder.
If you are not hospitalized in a network hospital, you need to find a reimbursement claim later.
Things to Consider While Buying a Senior Citizen Mediclaim Policy
A senior citizen Mediclaim policy provides health insurance to cover the elderly who are vulnerable to severe illnesses. There are some things to consider while you buy a senior citizen health insurance policy for yourself or your parents who are senior citizens:
Day Care Treatments
Many health insurance policies do not cover daycare expenses. Also, to make a claim, you need to be hospitalized for at least 24 hours. However, due to the advancement of technology, many procedures do not require hospitalization. So, it is essential to choose a plan that covers the highest number of daycare treatments like radiotherapy, chemotherapy, etc.
No Claim Bonus
If you do not file a claim during the tenure of the policy, then you can earn a No Claim Bonus. It is a reward given by an insurance company to an insured for not raising any claim requests during a policy year.
Before you buy a policy for yourself, you need to check the list of network hospitals. Every insurance provider has several hospitals registered in their network. It is essential to check the network hospitals that are there in your vicinity. Also, check the available hospitals so that you can get the best treatment in case of a medical emergency.
Free Health Checkup Facility
If you are planning to buy a policy, you can look for a policy that provides you with a free health checkup facility annually. This plan is usually offered after specific years of buying the policy. But you can read your policy document to see whether you can avail of this benefit and if you can, then from when.
Benefits of Buying Senior Citizen Mediclaim Policy from D2C Insurance Broking Private Limited (“RenewBuy”)
Are you someone who is stuck in the world of health insurance? RenewBuy can help you.
At RenewBuy, we offer a quick platform to compare different policies and understand the benefits and features of different policies. Several insurance companies offer senior citizen plans, so a comparison is one of how you can choose the right plan for your needs.
Once you are on the website, you need to complete a simple form, and all the available insurance policies will be displayed to you. If you are confused, you can talk to one of our POSP advisors, who will help you make an informed decision.
With the increase in the number of diseases and the pandemic, the need for medical insurance for older people has also risen. You must purchase a policy that fulfills all your needs and takes care of all your expenses. Before you purchase a policy, read the terms and conditions carefully so that there is no ambiguity.