Senior citizen Health Insurance
A Senior Citizen Health Insurance plan is a medical insurance policy that offers medical coverage to individual between the age group of 60 to 75 years. Some of the unique benefits of senior citizen medical insurance include cashless hospitalization, pre-existing diseases, no medical test and day care expense.
Thus, we strongly recommended that you make proper comparison of different health insurance plans for senior citizens which are available in the market before purchasing. The online comparison is the right move to find and pick the best health insurance plan. Such a comparison will give you a fair idea on which is the best suited policy for you.
According to the new guidelines by IRDA, every health insurance provider has to offer coverage to individuals, up to 65 years of age. These updated guidelines help individuals to get coverage at later stages of their life. Moreover, they allow them to switch insurers if they′re not satisfied with their current insurance provider. There is no dearth of insurance providers for elderly people. However, the challenge is to choose the right one.
Features of Senior Citizen Health Insurance Plan
In various unforeseen circumstances, senior citizen health insurance plans will help you cope with your difficulties. These plans come with various salient features. They are as follows:
Certain medical amenities such as ambulatory services are also covered by most of the senior citizen health insurance plans.
6 Factors to Consider While Comparing Mediclaim Policies for Senior Citizens
Coverage: Firstly, ascertain your medical requirements, your health concerns and your spouse′s health concerns, age factor and other issues that might affect your health insurance premium.Take into consideration various health factors like your medical history, financial conditions etc. Check if the plan has sub-limits, co-payment clause, and room rent capping. Select a plan that offers maximum coverage and comes with minimum limitations.
Co-Payments: Co-pay is the fixed amount that the policyholder pays from his own pocket for the covered services. Most of the senior citizen health insurance plans come with a co-payment clause depending on the treatment and medication required. Choose a plan that charges a lesser percentage of co-pay.
Lifetime renewal: Check if the medical insurance plan doesn′t come with a cut-off renewal age. Choose a plan that offers lifetime renewability option. As you grow old and your health issues increase, it will become challenging for you to purchase a new plan.Usually, health insurance providers offer a grace period to their customers. It allows easy renewal in case the due date is missed.
Waiting Periods: Before buying health insurance, it′s important for you to have some knowledge about the waiting period. It is the duration for which the insured person has to wait unless the illnesses that are listed in the policy are covered. During this period you cannot file a claim for such illnesses. In some cases, the health insurance company offers coverage to some of the prior illnesses on payment of extra premium. Most of the health insurers have a waiting period clause before the beginning of the medical policy. Any pre-existing illness may require costly medical treatment. That is why it is recommended that you opt for a policy with a minimal waiting period.
Pre-Existing Diseases: Some insurance companies cover pre-existing illnesses and some don′t cover it all, so it is better to assess before you make the purchase. Some insurers cover it after 48 months, and some cover it after 24 months. In case of senior citizens, most of the pre-existing health issues can lead to rejection as well. So, select a plan that comes with a minimal pre-existing clause.
Free-look Period: A free look period is a time in which a new policyholder can end the policy without penalties. It is usually 15 days that allows the insured to decide whether to continue or discontinue. If the insured is not satisfied and wishes to cancel it, then he is eligible to get a full refund.
Benefits of Senior Citizen Mediclaim Policy
A senior citizen mediclaim policy is just another type of health insurance, specifically drafted for senior citizen in our families. Such a mediclaim policy requires a person to be at least 60 years old to avail the coverage and benefits associated with the policy. Below are primary benefits of a mediclaim policy for senior citizens:
1. Hospital Expense Cover: Expenses incurred on a patient if the hospitalization (cashless treatment) is more than 24 hrs, including room charges, doctor fees, nursing fees, cost of medicine and drugs, etc.
2. Day care costs which arise from use of special equipment or procedures like chemotherapy, dialysis, etc.
3. Medical costs prior and post hospitalization provided the number of days is variable
4. Ambulance charges for transporting the insured, subject to maximum limit
5. Existing diseases are also covered, subject to terms and conditions of the policy
Senior Citizens Health Insurance Exclusions
Although a health insurance policy covers most of the health hazards when diagnosed, there are times when mediclaim cover for a senior citizen is denied. Below is a list of common exclusion of a senior citizen health insurance policy:
How to Claim Mediclaim for Senior Citizens?
Mediclaim for senior citizens allows the policyholders to file a health insurance claim when they get hospitalized or have to avail emergency medical treatment. These policies facilitate raising a mediclaim to avail cashless treatment at a network hospital or for expense reimbursement post discharging from the hospital. In any case, the policyholder must inform their insurer about the same within 24 hours of hospitalization without failure.
In order to file mediclaim, fill out the claim form obtained online from the respective insurer′s website or obtained from the insurer′s office, and then submit it back to the insurer. Attach the medical bills and reports given by the doctor/hospital as the supporting documents. Make sure to meet all the requirements for faster claim processing.
Tax Benefits of Senior Citizen Health Insurance
This health policy not only provides you with an assurance for health benefits when you might actually need them but also entitles you to avail tax exemption under section 80D of the Income Tax Act, 1961. You are eligible for an income tax rebate of Rs. 30,000 if you hold a mediclaim policy for senior citizens for your elderly parents. You can also avail am additional rebate of Rs. 5,000 for preventive health checkups annually.
If you′re still earning and also paying health insurance premium on behalf of your son or daughter, then you can avail an additional income tax rebate of Rs. 25,000. This means that you can avail tax deduction of max up to Rs. 60,000 under section 80D.