Senior citizens are now more vulnerable than ever due to the COVID-19 pandemic. Due to the growing medical issues that older people are experiencing, you are constantly concerned about the health of your parents and grandparents. The ongoing physiological changes in older people’s bodies present challenges and necessitate special attention to their immunity, bones, joints, and muscles. Even you can’t constantly be there to check on them because they can’t take care of themselves completely. Therefore, we must provide them with opportunities to promote good aging.
As you age, your fragility and illnesses worsen, resulting in more frequent hospital stays and additional costs for medical treatment. Most families are unable to cover all of these costs on their own. Therefore it is crucial for them to select a suitable health plan that lessens their financial burden. It can be challenging to choose a good health insurance plan for the elderly people you care about. When making this choice, it is essential to consider the range of diseases covered, the standard of medical care, and the financial burden of medical bills.
What is government Senior Citizen Health Insurance
People over the age of 60 can purchase a senior citizen health insurance policy. To lessen the financial burden on the family in light of the high expense of healthcare, the government offers a variety of health insurance coverage plans. There are a number of government-sponsored health insurance programs for seniors that are specifically created to address their special healthcare demands efficiently.
Why Should you get a health Insurance Plan?
Growing older increases the likelihood of developing illnesses and diseases. Having a medical insurance plan to cover unexpected medical expenses is a wise step because an individual’s latter years are physically and financially more difficult. Seniors are more susceptible to illness, and due to age-related ailments and deteriorating health, they may need to visit hospitals frequently. It’s crucial to have health insurance to pay for the high expense of medical care. You can get Mediclaim for Senior Citizens through government health insurance programs, which can support you while you’re in the hospital.
Additionally, the cost of receiving medical care without insurance may occasionally weigh heavily on your shoulders, so you should purchase insurance and be ready for everything. Having health insurance gives elderly people a feeling of financial security and, as a result, peace of mind. Having health insurance for elderly family members is so essential and vital.
6 important things you should keep in mind before you buy health insurance
Selecting a health plan can be more complex than you might think. Senior citizen health plans have unique difficulties, including increased premiums, rigorous medical examinations, co-payments, and waiting periods. As a result, it is crucial to consider a few factors when purchasing senior health insurance. Here are a few of these things to consider.
- Age for Entry and Exit: An essential factor to take into account is the minimum and maximum renewability ages. Most health insurance policies require applicants to qualify between the ages of 60 and 80, while in rare circumstances, the range may be different. Pick policies with lenient age limitations.
- Maximum Age of Renewal: A policy’s maximum age of renewal may be capped in some cases. Opt for plans that can be perpetually renewed.
- Coverage: Senior citizen policies can often become pricey if you want extensive coverage. As a result, constantly weigh costs and benefits when comparing plans and choose accordingly.
- Waiting Times: The shorter the waiting period, the better, especially for senior persons who are more susceptible to age-related illnesses.
- Critical Illness Cover: Policies can be compared based on the specific illnesses covered, depending on the individual need.
- Domiciliary Hospitalization & Hospital Network: It’s critical to utilize the features of your insurance policy when you need them to get the most out of it. It’s crucial to pick a plan with the advantages of in-home hospitalization and more extensive hospital networks if you want to be able to use cashless benefits at any moment during the policy duration.
Government Health Insurance Plans for Senior Citizens
People over the age of 60 can purchase a senior citizen health insurance policy. Seniors typically depend on their families more and more as they become older, and their medical costs usually increase as well. The cost of their medical care could seriously burden the family if they don’t have suitable medical insurance coverage. Although many health insurance options are available, as we all know, the selection is often very constrained when it comes to senior citizen health insurance plans.
It is caused mainly by the advanced age of senior individuals, who have several restrictions placed on their health insurance policies. There are a number of things to take into accounts, such as the plan’s maximum age, the waiting period for pre-existing conditions, the age at which the plan must be renewed, and the need for a medical exam before one is eligible for coverage under a health plan.
These terms and restrictions also apply to the family floater plans, where additional family members are subject to them. What purpose does it serve to discuss all of this, then? Basically, our goal in being here is to assist you in choosing one of the best public health insurers’ senior citizen health insurance plans available to those over 60. Here is a quick summary of the senior citizen health insurance programs offered by public or government-run insurance providers.
SENIOR CITIZEN HEALTH INSURANCE SCHEMES BY PUBLIC HEALTH INSURERS
National Varishtha Mediclaim Policy
Seniors between the ages of and 80 are offered the Varishtha Mediclaim policy by the National Health Insurance Company, which provides medical insurance coverage. Although the coverage only lasts for a year, it can be renewed until 90. The following list includes some of this health insurance plan’s features:
- The policy covers the cost of medications, pharmaceuticals, blood, oxygen, and diagnostic fees.
- Additionally, the policy covers eight serious illnesses.
- The sum insured limit for inpatient and outpatient care is Rs. 1 lakh, and for critical illnesses, it is Rs. 2 lakh.
- For emergency ambulance costs, up to Rs 1000
- Only up to a predetermined dollar level is covered for the treatment of severe medical conditions like cataract surgery, organ transplantation, and benign prostatic hyperplasia.
- It covers the costs charged by doctors, consultants, specialists, and other medical professionals.
- It is possible to receive coverage for conditions like cancer, MS, stroke, etc., without being admitted to the hospital.
- Up to Rs. 15,000 in premiums may be deducted under section 80D of the Income Tax Act.
National Senior Citizen Mediclaim policy
People between the ages of 60 and 80 can obtain the senior national citizen medical insurance policy, which provides a higher insured amount of up to Rs 10 lakh. On a family floater basis, you can additionally insure your spouse. The coverage features offered by the National Senior Citizen Mediclaim policy are listed below:
- The insurance covers the costs of a doctor, surgeon, and anesthetist, as well as lodging, transfusion, and injection fees.
- The insurance covers ambulance fees and costs related to organ donors.
- Pre-existing conditions have a 24-month waiting period.
- It also provides coverage for mental illness and HIV.
- The use of homeopathy and Ayurveda is also covered.
- Network hospitals offer cashless payment options for services.
- Benefits from taxes under section 80D are accessible o the paid premiums
New India Assurance Senior Citizen Medicalaim Policy
For those between the ages of 60 and 80, New India Assurance Health Insurance has created the Senior Citizen Mediclaim Policy. Below is a list of the features of the policy:
- The senior person insured under this plan has a choice of a sum insured between Rs. 1 lakh and Rs. 1.5 lakh.
- After an 18-month waiting period, it covers diseases that already exist.
- It covers hospitalization costs for 30 and 60 days, respectively, before and after.
- If the spouse is covered, a 10% premium savings is given.
- After 18 months, some pre-existing conditions like diabetes, hypertension, and associated problems may be covered with an extra premium.
Oriental Senior Citizen hope health Insurance
For those over 60, Oriental Health Insurance has created this Senior Citizen health insurance plan. Below is a list of the features of the policy:
- The senior person insured under this plan has a choice of a sum insured between Rs. 1 lakh and Rs. 5 lakh.
- It covers pre-existing conditions after a 24-month waiting period.
- The insurance covers the costs incurred by a doctor, surgeon, anesthetist, etc.
- Additionally, it pays for an ambulance, chemotherapy, dialysis, radiotherapy, and other related expenses.
United India Senior Citizen Mediclaim Policy
This Senior Citizen Mediclaim plan from United India Health Insurance is geared toward those between the ages of 61 and 80. Below is a list of the features of the policy:
- The senior insured under this plan has a choice of a sum insured between Rs. 1 lakh and Rs. 3 lakh.
- It covers pre-existing conditions after a 48-month waiting period.
- The insurance covers doctors, surgeons, anesthetists, and other professionals’ fees.
- Additionally, it pays for hospital fees such as those for blood, medications, pharmaceuticals, anesthesia, etc.
Importance of a health insurance plan for senior citizens
Examine the advantages provided by various senior citizen health insurance plans, as well as how they contribute to lowering out-of-pocket medical costs:
- With old age Comes a Range of Medical Problems: Even with a very healthy lifestyle, it might be pretty challenging to avoid several medical issues that are specific to aging. Medical insurance can be a massive help to the patient and their family. Senior citizen health insurance plans are typically created for the elderly, who are more susceptible to health concerns. Due to rising health concerns and retirement age without a reliable source of income, people over 45 and close to 60 should be prepared with health insurance. Health insurance policies offer the finest possible care at some of the best hospitals with the least amount of out-of-pocket costs because they cover important key conditions like organ donor costs, cancer, heart failure, etc.
- A Health Plan Makes you Financially Independent: In the event of an unexpected illness or hospitalization, it offers comfort. A senior health insurance plan is made to cover medical costs without requiring help from other family members. You can take advantage of cashless hospitalization in network hospitals to lower out-of-pocket costs.
- You Don’t Need to Drain Your Savings: We kept this one for last since some of you may have been thinking all along that they could easily cover all medical expenditures and not even become dependent on their family as well because they have enormous savings for them that they have been amassing for a long time. Let’s assume you have a sufficient amount of savings—perhaps even more than most insurance policies cover.
However, don’t you believe that the money would be better invested somewhere else and that there are undoubtedly better uses for it, such as paying off significant debts or using it in times of financial crisis? Even if no such circumstances arise, you can still leave it to your family as a legacy. If you actually have savings, you can easily afford a health plan without making a significant dent in your savings. If not, you may use this money to buy your dream car or take a lavish vacation instead. The entire cost of a health plan, including all premiums, is far lower.
Managing your parents’ medical costs has become incredibly challenging due to the rising cost of living. Even though many private insurance companies provide senior citizens with health insurance plans, these plans typically have a number of problematic restrictions. The government’s health care programs are people-centered and designed to aid the elderly sufficiently financially when they are ill. The top four government health plans are listed below for you to pick from for your parents or grandparents. Therefore, be sure the plan you select meets your needs so that you may be by your loved ones’ sides during their illness rather than rushing to secure funding for it.