Compared to younger people, older adults are more vulnerable to some diseases and health issues. Health issues associated with becoming older require expensive and ongoing therapy. If you get a senior health insurance plan, you won’t have to worry about covering the costs of medical care associated with health issues as you become older.
What is Health Insurance for seniors?
A type of insurance called senior citizen health insurance caters to the medical requirements of the elderly who have reached the age of sixty. A medical insurance policy is a blessing for senior citizens since it allows them to access high-quality medical care without depleting their finances. A huge canopy known as health insurance protects people from all walks of life’s health and finances.
A Quick Overview of Senior Citizen Health Insurance Plans
The following table lists the features of the majority of senior health insurance plans offered for purchase on Krow.in
Types of Specifications:
|Entry Age Requirement||60 Years and Up|
|Pay-Online Claims||accessible at network medical centers|
|Preventive Health Exams||available|
|Renewability||benefit from a lifetime long-term policy|
|Savings||up to 12.5% on a 2-year plan|
|Tax Advantages||A maximum of Rs. 75,000 every fiscal year|
Advantages of senior citizen medical insurance
A senior citizen medical insurance policy provides a range of advantages to the elderly.
The following are some of the main advantages of purchasing an Indian senior citizen medical insurance policy:
Senior citizen health insurance plans cover medical expenses for those over 60, as traditional family health insurance policies often only cover those under 65.
Contrary to standard plans, most health plans do not demand that elderly individuals undergo any kind of medical examination before purchasing the insurance.
Inclusions of Senior Citizen Health Insurance
- The cost of hospitalization
Don’t worry about the rising cost of hospitalization. Get complete coverage for all costs associated with hospitalization, such as ICU fees and nursing costs. Go after the best medical facilities without considering insurance.
- Mental Health Services
There are several causes of mental tiredness and stress. However, costs associated with mental healthcare shouldn’t count. We pay for hospital stays to address mental disorders.
- Before and after hospitalization
Hospitalization is followed by and preceded by numerous examinations and consultations. All costs are covered by health insurance 60 days before hospitalisation and 180 days after discharge.
- Daycare Services
Enjoy the advantages of medical technology innovation and choose childcare procedures if appropriate. Less than 24-hour-long medical procedures are covered by the insurance.
- Medical Care at Home
On a doctor’s advice, receive therapy in the convenience of your own home, and we’ll pay for everything.
- Insured Amount Rebound
For your peace of mind, the insurance magically recharges the sum insured up to the base cover in the event that the current health coverage is depleted.
- Charges for organ donors
An organ transplant may be necessary for serious illnesses. Finding a suitable organ donor can be challenging, but you don’t have to worry about costs because the plan pays for organ donors.
- Recovery Advantage
Has your doctor recommended a stay in the hospital longer than 10 days? If you spend more than 10 days in the hospital, we will offer you a lump sum to help with household expenditures.
- AYUSH Advantages
In terms of your health, we think you should do everything possible.
Ayurveda, Unani, Siddha, and homeopathy are among the alternative therapies that are covered by the Suraksha Insurance – Silver Smart Plan.
- Accidents in Adventure Sports
Although adventure sports like bungee jumping and paragliding can be incredibly fun, they also come with a host of risks. We do not provide coverage for accidents brought on by extreme activities.
- Injury caused by oneself
Under the influence of alcohol or hallucinogens, people may hurt themselves, but we do not cover self-inflicted wounds.
A conflict can be destructive and catastrophic. War-related claims are not covered by the insurance coverage.
Benefits of Purchasing Senior Citizen Health Insurance online
Online Health Insurance Application Convenience
The digital wave that is sweeping India has created a variety of new opportunities, one of which is the ability to purchase health insurance. The ease of purchasing senior health insurance online is unparalleled. You only need to click the mouse once to finish; you don’t need a detailed explanation!
Safer Payment Methods
Why rely on cash or checks when the world is moving toward contactless payments? Online payments are becoming the most secure method of payment due to the development of new technologies. Pay safely and securely online or with a debit/credit card.
IRDAI’s Rules and Regulations for Government Senior Health Insurance Programs
Along with other duties, the Insurance Regulatory and Development Authority of India, or IRDAI, is in charge of keeping an eye on the details of government health insurance programs for senior residents. To safeguard the welfare of senior residents, it periodically controls the characteristics and benefits provided under these schemes. The IRDAI has recently engaged in the following regulatory activities:
- When the insurers raised premiums in 2006 and 2007, a stringent cap on the maximum possible premium payments was put in place.
- In order to ensure that the standards are followed to the letter, a committee on Senior Citizens’ Health Insurance was established.
- Except in cases of fraud, moral hazard, or incorrect information interpretation, the insurance regulating body has ordered the insurance companies to not deny renewal requests for senior citizen health insurance policies.
- The following elements must be present in a senior health insurance plan that is supported by the government:
- If the employer accepts the risk, at least half of the costs associated with the pre-insurance medical exam may be covered.
- According to their preferences and convenience, senior citizen health insurance policyholders may choose a different Third Party Administrator (TPA).
- Up until the age of 65, seniors can renew existing senior health insurance plans.
- Every denial of a senior citizen’s health insurance plan must be communicated in writing and provide justifications.
1. Pre-existing conditions covered by senior health insurance?
Ans – In general, pre-existing diseases are covered by senior health insurance plans. However, in order to receive the payment, the insured must finish a particular waiting time, which may vary from plan to plan.
2. What does “senior citizen health insurance policy” mean?
Ans – A senior citizen health insurance plan is created expressly to address the medical requirements of an elderly person, defined as one who is 60 years of age or older. The plan offers a variety of benefits, and it can be purchased on an individual or family floater basis.
3. What advantages does senior health insurance in India offer?
Ans – Plans for senior health insurance give the insured various advantages. Cashless treatment, medical expenditure coverage, high sum insured range, Section 80D tax benefits, No Claim Bonus, coverage for inpatient hospitalization charges, pre-hospitalization and post-hospitalization expenses, daycare costs, pre-existing conditions, etc. are a few of these.
4. What requirements must a person meet in order to be eligible for senior health insurance?
Ans – Each senior citizen health insurance plan has its own set of eligibility requirements. The typical minimum and maximum ages are 60 and 75 years old, respectively.
5. Why are senior persons forced to have health insurance?
Ans – Senior health insurance plans may have less or no income to receive care as they age, making them more susceptible to health problems. Because of this, it’s critical that they always have proper health insurance coverage.
6. Do I have to get checked out medically before purchasing a senior health insurance plan?
Ans – Yes, it is crucial to undergo medical testing before buying a senior health insurance plan. The likelihood of being ill and needing treatment increases with age, making insurance for the elderly a riskier proposition for the insurer. As a result, many insurance companies prefer that policyholders undergo a medical examination before purchasing a plan.
7. What paperwork must be provided in order to buy a senior citizen health insurance plan?
Ans – The following documentation must be provided in order to obtain a senior health insurance plan:
Evidence of Identity Proof of Age, Address, a properly completed Proposal Form, and Income, as well as Pre-Insurance
8. Who would be responsible for paying for a medical exam before insurance?
Ans – In general, a policy proposer must pay the costs of the medical exam before purchasing the insurance policy. Insurance Regulatory and Development Authority of India-approved health insurance providers make an appointment for the policy proposer with one of the hospitals in their network.
9. What are India’s public health insurance programs for the elderly?
Ans – To provide sufficient health insurance coverage for the elderly, the Indian government has introduced a few senior citizen health insurance programs. If all of these health insurance programs are offered directly by the government,
others can be obtained through state-run insurance businesses.
Government health insurance programs in India are listed below:
1. The PMJAY, or Pradhan Mantri Jan Arogya Yojana (Commonly known as Ayushman Bharat Scheme)
2. Varistha Senior Citizens Mediclaim Policy
3. HOPE (Health of Privileged Elders)
4. national senior citizen medical insurance policy