Senior persons with Universal Sompo Health Insurance for Senior citizens age 60 and older are covered for medical expenses. The Universal Sompo General Insurance Company Limited’s Senior Citizen Health Insurance plan has been specifically designed to meet the medical requirements of senior citizens and to give them the required financial support.
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 A Health Insurance For Senior Citizens?
Numerous expensive diseases to treat and care for come with old age. Numerous insurance firms offer health insurance for Senior Citizens, specifically for persons 65 years of age and above. These health insurance plans easily cover any type of medical costs made by clients.
Our physical and mental concern over money and being able to afford quality healthcare increases as we age. In times of need, those over 60 can receive financial assistance for medical care through a senior citizen health insurance plan. Senior citizens’ health insurance plans include pre-existing sickness coverage, cashless hospitalization, critical illness coverage, and a greater assured amount.
Growing older increases the likelihood of developing illnesses and diseases. Having a medical insurance plan to cover unexpected medical expenses is a smart option because an individual’s latter years are physically and financially more difficult.
Health insurance plans for parents and senior folks sometimes include extra benefits like cashless hospitalization, critical illness insurance, and covering for specific illnesses like cancer and stroke.
Key Features Of Senior Citizen Health Insurance
The following are some of the most important characteristics of senior citizen health insurance plans in India:
- Coverage for hospitalization includes room and board costs
- Payment-Free Hospitalization
- Costs associated with daycare that result from technological improvements
- The costs of ambulances are covered.
- Depending on the insurance company, pre-existing conditions are covered.
- Before obtaining medical insurance, no medical examination is necessary. Based on the insurance company
- Higher insurance coverage limits
- Coverage for existing diseases
- Quicker and easier settlement
Why Should You Get A Health 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 Cholamandalam Health Insurance For Senior Citizens, 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.
Advantages Of Health Insurance Plan For Senior Citizens
The advantages of enrolling your parents in a senior health insurance program are as follows:
- The tax break for paying for health insurance
- Take advantage of medical services and facilities at a variety of hospitals across the country. Non-cash benefits and daily allowance (depends on the insurer)
- Option to renew an insurance
- Hospitalization coverage at home
- Embrace the free-look period
- Annually schedule health examinations
- Reload the insured amount
6 Important Things You Should Keep In Mind Before Buying A Health Plan
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 seniors 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.
Universal Sompo Health Insurance for Senior Citizens
Your financial security in old age is protected by a senior citizen health insurance policy that pays for hospital stays and medical costs. The insured person’s hospital expenses are covered by the policy. Seniors can elect to receive additional coverage for critical illnesses that develop more than 90 days after the policy’s start date. This plan may be purchased by any permanent resident of India who is at least 60 years old.
Key Benefits of Universal Sompo Health Insurance for Senior Citizens
The following are some of the main advantages of Universal Sompo Health Insurance for seniors:
- There is floater coverage as well as individual coverage.
- Possibilities for different sums insured ranging from Rs 1 lakh to Rs 5 lakh
- Facilities for medical examinations are accessible after three years without filing a claim.
- A cumulative bonus of 5% is offered for each year without a claim.
- There are facilities for cashless hospitalization at more than 4000 network hospitals.
- 10% family discount for adding the spouse to the policy
- Discounts of 10% and 15% are available when choosing a 2-year or 3-year policy term, respectively.
- Utilize the tax benefits provided by Section 80D of the IT Act of 1961.
Universal Sompo Health Insurance Plans for Senior Citizens
The below table represents the details of Universal Sompo Health Insurance for senior citizens:
|Plan Name||Sum Insured (Rs)||Co-Payment|
|Universal Sompo Senior Citizen Health Insurance Plan||1 lakh to 5 lakh||10% (on all claims)|
20% (on pre-existing diseases claims except for critical illnesses)
15% (on daycare procedures claims)
Eligibility Criteria for Universal Sompo Health Insurance for Senior Citizens
Take a look at the eligibility criteria to buy a Universal Sompo Health Insurance plan for senior citizens:
|Minimum Entry Age||60 years|
|Maximum Entry Age||70 years|
|Family Members Covered||Self, spouse|
Inclusions of Universal Sompo Health Insurance for Senior Citizens
The Universal Sompo Health Insurance for Seniors does not provide the following coverage:
● Domiciliary Hospitalization
● In-patient Treatment
● Day Care Procedures
● Pre-hospitalization Expenses
● Post-hospitalization Expenses
● Daily Allowance
● Ambulance Charges
● Expenses of Accompanying Person
- Critical illness insurance
Exclusions of Universal Sompo Health Insurance for Senior Citizens
The following services are not covered by senior people’s universal Sompo health insurance:
- Treated outside of India
- Obesity and weight management techniques
- Unproven method
- Plastic or cosmetic surgery
- Refractive mistake
- Treatment for drug or alcohol addiction
- Nutritional supplements acquired without a prescription
This coverage can be purchased by anyone in India who is at least 60 years old and lives alone or with a spouse. The policy’s maximum entry age is 70 years.
|Renewability||Lifetime renewal is available with this policy|
|Sum Insured||Can start from Rs. 1 lakh and go to a maximum of Rs. 5 lakh for each hospitalization and diagnosis of any illnesses of a critical nature|
|Policy Term||You can opt for a policy term of 1 year to 3 years|
|Discounts||Policies taken for 2 years and premiums paid in advance for 2 years will receive a discount of 10% on the premiumPolicies taken for 3 years and premiums paid in advance for 3 years will receive a discount of 15% on the premium|
The Universal Sompo Senior Citizens Healthcare Plan’s salient features
- Seniors who are at least 60 years old can purchase the plan.
- The plan permits renewability at all times.
- After the insurance is published, 50% of the cost of any pre-entrance medical examination is compensated.
- On renewals, the Sum Assured may be increased.
- The insurance plan provides enticing premium discounts.
- The spouse may be covered under the plan either individually or as a floater.
Working on the Universal Sompo Senior Citizens Healthcare Plan
- The policyholder decides on the Sum Assured and whether or not to include his spouse in the policy.
- The insurer may request pre-entrance medical exams, and the exams needed would depend on the degree of Sum Assured selected by the proposer.
- The premium is then calculated using the factors mentioned above.
- Compensation would be given for any eventuality covered by the plan.
- Covered from Day 1:
- Covered after 30 Days:
All incidences apart from specified surgeries, Permanent exclusion & Pre-existing diseases (if any)
- Covered after 2 Years:
- Benign Prostatic Hypertrophy
- Myomectomy, Hysterectomy unless because of malignancy
- All types of Hernia, Hydrocele
- Fissures and/or Fistula in the anus, hemorrhoids/piles
- Arthritis, gout, rheumatism, and spinal disorders
- Sinusitis and related disorders
- Stones in the urinary and biliary systems
- Dilatation and curettage , Endometriosis
- All types of Skin and internal tumors/ cysts /nodules/ polyps of any kind, including breast lumps, unless malignant
- Dialysis is required for chronic renal failure
- Surgery on tonsils, adenoids, and sinuses
- Gastric and Duodenal erosions ulcers
- Deviated Nasal Septum
- Varicose Veins/ Varicose Ulcers
- Joint replacements unless due to accident
Q1) Is a medical exam required before older folks purchase Universal Sompo Health Insurance?
Ans – Yes, a medical examination is required for elderly persons when they purchase Universal Sompo Senior Citizen Health Insurance coverage.
Q2) What are the waiting times for senior citizens who purchase Universal Sompo Health Insurance?
Ans – A Universal Sompo Senior Citizen Health Insurance coverage is subject to the ensuing waiting periods:
a. Particular Illnesses 24-month waiting period
b. Existing Conditions 24 month waiting period
c. 30 days is the initial waiting period.
Q3) Where can I find the cost of the older citizens’ Universal Sompo Health Insurance?
Ans – The Universal Sompo Senior Citizen Health Insurance premium schedule is available on the insurance provider’s website.