As we grow older, the importance of healthcare in our lives increases. The requirements evolve over time, shifting from one need to another. Healthcare insurance for senior citizens is a necessity to protect them from the perils of ailing health. Diagnosis and correct treatment is essential to make a difference to their lives. While there are several types of insurance plans, it is quite important to ensure that the plan has all the features that you require. Often people buy insurance plans without checking its features, only to find out it does not have the features they are looking for. So, here we bring to you 6 prominent features senior citizens should look out for while choosing a health insurance plan.
Due to increased susceptibility and risk from diseases, it's vital for senior citizens to choose a plan that has comprehensive coverage. This ensures that the plan consists of basic as well as unique healthcare needs and the challenges they regularly face. It should cover prescription medication, emergencies and preventive care, such as vaccines, counseling, and screening. A policy providing this can make several medical treatments more accessible and affordable to senior citizens, giving them the treatment they need. Further, this is particularly beneficial for prolonged, chronic ailments such as cancer and heart disease, which can accumulate costs over the long term.
Hospitalization is expensive, and many healthcare insurance plans have a 1-2% limit on hospital room expenses. Senior citizens should opt for a mediclaim policy with no limit on the room rent, allowing them to occupy the room freely without any reservations or restrictions during the tenure of their treatment. The claim should provide cover against any medical illness accumulated during hospitalization. Besides covering room rent charges, Mediclaim also covers doctors’ fees. The scope and coverage of Mediclaim is vast, hence it is better to check if it covers the features you require before buying the plan.
The increased risk of succumbing to illness should be balanced with an equally distinguished healthcare insurance plan, which provides access to a vast network of healthcare institutions. Whether it be dental or vision care or specialist treatments, the plan should cover an institution that caters to every requirement. Also, it goes beyond just addressing physical ailments, but also considers the person’s overall well-being. The cover should cover everything that promotes the longevity and high quality of life during the later years of life.
A common health insurance fraud is one where insurance companies dismiss settlement claims or reimburse a small amount. While undergoing treatments is already taxing enough, the stress of a complex settlement process adds to the tension and hardship. Senior citizens should choose plans that simplify the claim settlement process, allowing them to reimburse their expenses without any hassles or legal disputes.
While choosing a plan in their youth, individuals often make the mistake of choosing a policy with an upper age limit and no lifetime renewability. This prevents them from availing the benefits of healthcare insurance at an older age, when there is an increased need for healthcare. Senior citizens should ensure that their policy has no such age limit, or expiry date so that their healthcare requirements are secured.
While choosing a plan in their youth, individuals often make the mistake of choosing a policy with an upper age limit and no lifetime renewability. This prevents them from availing the benefits of healthcare insurance at an older age, when there is an increased need for healthcare. Senior citizens should ensure that their policy has no such age limit, or expiry date so that their healthcare requirements are secured.
Seniors often require various preventive services like vaccinations, screenings, and regular check-ups. Copayment is a way in which insurance companies divide the medical costs between the patient and the company. It is usually in the form of a fixed percentage, and the insurance company is only liable to pay that percentage of the medical costs. Senior citizen health insurance without copayment is a must, otherwise, it can render them liable to pay hefty medical bills. It will also improve their access to healthcare.
It is important to check the clauses of a health insurance policy before choosing one, especially for senior citizens. In particular, senior citizens need healthcare in order to prevent and alleviate the financial burden and strain of their ailing health on their finances. Comparing multiple plans and avoiding unreliable agents is an intense process while researching. Consulting a financial advisor before choosing a policy can greatly simplify and ease the process for senior citizens. To know more about health insurance policies, you can write to us at info@moneyedge.co.in or call us at 8699993333.
Yes, one can avail health insurance policies which are specifically for senior citizens. The plans for elderly cover extensive features that cater to old age requirements.
Yes, it is worth an investment for senior citizens. People in their old age are more prone to critical illnesses and it is important to cater to their needs. It ensures financial security and lets one be prepared for any unforeseen situations.
The deduction allowed under Section 80D in the case of senior citizens is Rs 50,000. It is important to check if your plan falls under this category before you purchase it.
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