What is Senior Citizens Health Insurance? Tips to Purchase the Best Plan

Taking into account the increasing costs of medical services in India, health insurance cover is an absolute must for the entire family. And if there are elderly parents in your family, then the need for health insurance is all the more urgent.

When people get old, the list of diseases becomes longer and repeated hospital visits are common. Sometimes, parents are covered under the family health plan, but it might not be enough. Therefore, it is logical to get a separate health insurance policy for them.

In this blog, we will tell you how to choose the best insurance plan for your elderly family members. 

What exactly is health insurance for senior citizens?

The senior citizens health insurance is intended for those who are 60 years or older. As in other medical insurance schemes, medical insurance for senior citizens is a straightforward agreement between insurer and the policyholder. Policyholder pays premiums to insurance companies which then pays for the medical expenses including hospitalisation, daycare, pre and post hospitalisation expenses etc.

Nevertheless, the premium for a senior citizen healthcare policy is much higher than the health policies for a younger individual. So, it is very important to choose the right one.

Why do Senior Citizens Need Specialised Health Insurance Plans?

Senior citizens need a specific type of health insurance because their need for healthcare changes during aging. This plan is designed for individual needs and their budgets. With age, people become more susceptible to health problems and chronic conditions, necessitating frequent medical care and treatments.

Providing specialized health insurance plans for senior citizens includes coverage of age-related diseases like cardiovascular, diabetes, arthritis and hypertension that are more common among elderly people. These plans usually provide a broad scope of coverage that includes hospitalization, doctor visits, prescription medications, and preventive care.

The elderly may also need coverage for long-term care services such as nursing home care or home health care which are not usually covered by the standard health insurance plans.

Tips to Choose the Best Health Insurance for Senior Citizens

Here are the things you should look for while purchasing a health plan for your family’s elderly members:

• Select an Insurer that has More Network Hospitals

The elderly are the most susceptible to diseases and may need to be hospitalized frequently. Therefore, you have to buy a senior citizen health policy that has a cashless hospitalization benefit. This will help your elderly parents to get cashless treatment at network hospitals as the bill amount will be paid by the insurance provider.

• Choose plans which have shorter Pre-existing diseases Waiting Period

The elderly are more likely to get a disease. Consequently, you should go for such a health plan which covers pre-existing diseases after a shorter waiting period of 1 or 2 years. 

• Opt for No Co-Payment

A number of senior citizen insurance policies include a co-pay percentage clause that requires you to pay a fixed percentage of the claim amount. Therefore, you should go for a plan that does not have any co-payment clause.

• Pick Plans with No-cost Medical Records Services

An early diagnosis of a disease can be the difference between life and death and regular medical check-ups are the only way to diagnose a disease at an early stage. Hence, you should choose a health insurance policy that includes a free medical check-up program for the elderly.

• Select Plans with Day-care Procedures included

Generally, insurance plans have in-patient hospitalization coverage for at least 24 hours. Nevertheless, not all medical procedures require a 24-hour hospitalization, for instance, chemotherapy, dialysis, radiation, etc. So, you have to choose a policy that covers

• Take the Domiciliary Treatment Insurance

In such a case a hospital bed can be substituted by home treatment if the elderly patient is fragile or hospitals lack accommodation. Hence, you should choose the health plan for senior citizens that covers the cost of domiciliary hospitalization.

• Opt for Insurance Plans that Include Bonus Benefit for No Claims

Be sure to choose a senior citizen health insurance policy that has the no claim bonus benefit. Such a benefit adds to the policy sum insured by a given percentage, if no claims are made in the previous year, without increasing your premium.

The Bottom Line

Selecting the best senior citizens health insurance is a difficult task but nevertheless, it's a crucial one that can bring peace of mind and financial certainty. Seniors will have access to the care they need at reduced cost, as long as they have the right insurance plan and not have to worry about high costs of medical treatments. Therefore, if you are a senior citizen or taking care of an elderly loved one; don't hesitate any longer to investigate the possibilities for your medical insurance.

Get in touch with ACKO if you are planning to get a health insurance plan with several features and benefits.

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