A health insurance plan is important for people of all ages. However, it is a must for people over 60 because as age progresses, several health issues can arise that can be expensive to treat. The cost of health care increases every year and it is necessary to obtain a health insurance policy adapted to seniors. A senior mutual, as its name suggests, is a mutual adapted to the needs of people over 60.
What is senior health insurance?
As people age, the likelihood of them falling prey to various diseases increases. It is therefore essential to have senior health insurance to cover these medical expenses so that they can benefit from the best possible care. Cashless hospitalization, critical illness coverage, and pre-existing illness coverage are included in a senior health insurance plan. Seniors can also benefit from preventive health checks in hospitals in their insurer’s network.
Why is senior health insurance necessary?
About 30% of Indians are not covered by any health insurance scheme and 75% of older Indians have at least one chronic condition, such as diabetes, depression, arthritis, angina or asthma . India’s elderly population is growing at about 3% per year. Hence, it is expected that by 2050, the elderly population in India will reach around 31.9 crores.
These statistics suggest that there is a need for pragmatic change in the way our seniors live their lives. An important step in this direction is for older people in India to have health insurance that provides financial security in case of medical emergencies.
Health insurance plans for the elderly are designed to meet the needs of people over 60 who may not have a regular source of monthly income. As the risk of contracting diseases increases dramatically with age, they need to be financially secure so that they can effortlessly meet healthcare expenses.
Things to Consider Before Purchasing Health Insurance for Seniors
The most important benefit of health insurance plans for seniors is that they provide coverage to late entrants into the health insurance category. These plans provide people over 60 with comprehensive health coverage.
There are various other benefits you should be aware of:
Short waiting time
Each policy has a defined waiting period for pre-existing conditions. Coverage for food begins after a period of time from the date of policy issue. While this is true for all policies, it is wise to choose a policy with a short waiting period.
A co-pay is a percentage of the total hospital bill that the insured is expected to pay when filing a claim. To minimize the burden, choose a plan for seniors that requires a relatively low co-payment.
Free medical visits
Doctor visits and related medical exams are most common among seniors and can be quite expensive. Therefore, the right health insurance plan for the elderly should include free medical examinations for the insured.
Always choose a health insurance policy accepted in a large number of hospitals. Before purchasing a plan for seniors, be sure to check the list of network hospitals and health care providers. A wide network of cashless healthcare providers ensures a better chance of having a network hospital closer to your residence. This can be useful in a medical emergency.
Because older people are susceptible to a variety of ailments, look for a policy that covers you for a wide range of illnesses. Choosing such medical insurance for the elderly will save you time and money in the event of a medical emergency.
As people age, health problems become more common. Because the health risks of the elderly are high, their medical treatment is also expensive. Although healthcare costs in India are comparatively lower than other countries, this should not be an excuse to accept a lower sum insured to save money on premium.
Fiscal advantages : A health insurance policy for the elderly grants an individual tax benefits on the premium paid, under Section 80D of the IT Act.
No Claim Bonus: With a claim-free bonus facility, seniors are entitled to a cash bonus for every year claim-free. The premium entitles seniors to an increase in the insured capital as a reward for maintaining good health.
Hospitalization costs: Senior health insurance protects against a wide range of medical expenses beyond hospitalization, such as pre- and post-hospitalization expenses, hospital care, etc.
Cashless medical treatment: Elderly people can receive medical care in hospitals in the network of the health insurance fund without having to pay any money.
Purchasing a senior health insurance plan is the most reliable way to provide financial security in the event of a medical emergency involving seniors. You can choose health insurance for seniors from Health Insurance, which covers over 540 daycare treatments and offers many additional benefits. Be sure to research different health insurance companies and their plans to find the best policy with a low premium that meets your needs.