Your retirement years are indeed your golden years. This period is meant to be cherished and enjoyed, relaxing with your family and friends.
However, often health issues, especially at this age keep coming up. This is when health insurance for senior citizens comes handy. Before we understand the need for health insurance for a senior citizen, let us get an understanding on a senior citizen medical policy.
Depending on the insurance company opted for, different insurers provide insurance plans to individuals at different ages. While some offer insurance only till the age of 65 years, some others offer health insurance for senior citizens even up to the age of 80 years. A few things to keep in mind when you buy a senior citizen health insurance policy are as follows:
While most public insurance policies provide insurance of around INR 1 lakh to INR 2 lakh, private insurance companies offer health insurance for senior citizens from INR 15 lakh to INR 20 lakh. Therefore, depending on what you are looking for and how much money you can shell out towards premium payments, you must make an informed decision.
Maximum renewal age
Different insurance companies have different ages for renewal of a senior citizen medical policy. Some companies allow for renewal only up to 69 years of age while others allow for renewal even till 90 years of age. It is ideal to select a plan that allows you to renew your till your maximum age.
Coverage of diseases
Not all insurance providers cover all age-related diseases. This is why, checking details regarding the diseases covered is essential before you buy a senior citizen health insurance policy. Selecting a plan that covers pre-existing illnesses as well as comes with shorter waiting period is ideal.
A co-payment is pre-decided feature that states that the insured will pay a certain amount of medical expenses incurred while the insurance company pays the other half. However, this may not be ideal for senior citizens as this may require them to draw from their savings. Therefore, selecting a plan that comes with a minimum co-payment option is ideal.
Investing in a senior citizen medical policy entails a host of benefits. Some of these are as follows:
It covers hospital expenses
If the senior citizen is hospitalized for more than 24 hours, the mediclaim policy covers cashless treatments like doctors’ charges, room charges, medicines, and much more.
It covers day care costs
A senior citizen medical policy also covers day care costs arising from procedures like chemotherapy and dialysis as well as the use of special equipment.
It covers medical costs
Medical costs pre and post hospitalization are covered by a health insurance policy, depending on the number of days of hospitalization.
It covers ambulance costs
Ambulance costs to the maximum limit are covered by a mediclaim policy for senior citizens.
It protects your savings
A health insurance policy for senior citizens ensures that you do not have to deplete your savings in case of a medical emergency.
It provides tax benefits
A senior citizen medical policy comes with annual tax exemptions, thus ensuring you enjoy a dual benefit of medical coverage and tax savings.
Investing in a medical policy for senior citizens ensures that the financial burden of unexpected medical emergencies does not get in the way of letting you enjoy a hassle-free life after retirement.