Retirement brings increased personal time but also a need for careful healthcare planning. Selecting appropriate health insurance for senior citizens is essential for financial security. This guide offers a clear understanding of the factors that you should consider when choosing a suitable plan. Choosing the right plan, however, can feel overwhelming. With so many policies, coverage options, and premium structures, losing track is easy. Securing the right health insurance provides peace of mind, ensuring financial stability and addressing potential medical needs during retirement.
Why Does Specialised Senior Citizen Health Insurance Matter?
As we age, healthcare needs increase. Medical expenses can mount quickly, whether it’s regular check-ups, chronic conditions, or unexpected hospital stays. A standard plan may not always offer the comprehensive protection seniors require.
Specialised health insurance for senior citizens is designed to address these unique needs. It provides tailored benefits such as higher hospitalisation coverage, shorter waiting periods, and coverage for age-related treatments like cataracts, joint replacements, and more.
Key Factors to Consider Before You Buy
Here are key factors to consider before purchasing a senior citizen health insurance plan.
1. Entry Age & Renewability
Not all plans are created equal when it comes to the entry age. Always check the minimum and maximum entry age permitted. Some plans like that offered by Bajaj Allianz General Insurance Company offer their Silver Health Cover from 46 to 70 years of age. Also, look for lifetime renewability because your health requirements only increase once you grow older.
Keep in mind that a smooth health insurance renewal plays a vital role. You want a policy that’s simple to renew every year, preferably without fresh medical exams or paperwork hassles.
2. Pre-Policy Medical Check-up
Most senior citizen plans offered by reputed insurers like Bajaj Allianz General Insurance Company require a medical test before policy approval. This is important not only for eligibility but also to assess your current health status. Look for policies that offer pre-policy check-ups at network diagnostic centres and even reimburse the cost once the policy is issued.
3. Pre-Existing Disease Coverage
Every insurance policy has a waiting period before it starts covering pre-existing illnesses. In senior citizen-focused plans offered by reputed insurers like Bajaj Allianz General Insurance Company, this period is for 12 months for certain diseases like Cataracts, haemorrhoids, Endometriosis, etc.
4. Hospital Network
A wide hospital network ensures easy access to quality care without out-of-pocket stress. Check whether the insurer has a strong list of cashless network hospitals in your city or locality. Insurers like Bajaj Allianz General Insurance Company have a wide network of 18,400+ hospitals for your convenience. Also, consider the co-payment terms. Some policies require you to bear a percentage of the bill, especially at non-network hospitals.
What Should the Ideal Coverage Include?
A solid health insurance for senior citizens must go beyond basic hospitalisation. Look for these core features:
● In-patient Hospitalisation
Coverage should include all hospital-related costs, including room rent, ICU charges, doctor visits, surgery, anesthesia, diagnostic tests, and post-surgical implants.
● Pre & Post-Hospitalisation Expenses
Medical costs don’t begin or end at the hospital gate. A good policy will cover expenses incurred both before and after hospitalisation for a fixed duration, like 30 days prior and 90 days post-discharge.
● Day Care Procedures
Modern medicine has shortened the duration of many treatments. Your policy should cover such day care procedures, even if hospitalisation is less than 24 hours.
● Road Ambulance Charges
This benefit ensures reimbursement for emergency transportation to a hospital. Some plans cap this at INR 1,000 per claim, so checking the limit is important.
● Preventive Health Check-ups
The best health insurance plans reward policyholders for staying healthy. Some insurers like Bajaj Allianz General Insurance Company offer annual health check-ups after a claim-free period, including essential diagnostics like ECG, blood sugar, X-rays, and more.
Benefits You Should Look For
Insurers often offer benefits and savings under certain conditions. By choosing a reputed insurer like Bajaj Allianz General Insurance Company, you get :
- A cumulative bonus of 10% of the sum insured for each claim-free year, up to 50%.
- Free health checkups at Bajaj Allianz General Insurance Company’s Diagnostic centers after four claim-free years, including consultations and essential tests.
- A 5% family waiver for covering two or more members.
- Tax benefits on premium payments under Section 80D.
These features enhance your coverage and provide financial advantages, ensuring comprehensive healthcare support during retirement. Prioritise policies offering these valuable additions.
Exclusions When Purchasing Senior Citizen Health Insurance
Even the best policy comes with exclusions. Typical exclusions from insurers like Bajaj Allianz General Insurance Company include:
- War and Nuclear Risks
- Cosmetic and Aesthetic Treatments
- Expenses for spectacles, contact lenses, hearing aids, artificial limbs, dentures, and other home-use medical equipment.
- Dental Treatment (Except Accidental):
- General Conditions like Convalescence, general debility, rest cures, congenital diseases, or defects.
- Intentional self-injury, including those caused by drug or alcohol misuse.
- Treatment related to pregnancy, childbirth, and complications, excluding ectopic pregnancy.
- Treatments for infertility, sub-fertility, assisted conception, or sterilisation.
- Treatments for HIV/AIDS, variant viruses, venereal diseases, or sexually transmitted diseases.
- Hospitalisation primarily for diagnostic, X-ray, or laboratory examinations.
- Vaccinations or inoculations, unless part of post-bite treatment.
- Vitamins, tonics, and nutritional supplements, unless part of injury or disease treatment.
- Treatment outside of modern medicine (Allopathy), experimental, unproven, or non-standard treatments.
- Surgery to correct deviated septum and hypertrophied turbinates.
- Treatment for any mental illness or psychiatric illness.
Conclusion
Choosing the right health insurance for senior citizens is more than a financial decision. It’s an emotional one. It’s about giving yourself and your family the gift of security and peace of mind. Whether you’re purchasing it for yourself or your ageing parents, always compare plans, read the terms, and understand the health insurance renewal process.
Remember, health is the true wealth, especially in the golden years. So, invest time today to protect your tomorrow.
*Standard T&C Apply
**Tax benefits are subject to change in prevalent tax laws.
##All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Claims are subject to terms and conditions set forth under the health insurance policy.
The information presented is not meant to be a substitute for medical advice. Any suggestions mentioned should be considered for general use only. For expert guidance on any health ailment or medical issue or any treatment/procedure, please consult a certified medical professional.
