Why do senior citizens need comprehensive health insurance coverage?

Every senior citizen imagines a good retirement life with their savings, hoping it can give them all the comforts they need for the years that lay ahead. But what if one day a medical emergency strikes and the same savings gets used up in medical bills? They would be devastated beyond words. This is where a healthcare plan can save the day. However, choosing any healthcare plan will not help. Senior citizens will likely have pre-existing diseases or other conditions that might not get covered under any healthcare plan. They need to opt for a plan that offers wide coverage, especially when the prices of health facilities are skyrocketing. So, having a comprehensive health care plan is a wise decision. Read on to learn more about comprehensive health insurance coverage for senior citizens.

Introduction

As individuals grow old, they become more vulnerable to various health issues, such as chronic illnesses and other age-related conditions. Bearing in mind that healthcare costs are rising steadily in our country, when an ageing person needs special medical attention and expensive treatments, it can result in a financial setback. Although having a Mediclaim policy can help them meet these mounting medical expenses, having a robust health plan can safeguard their finances and keep them financially stable at such times. However, merely choosing any healthcare plan won’t help. A comprehensive healthcare plan can lift the burden off their shoulders during a medical crisis. If you have elderly parents at home, make sure you get a comprehensive healthcare plan for your parents when you decide to get one.

Let’s learn why a comprehensive health plan is a must for senior citizens to access quality healthcare facilities.

What is senior citizen health insurance?

As you age, the immune system functions relatively slowly and can take a beating. This increases the chances of acquiring various illnesses or suffering from certain diseases. When people are aged over 60, medical needs can increase for these reasons. Many times, they might also have a pre-existing disease that needs attention. So, they need specialised plans that can take care of their growing medical needs. A senior citizen health insurance policy helps cover medical expenses as it is specially designed for the healthcare needs of the elderly. These plans cover pre-existing diseases, critical illnesses, hospitalisation costs and much more, safeguarding their retirement corpus and your money too.

Reasons why senior citizens need comprehensive health insurance

Health insurance for senior citizens is an absolute must, and here are the reasons why —

1. Healthcare getting expensive: With medical expenses skyrocketing due to advancements in medical science and technology, a couple of hospitalisations can deplete one’s savings. With no regular source of income, it can be hard for senior citizens to deal with this financial stress. On the other hand, a senior citizen health insurance policy can be a huge financial relief as it will take care of medical expenses and ensure their savings remain protected.
2. Wide range of coverage: This healthcare plan is specially designed to cover age-related diseases in addition to other ailments. The medical expenses incurred on hospitalisation for critical illnesses like cancer, stroke, kidney problems, etc, and other old-age diseases are covered; such expenses are not covered in standard healthcare policies.
3. Health check-up: Preventive health check-ups help to detect any potential health risks in advance. Senior citizens are prone to ailments, and preventive health check-ups help detect and diagnose underlying clinical conditions early. This makes it easier to treat such medical issues, reducing out-of-pocket expenses.
4. Getting quality healthcare: With a healthcare plan, senior citizens can choose the best medical facilities and specialists without worrying about the cost. The insurance provider covers the expenditures in such circumstances, and the policyholder can focus on availing the best healthcare facilities and his/her recovery.
5. Availing tax benefits: Senior citizens can avail of tax deductions of up to Rs 50,000 on the health insurance premium. If you are an earning senior citizen and paying the premium of your children, you can avail of an additional deduction of Rs 25,000. This means you can claim a tax rebate of up to Rs 75,000 in a financial year.

Factors to consider while buying senior citizen health insurance

While buying senior citizen health insurance, here are some factors you should consider for maximum benefits —

1. Minimum waiting period: Most senior citizens have pre-existing diseases for which they may need immediate medical access. So, look for a plan that comes with a minimum waiting period for pre-existing diseases. Some plans also offer to waive the waiting period with a higher premium.
2. Comprehensive coverage: The senior citizen health plan should cover expenses related to hospitalisation, pre- and post-hospitalisation, daycare treatments, domiciliary hospitalisation, organ donor expenses, AYUSH treatments, annual check-ups, etc. A comprehensive healthcare plan for senior citizens ensures coverage for specific age-related ailments and needs.
3. No mandatory medical check-up: Opt for a plan that does not have a mandatory pre-policy medical check-up. Most insurance providers insist on a medical check-up to know the potential health risks and decide the premium.
4. No co-pay and sub-limits: For maximum coverage and minimum out-of-pocket expenses, the healthcare plan shouldn’t have any co-pays or sub-limits.
5. Non-medical expenses coverage: In India, 10–12 per cent of overall hospitalisation expenses are non-medical expenditures which have to be paid by the policyholder. Look for a plan that offers optional coverage for non-medical expenses to reduce out-of-pocket expenses.

Conclusion

Investing in health insurance for senior citizens is a wise decision as it will safeguard the retirement funds of senior citizens and help them avail of the best medical facilities. A comprehensive health insurance plan also covers non-medical expenses that could otherwise be huge out-of-pocket expenses. But when you are financially protected against such expenses, it gives you peace of mind. Since your savings are secured, you can focus on your health during a medical crisis.

Note: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.