As of June 2018, approximately 62.1% of the elderly population in the country did not have access to quality medical healthcare. Increasing health complications due to age require sophisticated medical attention. Meeting the high cost of care can be challenging for most people. This calls for the need of financial backup in the form of senior citizens health insurance.
Such schemes are specifically designed to provide financial coverage to those above the age of 60 years. Today, multiple insurance providers are offering comprehensive health insurance for senior citizens at competitive premiums. However, as the number of health policies in the market is huge, policyholders must compare their options before availing the best senior citizen health insurance policy. They need to ensure that their chosen plan comes with the following.
- Features and benefits
Individuals past 60 years of age are more susceptible to health disorders and have no regular source of income other than their monthly pensions. Medical expenses may often take a toll on their limited earnings. Considering this, a health insurance plan for senior citizens by Bajaj Finserv is among the best options for pensioners. It provides a higher sum assured that helps pensioners meet their treatment expenses. Additionally, the senior citizens health insurance policy comes with multiple beneficial features like:
- Coverage for pre and post-hospitalisation expenses that include the cost of medicines, nursing, doctor’s fee, etc.
- Ambulance charges
- Easy application and renewal process online with a few steps
- Financial coverage for treatment of pre-existing diseases after first year of the policy
- Tax exemption on premium paid under Section 80D of the Income Tax Act, 1961
- Cashless medical claims
- Choice of the sum insured
Apart from the aforementioned benefits, a senior citizens health insurance policy also helps individuals avail a No Claim Bonus (NCB) for every claim-free year while renewing the policy. Customers can transfer their policy to any other insurer of their choice.
- Eligibility criteria
According to the 2011 census, there are approximately 104 million senior citizens in India, of whom 47% suffer from a variety of chronic diseases like arthritis, asthma, etc. Yet, only 27% of them have health insurance plans. Under such circumstances, reputed insurance providers offer their schemes with easy-to-meet eligibility criteria, including –
- The insured individual needs to be between the age of 60 years and 80 years.
- Some insurance providers make it mandatory for applicants to go through a complete medical check-up before he/she applies for a Mediclaim Policy for senior citizens.
Additionally, the policyholders can also avail critical illness insurance offered by Bajaj Finserv that provides an individual with financial coverage against critical health issues that may require organ transplant, stroke, cancer, etc. This scheme comes with a substantial assured amount of up to Rs. 50 Lakh and comes with the following additional benefits:
- Comprehensive usage of the assured sum to meet the costs involved in availing medical advice, treatments, etc.
- Income tax benefits of up to Rs. 60, 000 under section 80 D of the Income Tax Act 1961.
- Financial coverage for expenditures like donor expenses in case of organ transplant.
- Hassle-free claim settlement.
Before availing an insurance policy for senior citizens, one should read the policy papers and look into the diseases that it covers. Opting for insurance plans that cater to your medical requirements adequately helps you obtain the best medical treatments without any unnecessary stress on your monthly budget. Approach a reliable insurance provider to get the best plan for your specific requirements.