Thanks to the growing Indian healthcare industry, it is now possible for senior citizens to get health insurance policies way past the previous limit of 65! Insurance providers, like Care Health Insurance, offer a wide range of plans and attractive features to make these policies affordable for all kinds of policyholders.
Just be sure to check for features like life-long renewability in your Mediclaim for senior citizens to get coverage up to the age of 80 years.
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Since the market is flooded with too many health insurance products, the question is how to choose the right mediclaim for senior citizens?
If you are pushing 80 and wondering if you are still eligible to get that insurance coverage, then here are some things you need to keep in mind.
There is a wide range of senior citizen plans available these days that come with common features. Knowing about these benefits will help you make an informed investment choice for yourself or your parents. Let us talk about these features in detail:
- Co-payment clause
The co-payment clause is usually added to the mediclaim for senior citizens as the insurer wants the claim amount to be shared with the policyholder in a certain ratio. It can be anything between 10-30% that defines the portion of the claim that needs to be paid by the policyholder every time they raise a claim. For example, if the co-payment clause in your policy states 20%, then it means you will have to pay 20% of the total bill, and the insurer will bear the remaining 80%.
- Sum insured
Not many people know this but the sum insured under the mediclaim for senior citizens is limited to a certain amount. Since older people are considered as a high health risk and more prone to medical contingencies, the insurers put a cap on the coverage amount that can be availed. This amount usually ranges between Rs.1-3 lakh.
- Pre-existing medical conditions
As with any other health plan, pre-existing medical conditions refer to the illnesses you suffer from when purchasing the plan. So when you buy a mediclaim for senior citizens, be sure to check the number of years your policy will exclude your medical condition from its scope of coverage. This is known as the waiting period, normally ranging between 2-4 years, after which the disease is integrated into the policy coverage.
- Medical examination
All the senior citizen plans compulsorily include a free annual health check-up as a preventive measure to detect the onset of a disease in its early stages. Be sure to check for this provision before buying your policy.
Reasons for Senior Citizens to Get a Mediclaim Policy
When a comprehensive Mediclaim policy covers you, it helps you overcome the financial strain of paying for hefty hospitalization bills that may arise due to accidental injuries or serious illnesses.If the policy is renewed on time, it can cover for 80 years and beyond!
Here are some reasons why you must consider getting a health insurance plan if you haven’t done that already:
- Expansive coverage for senior citizens
These policies are designed to provide coverage to people older than 60 years of age. This is also the age when you are most prone to sickness and accidents. Therefore, you must consider getting a mediclaim for senior citizens.
- Pre-medical check-up
Most plans do not need a pre-screening before insuring you. But some plans do. So remember to check that before you buy a policy.
- Cashless facility
Senior citizens can seek hospitalization in one of the network hospitals to avail free cashless facility. However, it is only applicable if you need hospitalization for more than 24 hours.
- Covers all your medical bills
Your mediclaim for senior citizens will not only pay for your hospitalization, but also treatment charges incurred before and after hospitalization.
With a growing need for medical insurance, the insurers now provide extended cover to senior citizens as well. However, it is imperative to keep all these points in mind before investing.