Medical insurance for senior citizens is a health insurance policy that covers a range of medical expenses for any male or female aged 60 years and above. This medical insurance plan takes care of the health needs of the elderly at the most vulnerable time of their lives. The coverage provides several benefits to senior citizens including preventive healthcare at medical facilities and cashless hospitalization at any of the designated network health clinics or hospitals of the respective insurance company.
A senior citizen’s medical insurance coverage protects the elderly from costly out-of-pocket expenses for treating critical illnesses and pre-existing ailments. It also covers the cost of hospitalization at network healthcare facilities and treatment for the coronavirus.
Do you know that you can save more when you purchase a senior citizen medical insurance plan from the best health insurance companies in India? This post reveals how you can save money on health insurance policies for senior citizens.
Main characteristics of most medical insurance for senior citizens
Before we get into the nitty-gritty of how more money can be save on a senior citizen’s medical plan, it is important to know the main characteristics of most health insurance policies for senior citizens. For starters, this type of insurance plan has no maximum entry age. At the same time, the minimum entry age is set at 60 years, and this policy also has an option for lifetime renewability. Also, the best health insurance companies offer preventive health check-ups and cashless claims at designated network healthcare facilities.
Benefits of a Senior Citizens Medical Insurance Plan
- Avoidance of High Medical Costs: A senior citizen’s health insurance cover protects the elderly from having to personally fund their medical treatment or rely on financial assistance from family members. Medical insurance for senior citizens includes check-ups, hospitalization and even post-hospitalization care and expenses.
- No Medical Screening: The elderly are not require to undergo any medical screening before purchasing a senior citizens insurance policy.
- Cover for Pre-existing Ailments: A senior citizen plan covers pre-existing ailments, so the elderly do not have to worry about being unable to purchase a plan due to existing medical conditions.
- Cover for Critical Illness: Life-threatening conditions like cancer, kidney or heart disease are cover under a standard senior citizen health insurance plan or in the form of add-ons.
Pointers to save more money on medical insurance for senior citizens
Below are some of the ways by which you can save more on medical insurance for senior citizens.
#1. Take Up a Long-Term Senior Citizen Health Insurance Policy: A long-term senior citizen health insurance policy, offers policyholders savings benefits. For example, purchasing a 2-year senior citizen plan will earn you up to 12.5% in premium savings. This percentage of savings rises as you buy a policy with an even longer tenure.
#2. Enjoy Tax Benefits: A senior citizens’ health insurance plan under section 80D of the IT Act confers on the policyholder an annual tax exemption of as much as INR 75,000. This means you can save at least INR 75,000 every year that you have a senior citizen’s health insurance plan.
#3. Benefit from No-Claim Bonus: Senior citizens that do not file any claim within a financial year will be entitle to a no-claim bonus that can be anywhere from 20 to 100% of their insured sum. This way, a senior citizen’s health insurance can be view as a form of savings. However, these benefits can only be enjoy if you do not file any claim within a year of the policy.
#4. No Pre-medical Screening Costs: With a senior citizen medical insurance plan, the elderly will not be require to undergo a pre-medical screening before being able to purchase a cover. However, this is not the case with other health insurance plans. Pre-medical screening at designated network clinics is often an out-of-pocket expense that the elderly can avoid by purchasing medical insurance for senior citizens.
#5. Cashless Hospitalization: It goes without saying that with a senior citizens’ health insurance plan, you do not have to spend any money before you are hospitalize and receive treatment at a network hospital of your insurance company. Therefore, this plan saves you from spending tremendous personal savings on pre-hospitalization, in-patient hospitalization, and post-hospitalization medical expenses in the short and long run.
In conclusion,
A senior citizen’s medical insurance coverage can help save the elderly in India from spending a lot of money on medical expenses. Senior citizens can earn 12.5% savings on their premium, 20 to 100% no-claim bonus, and tax benefits to INR 75,000 per annum. In addition, senior citizens do not have to worry about out-of-pocket expenses for pre-hospitalization, in-patient hospitalization, and post-hospitalization care.
