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3 Benefits of Health Insurance Plans for Senior Citizens

dateKnowledge Centre Team dateAugust 02, 2021 views374 Views
Benefits of Health Insurance Plan | Buy Health Insurance Plan Online

It is important to understand that health insurance plan is crucial for every senior citizen. It helps them in achieving financial stability. Senior citizen health insurance is specifically intended for people of more than 60 years of age. Similar to other insurance plans, senior citizens' healthcare policy is an agreement among the insurance company and the policy holder.

Owing to the growing medical inflation and the increasing risk of COVID-19, a health insurance policy including an adequate sum guaranteed is a must for all. It is also vital if you have grandparents at home. As they grow old, they grow more sensitive to several conditions, and they may require visiting the hospital regularly. Suppose both your parents or grandparents are covered under the group health insurance policy administered by your employer. In that case, it is preferable to acquire a separate health insurance policy for senior citizens.

When you buy a health insurance policy, you are required to fund a premium to the insurer. In recovery, the insurer consents to compensate for the medicinal costs you may acquire. One of the notable benefits of health insurance plan for senior citizens that differentiates it from the standard health policies for young people is its costlier premium.

3 Benefits of Health Insurance Plans for Senior Citizens

Health Insurance Plans for Senior Citizens offers a variety of advantages to older people. It compensates for the costs acquired on hospitalization, surgery procedure, critical illnesses, accidental damages, and pre-existing conditions. If the policy is renewed up-to-date, it can cover you until 80 years with lifetime renewal privileges.



Here are some of the fundamental advantages of buying senior citizen health insurance in India:

1. Medical coverage to elderly people

Individuals over the age of 60 years receive health coverage under health insurance plans for senior citizens, as a primary health plan only presents coverage up to the age of 65 years.

Learn how to buy the best health insurance plan for your loved ones.

2. Pre-medical check-up

The majority of the plans do not demand any pre-medical check-ups. In few plans, pre-medical tests may be needed.

3. Tax benefits

A significant additional benefit is that the senior citizen health insurance policy extends tax exemption privileges under Section 80D of the IT Act. The amount of the premium that is spent is qualified for tax exemption advantages for each financial year.

Three Things to Check Before Buying a Health Insurance Plan for Senior Citizens

Now that you are informed of the advantages of health insurance for senior citizens, it would be essential to understand how to purchase a health policy for the old aged people. Especially, during COVID-19 pandemic, buying a health insurance plan has become an extreme necessity.

1. High coverage for hospitalization costs

In essence, all health insurance policies comprise the in-patient hospital charges, which imply the insurer will pay for the expenses you may acquire while admitted to the hospital. The expenditures covered incorporate– doctor consultation charges, medicines, diagnostic tests, etc.

Nevertheless, few senior citizen health insurance policies may have a sub-limit for specific expenses. For instance, few plans covering in-patient hospital costs may hold a sub-limit on the doctor consultation charges or restriction of the bed prices.

Usually, senior citizens may necessitate hospitalization for a more extended span. Therefore, it is eminent that you search for an old citizen health insurance that renders the most significant coverage for hospitalization costs.

2. Comprehend regarding the waiting period

The waiting period relates to when the policyholder cannot register a claim for any pre-existing illness-related costs. All health insurance policies possess a waiting period clause, and it ordinarily varies from six months to four years.

However, several insurers have decreased the waiting period by one year for senior citizens' health insurance. As a thumb rule, you need to look for a policy with the most reasonable waiting period not to fulfill the hospital costs from your pocket.

3. Learn about the exclusion

As it is necessary to identify the policy inclusions, it is equally crucial to be informed of the exclusions. The health insurance for senior citizens does not cover some costs, consisting of cosmetic operation, dental procedure, diseases diagnosed within 30 days after purchasing the policy, treatment expense of STDs, AIDS, etc.

Before you decide to sign policy documents, you should carefully read the fine print to identify the diseases eliminated from the policy to bypass filing false claims. You can support the senior citizens in your family to safeguard their health by providing the best health insurance cover. By carefully analyzing the information, your parents can make the most out of these plans by enjoying their benefits without worrying about the medical expenses. Health First Plan by Canara HSBC Oriental Bank of Commerce Life Insurance is a comprehensive health insurance plan that you can buy online. It offers a lump sum amount on diagnosis of life threatening diseases, which will help in managing the expenses smoothly.

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Frequently Asked Questions (FAQs) for Health Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Oriental Bank of Commerce Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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