Health Insurance for Senior Citizens

Practically speaking health insurance has become a necessity in the times we live in. Given the paradigm shift in our lifestyles, our environment, and our diet, undesirable effects on health have become common. And this is what underlines the need for health insurance in our lives.

Those who have crossed 60 years in age are known as senior citizens. With a higher probability of health disorders with age, and taking into account the escalating health care costs, getting health insurance is no less than a necessity for the seniors.

In light of the above discussion, let us have a look at some statistics-

  • 47 percent of older Indians suffer from at least one chronic disease such as asthma, angina, arthritis, depression, or diabetes.
  • Less than 10 percent of Indians have health insurance, and approximately 72 percent of the Indians are spending out-of-pocket for the health care costs, according to national surveys.

India is expected to have a population of 300 million elderly people by 2050. Thus, there is a need for a pragmatic shift in the way our elders are insured. Health insurance for senior citizens is a major step in that direction, keeping them financially well-covered in case of medical exigencies

How would a Health Insurance plan benefit senior citizens?

Most insurers offer senior health insurance plans to those in the age bracket of 60 to 80 years. Usually, there is no medical test required before availing health insurance.

Common benefits–

  • Hospitalization expenses including hospitalization, cost of medicine, doctor fees, nursing, etc.
  • Cashless Hospitalization across the channel of network hospitals.
  • Daycare costs.
  • Ambulance charges.
  • Pre and post hospitalization charges.
  • Pre-existing diseases are covered subject to certain terms and conditions.
  • Higher sum insured.
  • Tax benefit.

Common exclusions-

  • A pre-existing disease or medical condition (covered subject to certain terms and conditions).
  • Diseases contacted within 30 days of taking a policy.
  • AIDS or similar conditions.
  • Any non-allopathic treatment.
  • Any harm or injury caused by self.
  • Drug abuse.
  • Cost of spectacles/lenses and dental treatment.
  • Cosmetic surgery.
  • Illness contracted due to war, the act of a foreign army, etc.

Why should you buy a health insurance plan for your parents?

With age, the risk of contracting diseases increases in our parents, which is exactly why they need to be insured so that their health care costs are well-taken care of. To ensure that, we can keep our parents covered with individual health insurance plans, or include them in our family health insurance plans so that health care expenses aren’t a reason to worry about in the later years of their life.

**To understand exactly about the policy coverage, exclusions, etc. read the Policy Wordings carefully.**