Mediclaim Insurance For Senior Citizens

Even though buying Mediclaim insurance at a young age fetches you extensive benefits, remember that it is never too late to make a start.

If due to any reason you were not able to buy online Mediclaim insurance for yourself when you were young, or you are looking for the best Mediclaim insurance for parents, then it is absolutely fine.

As a responsible Insurance Service Provider, IFFCO Tokio would like to suggest that you should opt for comprehensive Mediclaim insurance for senior citizens at the earliest, as it would help you tide over tough times with ease. Here we are listing out various advantages that you enjoy when you avail Mediclaim insurance for senior citizens: -

No matter how many precautions you take, certain age-related conditions are bound to catch up with you as you age, which means a significant rise in medicare expenses. Having a Mediclaim insurance for senior citizens would help you take care of hospitalization expenses, unexpected or expected.

Many insurance companies offer this option, which means that you can get the best possible preventive care as well as post-discharge care which is a must in old age. This coverage gives you the confidence to meet out any unexpected medical expenses also.

Having a comprehensive Mediclaim for senior citizens would help you maximize your limited income and savings as you would not be spending exorbitantly, out of your own pocket.

No matter what your age is, we have suitable Mediclaim insurance for senior citizens. Leave all your hospitalization related worries to us and just focus on maximizing your life.

Why is it important to have Mediclaim insurance for senior citizens?

If you did not have insurance all these years, or your parents have done without it until now, you might wonder why you need to get a plan now. Well, the risk of planned or unplanned medical conditions increases with age and poses a threat to your financial wellbeing. This is where a quality senior citizen Mediclaim insurance acts as your back-up plan. It will protect you from the financial impact of life’s uncertain moments and ensure you can enjoy your golden years to the fullest.

Increasing Medical Expenses:

When you or your parents are on the verge of becoming senior citizens, then it is advisable that you opt for comprehensive Mediclaim insurance for senior citizens. This is because the cost of medicines, medical procedures, etc. is rising exponentially. Having a Mediclaim insurance for senior citizens will ensure that you are safeguarded from healthcare inflation.

Frequent Hospitalization Expenses:

That age spares no one is actually a universal truth. As you grow older with time, you become more susceptible to illnesses that you never once thought you could suffer from. Having health insurance for senior citizens would help take care of the frequent hospitalization expenses which can otherwise become a financial burden and stop you from seeking the best possible Medicare for yourselves.

Pre-hospitalization and post-hospitalization expenses:

While choosing the best Mediclaim insurance for parents you should make sure that all the diagnostic, pre-hospitalization and post-hospitalization expenses are covered under the policy.

Reimbursement for ambulance service:

If you are an old person living away from your children, then you have to be dependent on your neighbors or other relatives to take you to and fro to the doctor or hospital. With a Mediclaim for senior citizens, you get the option for reimbursement for ambulance expenses or another suitable mode of transportation. This will result in significant savings which would otherwise cost you dearly.

No dependency on others:

There is no greater feeling than financial freedom in old age. With a comprehensive Mediclaim for senior citizens, you enjoy the comfort of a significant insurance cover to take care of your hospitalization and related expenses. This reduces your financial dependency on your children or relatives, which is an amazing feeling in itself.

Maximize you Limited Income:

By the age of 60 most senior citizens are living a retired life with a little income in the form of pension and some savings to tide over their day-to-day expenses. If in such a situation you have to face a medical emergency without Mediclaim insurance for senior citizens, then your savings might be entirely wiped out.

Plan your future:

Having the best medical policy for parents would make sure that you need not worry about any medical expenses and just focus on living your life to the fullest. Without mediclaim for senior citizens, a medical emergency could punch a hole in your retirement savings and upset all your future plans.

How to choose the right mediclaim insurance for senior citizens?

Once you have decided to buy Mediclaim insurance for senior citizens, you then need to decide which policy you want to get. Not sure how to do this? Worry-not! Here are 3 quick tips that will help you make a smart & confident decision.

1. First decide on the kind of plan you want to get.

There are several types of plans to choose from. To begin with, you need to pick between indemnity & fixed benefit plans. Indemnity plans cover the cost of hospitalization and other related medical expenses. On the other hand, fixed benefit plans offer a lump sum payment if the insured suffers from any medical conditions covered by the policy.

It is advisable to get an indemnity-based Mediclaim insurance for senior citizens and supplement it with fixed benefit plans such as critical illness insurance and/or hospital cash plans. 

Next up, you will have to choose between an individual health protector plan and a family floater policy. The latter is a good option if you wish to cover your spouse as well or if you want to cover both parents under one policy.

2. Choose the right sum insured.

Once you decide on the right type of plan, you then need to decide how much you want to be covered for, i.e. the sum insured (SI) of the policy. You need to set the SI based on several factors such as your age, your family’s health record, your lifestyle, etc.  It is advisable to get a higher sum insured if you live in a metro city as medical expenses tend to be slightly higher in metros than in smaller towns and cities.

3. Get quotes.

You know what kind of plan you want and you’ve decided on your sum insured as well. Now it’s time for you to get quotes from the various insurance providers. This will help you find out which company is providing you the coverage you need at the best possible premium. To get a quote for your senior citizen Mediclaim insurance, you can use our online health insurance premium calculator. Just fill in your details, tell us about your coverage preferences and we will provide you with an instant quotation.

You can also choose the add-ons you want and edit the coverage of the plan - our calculator will recalculate your premium with every change you make! Once you are satisfied with the specifications of the plan, you can proceed to buy the plan. Just fill out a couple more details and complete the payment online – the policy document will be emailed to you almost instantly.

Factors to consider when choosing Mediclaim insurance for senior citizens:

Before you go ahead and buy a mediclaim insurance for senior citizens, you need to compare the various plans based on a few important parameters. This will ensure you get wholesome coverage and the best value for your money. We have highlighted 5 such factors to ensure you are able to make a sound purchase decision.

Cashless hospitals: This is one of the most important factors to consider when looking for good Mediclaim insurance for senior citizens. A plan with more network hospitals under its belt will give you easier access the cashless claims facility in case of a medical emergency. In this regard, we at IFFCO-Tokio have a network of more than 6500 cashless hospitals spread out all across India.

Claim settlement ratio: You need to opt for a health insurance provider that is most likely to settle your claims (if & when you ever need to make one). This is why it is important to look at the Claim Settlement Ratio (CSR) of the various health insurance providers in India. CSR is the percentage of claim successfully settled in a year. In this regard, we at IFFCO-Tokio have settled more than 8.60 lakh claims in FY 19-20 at Claim Settlement Ratio of 92.65%.

Limits & capping of the plan: Getting an appropriate sum insured is only half the job done, you also need to ensure that the plan has lower/no sub-limits and caps on the compensation it offers for different heads of expense. For instance, some plan have sub-limit on room rent; they will offer only 1% of the sum insured for room rent. There may be similar sub-limits on various other heads of expense such as ambulance charges, doctor’s consultations, oxygen supply & anaesthetists’ charges, diagnostic tests (x-rays), etc.  

Waiting periods: Every plan will have a waiting period before it can cover medical expenses related to pre-existing illnesses & certain named medical conditions. It’s best that you look for a senior citizen Mediclaim insurance that has shorter waiting period so you can enjoy complete coverage quicker. Some plans allow you to pay a higher premium in order to lower the waiting periods applicable on your policy – this is known a premium loading and it is a viable option if you can afford it.

Co-payments: This is another important factor you should be on the lookout for. Some plans will have an extremely attractive sum insured at lucrative premium amounts. However, this could be due to the existence of a co-payment clause. This means that you will have to pay for a certain amount of the medical expenses out of your own pocket. It goes without saying that you should look for a senior citizen Mediclaim insurance with low/no co-payment clause.

Price: Lastly, you should look for a plan that delivers the coverage you need, ticks all the above boxes, and at the same time, is light on your pocket. As mentioned earlier, you can check the premium of your policy using our instant online health insurance calculator.

How to buy a mediclaim insurance for senior citizens?

With IFFCO-Tokio, buying Mediclaim insurance for senior citizens is easy! We have over 20,000 branches & authorized agents in every nook and corner of the country – this ensures that you are always just a hop skip and jump away from one of our touch points. We have expert salesmen & agents that will provide you with complete support & guidance. They will advise you at every step of your purchase decision and ensure that you leave with a policy in the bag and a smile on your face.

If you cannot make it to one of our branches or do not have time to visit one of our agents, you can go online to make your purchase. The process is quite simple; all you have to do is breeze through these 3 simple steps.

  • Fill in your details:

To begin the process, you have to head over to our health insurance page and enter your name and mobile number.

  • Get a quote:

Next up, you will have to fill in a couple more details and our health insurance calculator will provide you with an instant policy quotation.

  • Buy:

You can customize the quotation as per your needs and proceed to buy once all the specifications are as per your needs. Then just make the payment & the coverage will commence.

Why buy Mediclaim insurance for senior citizens online?

There is immense value in a face-to-face transaction. However, due to the fast-paced nature of our lives, it becomes difficult to visit a branch or an agent to buy a health insurance plan. This is where our virtual branch – our website – can provide the perfect solution. Now you can skip the hindrance of branch visits and just buy Mediclaim insurance for senior citizens online – here are 3 BIG benefits you will enjoy in the process.

  1. Super easy buying process: We have already highlighted the 3 simple steps required to finish the purchase process.
  2. Convenience: You can buy the plan at a time and place that’s convenient for you, and not the other way around.
  3. Quick: No branch visits equal time savings. The online process is also very simple can be completed in just a few minutes.

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