Senior Citizen Health Insurance policies are specifically designed to meet the healthcare needs of an elderly person. Evidently, covering all of their medical expenses. Health Insurance policies for senior citizens are very crucial to protect the limited money and assets owned by senior citizen individuals and couples. Additionally, these policies protect the retirement corpus of people from unwanted and uninformed spending.

Senior citizen health insurance covers medical expenses and healthcare needs of elderly citizens. It is a specially designed health insurance plan for individuals above 60 years old. Health insurance for senior citizens offers numerous benefits, such as pre-existing disease coverage, preventive health check-ups, and cashless hospitalization.

Medical expenses can become a significant financial burden in no time, considering the medical inflation, which is at an all-time high. However, by choosing to invest in a proper Health Insurance policy for themselves, people can save their life savings. Senior citizens in India face higher health risks and are more likely to need frequent medical care due to age-related conditions.

Senior Citizen Health Insurance Plan: Factors to Consider

1. Extensive Coverage
   The senior citizen health insurance plan you choose should include various costs. These include pre- and post-hospitalization costs, daycare costs, costs associated with organ donation, AYUSH treatments, yearly checkups, and other relevant healthcare costs. Senior citizens with a comprehensive healthcare plan are guaranteed coverage for certain age-related illnesses and treatments.
2. No Mandatory Medical Examination
   Most insurance companies conduct a medical examination to determine the premium and the policyholder’s potential health risks. Hence, select a plan that does not require a pre-policy medical examination.
3. Coverage for Non-medical Expenses
   Besides medical expense coverage, nonmedical costs account for about 10 to 12% of India’s hospitalization costs. As a result, the policyholder is responsible for covering these expenses out of their pocket. Hence, to lower the out-of-pocket costs, look for a plan that offers optional coverage for nonmedical expenses.
4. Co-payment
   A co-payment clause requires the policyholder to pay some part of the claim amount. These clauses usually come with several senior citizen health insurance policies. The insurance company pays the remaining amount of the claim.

The immune system becomes more fragile with time and slowly operates as you age. This raises the likelihood of being a host to different diseases or being afflicted with certain critical illnesses. In other words, medical demands are prone to rise in older adults in some way or another. Senior citizens can shield themselves from the financial strain of medical bills by investing in an insurance policy. Additionally, it ensures they receive the care they need to preserve their general well-being.

Health Insurance Plan-Benefits:

Individuals with a medi-claim policy can hugely benefit by investing in a health insurance policy.

1. No Claim Bonus
   Senior citizens are eligible for a No-Claim Bonus. This entitles them to a renewal premium discount for each year without a claim. The discount varies from 20 per cent to 100 per cent and ranges from policy to policy.
2. Comprehensive Medical Coverage
   While standard family health insurance plans typically cover individuals up to age 65. Senior citizen health insurance policies offer comprehensive coverage to individuals over 60.
3. Pre-medical Screening
   Unlike ordinary insurance plans, most healthcare insurance plans do not require senior individuals to undergo medical screening before purchasing the policy.
4. Hospitalization Expense Coverage
   The best policies, i.e., senior citizen health insurance in India, protect older people against several medical costs. These expenses include those associated with hospital admission (pre-hospitalization, post-hospitalization, and in-patient hospitalization).
5. Cashless Treatment
   If a senior is admitted for at least 24 hours, they are eligible for cashless medical care at the insurance company’s network hospitals.
6. Benefits From Taxes
   Under section 80D of the IT Act, senior citizen health insurance policies come with tax exemption benefits on the premiums paid each fiscal year.

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