Health Insurance for senior citizens – 7 things to keep in mind
Health Insurance for senior citizens: Growing old can at times leave us in distress because most of us are just left with savings and no job. Aging is associated with different insecurities in life as you are fragile, can not work much, and you may have some disease contracted. Earlier there were fewer remedies to handle such events of crisis but now we have policies for senior citizens. Emergency hospitalization and treatment costs can be covered under your health policies. It would have been wise if you had purchased the health insurance policy when you were young. But if that is not the case, then here are a few things that senior citizens should know before buying the policy.
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A critical factor under health insurance is the age factor. Find out what is the entry age for the senior citizens to buy a policy. In general, the public sector insurers keep the entry age as 60-80 years. The private players, on the other hand, do not have any age barrier under the policy.
You should also explore the possibilities until you can renew the health insurance policy. It is again different for different insurers. In practice, you should pick a plan which has no limits of entry age and offers medical cover for a longer period.
The chances of getting sick are higher in the older age and possibly we all are prone to acquiring critical illnesses like cancer, stroke, paralysis, diabetes, high blood pressure, and others. It is wise that you consider all the terms and conditions along with the exclusions. Health Insurance Policies do not cover pre-existing diseases.
Check whether the hereditary or genetic disorders stand covered or not. For senior citizens, prefer a plan that comes with minimum exclusion and maximum coverage because in old age diseases are to happen.
Pre-existing Medical Cover
The probability of getting hospitalized is more in old age. So you should check the products on coverage on the pre-existing diseases. You should be aware of the waiting period applicable under the policy. If you get hospitalized due to pre-existing illness in the waiting period, then the claim will be rejected.
The risks of health increase with the increasing age hence you should choose for the Sum Insured that you think will suffice your purpose. Senior citizens need higher health cover protection. Also, compare it with your capacity to pay a premium.
The tax deduction under section 80D is higher for senior citizens. If you take a policy for your dependant parents then you can avail of the health insurance tax benefit along with the advantages you take under your health policy. And if senior citizens buy their health insurance policy, they can claim it. For senior citizens above 60 years, the rebate under tax is allowed up to a limit of Rs.50,000/-.
Insurance companies generally charge higher premiums for senior citizens. Though there are new entrants in the market. Who offers the same premium if you happen to renew the policy with them. You are not earning much at old age. This is why the premium is an important factor to consider for buying a Health Insurance policy.
Though it may vary from insurer to insurer when you buy or renew the policy for senior citizens. It is good to check the percentage limits of the co-payment clause. It can help you manage your risks and make investments in life.
The bottom line is buying a health insurance policy for senior citizens is essential and unavoidable. The sooner the better it is, as by the time we reach the age of 60 or plus all the disease will stand covered.