Health insurance offers a variety of policies for persons of every age group. However, These wide range of policies can be considered as ‘numerous’ only when the individuals are below 50 years of age. With the increase in age the health insurance policies become limited, indicating that the age of individual is inversely proportional to the possibilities of availability of health insurance policy. Nonetheless, Senior citizen health insurance policy is a requirement, particularly when an individual is preparing to retire and live on pension or interest income from savings. Individuals crossing 60 years of age are known as senior citizens. And with the shift in pattern in today’s lifestyle, environment, diet and with high probability of age related health issues along with the treatment costs, health insurance has become a necessity for the seniors.
There are very less number of options available to the senior citizens as compared to the individuals below 50 years, but still there are certain great policies at their disposal to select from. The maximum age up to which an individual is permitted to buy a health insurance policy or renewing an existing policy is around 70 years of age. Due to the increase in age, the risk of contracting a number of health problems and disorders increases, because of which these policies for seniors are a bit pricey. At times when there is any sudden medical expenses which can cause a stress on the financial security, these insurance policies for senior citizens proves to be a benefit.
Some of the insurance policy companies require a fixed number of medical tests to be performed by the seniors applying for the insurance. Tests like complete blood tests, test for diabetes, arthritis, etc. are done to diagnose whether they are already suffering from any health problems or the pre-existing conditions. Some of the insurance companies do not cover these previously detected health issues in the pre-determined tests. While some of the insurance companies have a waiting period of 24 – 48 months before including the pre-existing medical issues, there are other insurers who have reduced the waiting time to 12 months or even nil. Ultimately, the premium is possible to be higher or the insurance coverage amount be lower.
Major benefits of availing a health insurance is that it covers for all hospital expenses, ambulance charges, day care costs, cashless hospitalization across channel of network hospitals, pre and post hospitalization charges, higher sum insured and tax benefits. Pre-existing diseases are also covered on the basis of certain terms and conditions. One of the main advantages of a health insurance plan for senior citizen is that it limits for the serious illness insurance cover, thus saving significant amount of money. The senior citizens who are insured can avail up to Rs.20,000 as tax exemption under the section ‘80D’. Considering all the factors and the rising cost of medical expenditure, it is essential for all affording senior citizen to own a health insurance policy.