Aged persons are more susceptible to the risks of infliction to ailments and diseases, in view of the polluted environment conditions, ill effects or side effects of medicines, inorganic food practices, etc.
Yet, medical inventions have extended the average death age of people. Thus, insurance companies have come out to cover health insurance for senior citizens. Such service was not available to them some years before.
Some years ago, health insurance was not available; later, the same was made available to non-senior citizens. In recent years, such insurance has been extended to senior citizens and sometimes to super senior citizens (even for people of age 99 years) and beyond.
The necessity for a health insurance policy:
The primary reasons for such a policy are outlined below:
- Environmental conditions, food habits, imbalanced work schedules, etc., stand to be the causes of mental stress, health issues, medical treatments, etc.
- For Meeting the galloping Healthcare Costs
- For old-age citizens, the possibility of getting inflicted with various critical illnesses like kidney problems, heart ailments, cancer, etc. Is more. So, they must get a Critical Illness Cover, either in the basic plan itself or as an add-on cover.
- Frequent health check-ups will keep them well or make them avoid contracting diseases. The insurance companies will meet the costs of such check-ups if the senior citizens have coverage for Annual Health Check-ups. This facility will be available in specific plans only after every 2 or 3 claim-free years.
- It will give you peace of mind since you need not arrange to pay off the escalating medical treatment costs.
Tax Benefits:
You can avail of tax exemption as provided in section 80 D of the Indian Income Tax Act, 1961. You will be eligible for an income tax rebate of up to Rs 50,000 if you have a medical policy for your parents, who are senior citizens.
Furthermore, a tax rebate of Rs. 5,000 in each financial year. In respect of payments for preventive health check-ups. Also, a rebate of up to Rs. 1 lakh is available if such senior citizen undergoes some acute disease treatments.
If you, as a senior citizen, are earning and remitting the premium for the health insurance for your son/ daughter, you are entitled to enjoy an additional rebate of Rs.25 000 in income tax. It will make you avail of cumulative tax deduction of up to Rs.75 000 in one financial year u/s 80 D.
Continuity Advantages:
When you port the policy from the existing insurance provider to another provider, you are entitled to carry forward the No Claim Bonus (NCB)/ cumulative bonus and waiting periods, provided the plan in the new provider is similar to the one with the old provider.
Most senior citizen plans have the sum insured only on an individual basis. There may be a floater cover also. You may get additional benefits if you prefer to take health insurance for senior citizens from online sites.
- Online Comparison of various health insurance policies available in the market; you may choose the best suitable one to support your health needs.
- They may provide a calculator for senior citizens’ health insurance to ascertain various policies’ premiums before the purchase.
- Expert Advice will be available in view of their long-term experience and group of talented executives.
- Instant Policy Purchases will be enabled.
- Claim Assistance – It offers claim assistance after purchasing the policy.
Documents required for purchasing bajaj health insurance policy relate to
- Age proof
- Identity proof
- Address proof
- Income proof
- Duly filled proposal form
- Report on Pre-insurance medical test (if applicable)
Common coverages:
Hospitalization Expenses:
- The expenses include room charges, doctor/ nursing fees, the cost of medicines and drugs, ICU/ surgical appliances, and operation theatre charges. Also, the prices of artificial limbs, prosthetic devices, orthopaedic implants, diagnostic tests, etc., necessitated during hospitalization.
- Specific Day Care Treatments, like chemotherapy, and dialysis, may require less than 24 hours of hospitalization.
- Pre and Post hospitalization Expenses
- COVID-19 Cover
- Organ Donor Expenses
- Transportation coverage/ Ambulance Charges for transporting the insured person to the nearest hospital (up to some specified limit0.
- You can treat pre-existing diseases within a specified time frame.
- AYUSH Treatment Costs incurred at hospital or institute, recognized by the Government
- Domiciliary Hospitalization Cover
Exclusions:
An illustrative (but not exhaustive) list of various medical expenses not covered under health insurance for senior citizens.
Expenses
- to treat Pre-existing diseases/ injuries
- due to self-inflicted injuries/ suicide
- due to drug/ alcohol abuse and their related treatment
- for Medical conditions diagnosed within thirty days of purchase of the policy (it will cover accidental injuries during this period)
- for non-allopathic treatments
- for injuries caused due to civil war or some act of foreign army.
- for cosmetic surgery
- towards dental treatments or lenses/ spectacles (except when arising due to some accident).
- For treating AIDS.
The exclusions given in the above list may vary from one insurance company to another.
Claim Settlement Process:
If you happen to avail of some emergency medical treatment or to be hospitalized, you will have to make a claim; it can either be reimbursement of expenses, paid to a hospital, not covered in the network, or availing cashless treatments in any of the networks of hospitals.
Reimbursement Claim Procedure:
- No sooner than the hospitalization, notify the concerned insurance company.
- Obtain every medical document like prescriptions, various reports, chemist’s bills, certificate of admission into the hospital and discharge, etc., at the time of release from the hospital
- Submit the duly filled-in and signed claim form to the Third Party Administrator (TPA) or the insurer along with all the required documents.
- The claims team will carefully review them, and they will reimburse the claimed amount.
Cashless Claim Process:
- If the hospital where you undergo treatment comes under the network of hospitals approved by the insurance provider, you may enjoy a cashless claim.
- Just fill in, sign, and hand over the pre-authorization request form in such a hospital.
- Such requests will be forwarded to the concerned TPA or the claims team of the health insurance company for approval.
- After such approval, you may undergo the required treatments and get discharged and go after that.
- You need not pay anything since the insurance company will directly settle the claim to the hospital.
- Study the policy wordings, generally in small fonts, carefully, understand the terms and conditions, and select the relevant and beneficial policy.
Why do we need health insurance Top 5 Reasons?
Conclusion:
Having a health insurance policy as a senior citizen is wise and will prove handy in dire health and economic situations. It acts as a financial protection and provides numerous medical benefits as well. So don’t hesitate to opt for a senior citizen health insurance policy if you have not availed of any.