Things to Consider Before Buying Mediclaim for Senior Citizens

The cost of medical care has been constantly rising since the last few years. Hence, the need for adequate cover has not only gained importance for young people but for elderly people too. A mediclaim for senior citizens is an insurance cover that offers medical coverage to senior citizens who are 61 years and above. This insurance policy offers a cashless treatment, high sum insured and pre-existing disease cover. As per the new guidelines given by the Insurance Regulatory and Development Authority (IRDA), an individual up to the age of 65 years are covered under a health insurance policy. But, for getting a cover under Senior citizen health insurance a person should be in the age group of 60 to 80 years of age. These revised guidelines allow the senior citizens to be secured during their later stages of life.

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Citizens health insurance

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The health insurance for senior citizens acts as a financial cushion and helps them living a worry-free life.

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The features of the Health Insurance for Senior citizen are:

  • Individuals above the age of 60 years can opt for health insurance for senior citizens.
  • Majority of the insurance policies do not need pre-medical screening.
  • Senior citizens can get annual health check-up annually.
  • Senior citizens can get cashless treatment in this policy if the patient is admitted for at least 24 hours.
  • Most of the senior citizens health insurance cover pre-existing diseases.

A Mediclaim for senior citizens is an insurance policy that offers coverage to senior citizens between the age group of 60 to 75. At present, there are various trusted brands like Religare Health Insurance, Aditya Birla Health Insurance and HDFC Ergo General Insurance that offer Mediclaim policy for senior citizens.

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Mentioned below are some of the factors to consider before buying senior citizens health insurance:

  • Age: The most important factor in buying a health insurance for senior citizens is the age of an individual. Some insurance providers offer insurance policies, senior citizens, from the age of 60-80 years.
  • The best health insurance for senior citizens is the ones that have the entry age even at the age of 80.
  • The clause of co-payment: It is a fixed amount that is paid by the policyholder for every claim. The remaining amount is paid by the company. This clause differs from one insurer to another.
  • Sub-limits: It is a monetary cap that is placed by the insurance company in policy in the form of a limit on the amount that has been claimed for a specific disease or medical procedure. The sub-limits are mainly applicable on room rent, cover for the ambulance and ICU charges etc. It is advisable to compare these rates between insurers and opt for a plan that has the most cost-effective sub-limits.
  • Coverage and exclusions of the policy: It is very important to pay attention to the inclusions and exclusions of the policy. Health insurance for senior citizens covers in-patient hospitalization charges, pre and post hospitalization, ambulance cover etc. While a Mediclaim for senior citizens can be denied in case of expenses because of the self-inflicted activity or any non-allopathic treatment and so on.
  • Additional features include coverage on an extra family member that must be considered when opting for a Mediclaim for senior citizens.
  • Waiting period in a health insurance policy: This is the time period that should get over before the cover begins. It is mainly dependent on the policyholder’s medical history and other reasons. In this period, you cannot file a claim for your illness. Hence, it is advised to buy an insurance policy with a minimum waiting period.
Health insurance policy

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Takeaway

Growing old and spending those years with peace and comfort is what everyone aims for. With the increasing age and severity of illnesses, getting health insurance for senior citizens at this age becomes important.

With so many insurance providers offering health insurance for senior citizens, it is a challenge to opt the right one. You must be thinking what is the best health insurance for senior citizens? There are various trusted brands like Religare Health Insurance that offer a health insurance plan for senior citizens who are left with a limited source of income after retirement.

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Before buying an insurance policy you should compare the policies on any of the online web-aggregator that help you to opt for the right insurance policy. Having a good health insurance policy can definitely make your old age days happy and stress-free.

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