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Consider These Points Before Buying Your Senior Citizen Health Insurance Plan
[Posted by: InsuringIndia Blog on 11-Jan-2016]
Health insurance plans for senior citizens is an indispensable policy that contributes to greater peace of mind and stress-free living in the golden years of life. Post retirement, most people want to relax and live their lives spending time on their hobbies, family, friends, travelling, etc. They may have a pension and/or enough savings to live off the interest for the rest of their lives, not to mention support from children.
 
Still, if there is an unexpected illness that hits them at this age, it could be debilitating and stressful more than ever. With the rising costs of healthcare in India, it could also lead to a financial setback that can eat away at their precious life savings.  Medical insurance for senior citizens in India is the way to avoid the tension involved with financial costs of medical treatment for any emergencies at this age. It is essential to compare online senior citizens health insurance plan before choosing the right one at the right price. With the internet, this is easy to do and one that can be done from the comfort of one’s home or even one’s smartphone! 
 
The new IRDA guidelines expressly state that health insurance coverage should extend up to 65 years of age. Medical insurance for senior citizens in India is a vast field that offers a variety of options to people so it becomes even more important (as well as easier) to com pare onlinesenior citizens health insurance plan before choosing one at Insuring India, a reliable web aggregator. Here are some of the important points you need to look out for before deciding on one:
 
  • What is the maximum age of renewability?
  • How much is the co-payment?
  • What are the waiting periods?
  • Is coverage offered for specific or critical diseases?
  • How much does the premium cost?
  • What are the discounts available?
 
There are several benefits to a senior citizen health insurance, some of which are
 
Medical expenses are covered before and after the hospitalization period, which could vary from insurer to insurer.
Some insurers also cover pre-existing diseases, with special terms and conditions.
Special procedures requiring special equipment are also covered, such as dialysis, radiation, chemotherapy, etc.
Charges for transport by ambulance are also covered, which is up to a certain limit that is pre-specified.
The policy holder also gets tax benefits from the health insurance. This is under Section 80DDB and can vary anywhere from Rs. 20,000 to Rs. 30,000.
 
For senior citizens, the most convenient way of buying a health insurance policy would be online. They can understand, research, and compare different policies without having to spend money and time talking to and travelling to different insurance companies and agents. They can easily start the policy by filling up the online application form and paying with a net banking facility or through their credit or debit cards. Any doubts and questions will also be answered by staff that are always ready to help make an informed decision without any bias or prejudice also.
 


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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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