A few years ago, most insurance companies were hesitant to sell health insurance to senior citizens, given their vulnerability to diseases and medical conditions as a result of old age. Fortunately, in recent times, insurance companies have started to come up with special ‘senior citizen health insurance’ plans that are catered to serve the needs of the elderly population. However, there is also a trade-off as the premium costs of senior citizens' health insurance plans are usually higher than general health insurance plans. These plans also offer certain special benefits aimed towards senior citizens which are not available in regular health insurance plans.
Why Do Senior Citizens Require Health Insurance?
Here are some of the most important reasons why senior citizens need a health insurance:
● As people grow older, they are more susceptible to diseases and medical ailments. To remain covered against any medical emergencies and illnesses, it is
important to buy a senior citizen’s health insurance plan.
● Most senior citizens handle their living expenses through their retirement savings. If their savings are spent paying off medical bills, they will be left with no income sources. Hence, a health insurance plan is necessary to protect the life savings of senior citizens.
● Many health insurance plans offer free health check-ups to the policyholders at regular intervals. Senior citizens can make use of these free health check-ups to keep frequent tabs on their health.
● Senior citizens are allowed tax benefits of up to ₹50,000 on the premiums paid for health insurance, so tax saving is also a major incentive for the elderly to buy insurance.
What Does Senior Citizens Health Insurance Cover?
Senior citizen health insurance offers coverage for the following situations or circumstances:
Hospitalization Expenses
Like regular insurance plans, the senior citizens' health insurance plans also provide coverage for hospitalization expenses and all related charges such as the ICU fees, consultations,
nursing fees, etc. So senior citizens can seek the best healthcare without worrying too much about the costs.
Restoration of Sum Insured
If the maximum sum insured on your senior citizens’ health plan is used up for some treatment, the original sum insured can be reinstated to its full amount once per year. However, this reinstated sum insured cannot be used for the same medical expense where your original sum insured was exhausted.
Coverage for Mental Health
Most insurance companies these days have also started providing coverage for any medical conditions arising due to mental health issues. So senior citizens can rest assured that they will remain protected against mental and neurological conditions.
Organ Donor Expenses
In very rare situations, some senior citizens may require organ transplants. Fortunately, health insurance also covers the cost of organ donor procedures and treatments.
Day Care Procedures
Health insurance for senior citizens also provides coverage for daycare procedures such as cataract operations, radiotherapy, etc.
Pre and Post Hospitalization Expenses
Senior citizens' insurance plans provide coverage for pre and post hospitalization expenses. However, the time frame for pre and post hospitalization can be set differently by different insurance companies.
Free Health Check-Ups
As mentioned above, senior citizens can avail free health check-ups at regular intervals through health insurance plans.
What are the Exclusions in Senior Citizens Health Insurance?
Every health insurance plan contains a list of exclusions. Here are the common exclusions under senior citizens' health insurance:
Suicide or Self Inflicted Injuries
Any injuries or medical complications arising from self-harm or attempted suicide will not be covered under health insurance for senior citizens.
Pre-Existing Disease
Any pre-existing diseases at the time of buying the health insurance plan will not be covered until the applicable waiting period for the pre-existing conditions passes.
Sexually Transmitted Diseases
Health plans usually do not provide coverage for any sexually transmitted diseases or venereal diseases.
Injuries Caused due to Extreme Conditions
Any injuries caused due to situations like war, riots, etc. will not be covered under health insurance. Injuries arising from adventure sports such as skydiving, mountaineering, and more will also not be covered.
To Conclude
In a nutshell, yes, senior citizens can and should purchase health insurance, specifically those policies that are designed for the elderly. Although senior citizens’ health insurance may cost more than a regular health plan, they are tailor-made to provide
extensive healthcare coverage to senior citizens. Most importantly, senior citizens should compare different health plans to find the best option and read the policy documents to understand all details before buying.
