In exchange for a premium, a health insurer is obligated by law to pay all or a portion of a person’s medical expenses. The insured person’s out-of-pocket expenses for prescription medicines, medical treatments, and rarely dental care are frequently covered by health insurance. Health insurance can either reimburse or compensate the insured for expenditures associated with illness or injury, or it can pay the healthcare provider directly.
There are many different kinds of senior citizens health insurance plans in the market, making it difficult to compare them at times. Furthermore, because the sub-limits, exclusions, and other terms and conditions are buried in the policy’s fine print, reading the terminology can become difficult.
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Your medical bills can be paid with the help of the best health insurance policy for senior citizens. They provide you with perks, including daily cash benefits, attendant expenses, daycare treatment coverage, alternate treatment coverage, and many more, while providing coverage for a wide range of ailments and treatments.
To be able to offer your parents your full attention without worrying about the financial aspect, you need solid mediclaim for senior citizens.
These plans offer individualised coverage for a variety of conditions in addition to supplemental benefits catered to specific requirements.
Many firms provide their workers with health insurance for parents, which often also covers family members. While this is advantageous to salaried people, older people may not have enough coverage under these policies. Additionally, businesses are increasingly placing restrictions on such plans or eliminating parental coverage completely, making it necessary to get extra health insurance.
Family floater plans ensure every member of the family is under one umbrella policy. One family member may file a claim for the whole claim amount, or multiple family members may file separate claims up to the insured amount. Even though family floater plans could appear more cost-effective, it is typically advised that older citizens or elderly parents be insured under separate policies. This is because older people have higher claims potential, which would quickly deplete the plan and leave other family members without insurance coverage.
All insurance companies are required by IRDA regulations to offer insurance for people up to the age of 65. For senior adults, insurance providers have developed specialised individual plans with a shorter waiting time for pre-existing conditions than standard individual policies. The majority of common insurance has a four-year waiting period. With senior citizen health insurance, which has a waiting period of one to two years, this is not the case. Plans for senior citizens are intended for people who didn’t get an individual policy until they turned 61.
Under health insurance policies, there are policy additions that are applicable to older individuals. The following are some additional policy considerations:
You can add critical illness insurance to an individual plan or purchase it separately. There is a list of conditions that are covered by this plan in advance. Heart disease, liver failure, and cancer are a few instances of these conditions that can be quite expensive. As a result, premiums are higher under such policies.
Insurance sub-limits for certain ailments, such as cataract procedures or angioplasty, are included in health insurance plans for the elderly. As an outcome, the insurer would not provide coverage for that specific sickness above a certain level. It is advisable that sub-limits of different plans be examined and that the plan that best fits the person’s health history be taken into consideration in order to prevent instances where the claim would be rejected on these grounds.
There are several benefits of taking a health insurance plan for senior citizens, such as:
- Daycare expenses: The expense of having specific medical procedures, such as dialysis, chemotherapy or of using specific pieces of equipment.
- Medical expenses before and after hospitalisation: The number of days covered varies from insurance policy to insurance policy.
- Ambulance fees: Expenses made for the ambulance fees are reimbursed. However, there may be a maximum amount that can be charged.
- Hospitalisation costs: If a patient is hospitalised for more than a day, costs such as those for the doctor’s visit, the room, the nurse, and the medication are reimbursed.
Depending on the extent of coverage, the kind of plan you have, and your deductibles, your health insurance expenses may change. For senior citizens, Niva Bupa provides a variety of senior citizen health insurance policies. Depending on their medical needs, requirements, and conditions, you can choose the ideal plan for your parents or grandparents.