Health Insurance For Senior Citizens – Why Should I Buy One?

This idea seemed quite a nice and unique idea but little did I know about what was in store for me!I had no idea if I could actually buy health insurance policy for my parents who are in their “golden years of life”, the 60+ age group.

I was thrilled to know that buying a health insurance policy for my parents is extremely advantageous owing to the following reasons:

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  • Health Coverage: Buying a health insurance policy for senior citizens is a crucial investment as falling sick is an inevitable factor that comes with ageing.

    So I wanted to plan for expenses that might occur in future and wanted to take care of it in a systematic manner. In case of health crises I wanted to be ready for the sudden financial need and the financial vacuum that may arise due to it.

  • Pre Existing Disease Coverage: I was under the wrong impression that a health insurance policy does not cover any existing illness and that I won't be able to secure the health of my parents.

    However, a few health insurance policies do cover “Pre-Existing Diseases” if you pay a certain extra premium. Pre-existing diseases are nothing but ailments or diseases that existed or occurred even before buying a health insurance policy. Since my father had medical complications already, I wanted a health insurance policy with a pre-existing disease coverage and was happy to know that there are quite a lot of them.

  • Annual Health Check-Ups: With my parents being in their 60's, getting a free medical check-up every year is more than what I can ask for.

    The fact that their medical check-ups would be done regularly done and it is free of cost, was an added benefit of the health plan. Also, the medical reports are electronically archived for my reference at any point of time. Quite a lot of senior citizen plans have annual health checkups, which help in monitoring health in the later stage of life.

  • Cashless Facility: In the plastic currency age a health insurance for senior citizens provides for cashless services like ambulance charges, hospitalization expenses etc.

    without worrying about the availability of cash.

  • No Sub-limits: In hospitalization a major part of the medical expenses is the room charge. An apt health insurance providing company provides with reimbursement on room charge which varies upon the sum assured of your plan and the type of plan chosen. So, all I needed to do is opt for a health plan with high or no sub-limits which restricts my benefits of availing a better quality of room on hospitalization for my parents, if ever required.
  • Paraphernalia Expenses: A health Insurance policy not only covers for the hospitalization expenses but it also covers for the pre and post hospitalization expenses which includes medical bills, checkups etc.

    before and after hospitalization (depending upon the number of days and manner of illness). These are expenses no one really keeps a track of, but yes, it accounts for Pts Terbaik sumatera quite of lot of the expenses. Since most health plans, including the senior citizen ones, have pre-hospitalization and post-hospitalization benefits, it is an additional relief for my parents.

  • Day Care Treatments: Health Insurance Policies cover day care cost for treatments like dialysis, angioplasty, cataract operation and chemotherapy where generally hospitalization for a minimum period of 24 hours is not mandatory.

    It is more important that the patient gets proper and quick treatment at the least cost and insurance companies are pro-active in ensuring that unnecessary hospitalization doesn't happen because of “minimum period of hospitalization” clause!

  • Co-Pay: To shift the burden of heavy medical expenses health insurance policies have co-payment policies these days.

    The co-pay policies provide with co-pay option i.e. a fixed amount is to be borne by the insurer for various treatments. This is a good option as there is less burden of paying for the treatments and majority of the bill will be paid by the insurer. So, even if there is a mandatory co-pay in some cases for older parents or with some pre-existing ailment, it still makes sense to opt for the same!

  • No Claim Bonus: Another interesting perk I will get is that for every claim-free year, the insurance provider will give me benefit of increased sum assured for the same premium as per the approved premium charts.

    This is called the No Claim Bonus which could be in terms of additional coverage in most cases or sometimes in gift vouchers or health check-ups, etc.

  • Tax Rebate: Last but not the lease, I will get a tax benefit for the premiums paid by me on health insurance policy purchased for my parents.

    Since my parents are more than 60 years of age, a maximum of Rs. 30,000 a year of tax deduction can be availed. So, when it comes to premium paid for whole family i.e. for self, spouse, children and parents, a maximum of Rs. 55,000 tax benefit can be availed.

Thus buying a policy for parents who are senior citizens is an apt gift as you are securing and caring for their health.Also buying health insurance policy is a systematic way to save for future needs and it also safeguards us financially from any unforeseen health crises. So if you haven’t purchased a health insurance policy for your parents then go ahead and buy one immediately.