In today’s age, rising healthcare costs can quickly hit the roof and pose a severe challenge, particularly during one’s retirement years. The likelihood of senior citizens being plagued by a host of medical conditions is stark. This, coupled with dearth of active income, could mean a staggering rise in healthcare-related expenses comprising of regular medications, frequent health check-ups, hospitalization, and probable surgeries.

It is here that health insurance for senior citizens assumes significance, by providing adequate coverage for a slew of healthcare-driven costs that can otherwise multiply in no time. Usually, senior citizens have always been a little sceptical about availing health insurance. One of the important reasons behind this is the need to undergo medical tests, something that individuals in their twilight years might be apprehensive about. That being said, the insurance market today has on offer a range of senior citizens health insurance plans to choose from.

Why Are Health Insurance Plans Beneficial for Senior Citizens?
Why Are Health Insurance Plans Beneficial for Senior Citizens?

 Benefits of Health Insurance for Senior Citizens

 Health insurance for senior citizens is exclusively designed in keeping with the needs of individuals who have stepped into their golden years. A comprehensive health insurance policy translates to income security, something that can make senior citizens’ lives stress-free.

Health insurance for senior citizens can serve three significant purposes:

  • The general trend in India is that senior citizens live off their pension/savings and the interest earned on these. With this, they plan on living a comfortable life and pursue hobbies such as gardening, photography, travel and the likes. A senior citizens’ health insurance policy, in such a scenario, can ensure a respectable standard of living – thereby making sure not all the money is spent on healthcare-related needs.
  • Increasing age is synonymous with rise in afflictions, some more critical than others. While it is almost inevitable to be more prone to medical conditions during old age, a senior citizens’ health insurance policy can make sure a lion’s share of one’s medical expenditure is taken care of in a systematic manner.
  • A sudden diagnosis of a medical condition can lead to immediate surgery or hospitalization. While absolutely necessary, an abrupt surgery (that was never planned beforehand) can bring about a sudden debt crisis within the family.

Without a health insurance policy for senior citizens, the chief breadwinner of the family might have to work harder in order to meet the medical costs, and then pay off miscellaneous household expenses. This follows that a senior citizens’ health insurance policy is the best bet in such a situation.

Who Can Benefit?

The senior citizens’ health insurance plans allow individuals above the age of 60 (and below the age of 80) to benefit from them.

 Health Insurance for Senior Citizens: Features & Benefits

 Some of the more common features and benefits of senior citizens’ health insurance are stated below:

  • Benefit of higher sum insured
  • Pre and post hospitalization expenses covered, depending on the period of time over which the insured remains admitted in the hospital
  • Cashless hospitalization, considering the patient has been admitted for a day or more
  • Annual health check-ups
  • Coverage for pre-existing medical conditions (as per policy terms and conditions)
  • Health insurance premium eligible for tax deductions
  • Hassle-free claim settlement

You can purchase a health insurance policy online. However, while comparing different policies, make sure you factor in parameters such as age, number of dependents, sum insured, premium, coverage for critical illnesses, policy inclusions and exclusions, insurer’s network hospitals, and waiting period for pre-existing diseases.

There is no dearth of health insurance policies that cater to senior citizens. You may also check out the range of health insurance plans offered by Bajaj Finserv. These plans offer extensive and customized coverage subject to policy tenor and applicable premium.