A Conclusive Guide on the Best Senior Citizen Health Insurance and Its Benefits

According to United Nations Department of Economic and Social Affairs, the number of senior people in India is estimated to reach 158.7 million by 2025, surpassing the population of children under the age of 14 by 2050. Apart from individual-level socioeconomic difficulties that affect affordability, a number of systemic variables contribute to people’s reduced ability to pay for healthcare, particularly the elderly. Thus, it is important to recognize that every older adult requires health insurance coverage. It helps provide financial stability. Senior citizen health insurance is designed exclusively for adults over the age of 60. If you’re looking for the best senior citizen health insurance policy, then consider plans from Care Insurance. 

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Due to rising medical costs and the possibility of COVID-19, everyone should have a health insurance coverage with a sufficient guaranteed pay-out. It’s especially important if you have grandparents living with you. They become prone to different illnesses as they age, and they may need medical aid on a regular basis. This is why it is recommended to purchase the best senior citizen health insurance policy in the market.

Health insurance plans for senior citizens provide a number of benefits to the elderly. It covers expenses incurred due to hospitalization, surgery, acute illnesses, unintentional damage, and pre-existing conditions. If you keep your insurance up-to-date, it can cover you until you’re 80 years old, with lifelong renewal options. 

The following are some of the most important benefits of purchasing the best senior citizen health insurance in India:
Medical Coverage for the Elderly
Individuals above the age of 60 receive health care through senior citizen health insurance plans, while a main health plan only covers people up to the age of 65.

Pre-Medical Examination
Most plans do not require any pre-medical examinations. Pre-medical tests may be required in a few cases.

Tax Advantages
The best senior citizen health insurance coverage also grants tax exemption advantages under Section 80D of the Internal Revenue Code. For each financial year, the amount of the premium spent qualifies for tax exemption benefits.

Now that you’re aware of the benefits of senior health insurance, you’ll need to know how to acquire a policy for the elderly. Purchasing health insurance has become an absolute requirement, particularly during the COVID-19 outbreak.

Hospitalization Charges are Covered
In general, all health insurance policies cover in-patient hospital fees, which means the insurer will cover any costs you incur while in the hospital. Expenses covered include doctor consultation fees, medications, diagnostic tests, and so on. Nonetheless, a sub-limit for certain charges may be included in a few senior citizen health insurance policies. As a result, it is critical that you look for the best senior citizen health insurance that provides the most comprehensive coverage for hospitalization expenditures.

Recognize the Duration of the Waiting Period
Waiting period refers to the period during which the policyholder is unable to file a claim for any pre-existing illness-related expenses. A waiting period clause is included in all health insurance policies, and it typically ranges from six months to four years. However, in some of the best senior citizen health insurance policies, insurers have reduced the waiting period by one year. As a general guideline, you should opt for a coverage with the shortest possible waiting period to avoid paying for medical expenses out of pocket.

Find Out More About the Exclusions
It is just as important to be aware of the policy exclusions as it is to be aware of the policy inclusions. Some charges are not covered by senior health insurance, such as cosmetic surgery, dental procedures, diseases discovered within 30 days of acquiring the coverage, STD and AIDS treatment fees, and so on. To avoid making false claims, carefully study the fine print before signing policy documents to discover the diseases that have been removed from the policy. By offering the best senior citizen health insurance to the senior adults in your family, you can help protect their health.