Stepping into old age is often referred to as the “golden years” of life, because by the time you hit 60, you would ideally have fulfilled your responsibilities as a son or daughter, a parent and a spouse, and can now comfortably enjoy the rest of your life in peace, doing what you love, being with your grandkids and spending relaxed and stress-free days.
However, one factor that almost always worries us about ourselves and our elderly parents, as we/they age, is age-related health issues and seeking medical attention and treatment for those concerns. While we and our parents might try to maintain a healthy lifestyle and remain active as far as possible, the natural deterioration of bodily functions as a result of increasing age cannot be ignored. Ailments and difficulties associated with old age can affect us much more as we cross 60; and with every passing year, the probability of the condition worsening also increases. Not just age-related issues; our elderly folk are more prone to being affected by contagious diseases, since the body’s immunity also weakens as they grow older.
Apart from age-oriented challenges, the cost of treatment of such illnesses is rising steeply year-on-year. Specialized Medicare, hospitalization expenses, post-treatment medication, attentive care – the cumulative amount of healthcare, particularly for senior citizens, can be quite the strain on finances. Should there ever come a time when our elders need urgent and critical medical attention, say a surgery, for instance, we shouldn’t have to face a situation of having inadequate finances to fund the cost of treatment.
It is our duty, as responsible children, to set our parents’ minds at ease and take care of them during their most vulnerable years. One way of lowering financial strain on everyone is by investing in a good senior citizen health insurance plan that takes care of age-associated medical emergencies, and covers serious health ailments.
Benefits of Senior Citizen Health Insurance Plans:
- These plans are designed for people who are older, i.e. 60 years of age and above. Hence, it is the most befitting option for our elderly folk who do not have any health insurance so far, to consider for themselves
- Many plans do not require the elderly insured members to undergo medical check-ups prior to policy issuance, unless it is specified in the terms and conditions
- Senior citizen plans cover a host of specific age-related treatments and conditions, like hip or knee replacement, cardiac issues, kidney-related problems etc.
- Such plans cover pre and post hospitalization expenses for specified period (usually 30 and 60 days, respectively) for many critical illnesses, and for a list of day care procedures as well
- They also offer additional value adds, like free health check-ups, and/or long-term benefits in the form of discounts etc.
- Some of the advantages of normal or traditional health insurance plans are extended to senior citizens as well, such as ambulance charges, in-patient expenses (room rent, practitioner’s fees etc.), alternate treatment and so on
NOTE: All these benefits differ for different senior citizens plans that are offered by different insurance companies. Each plan’s specifics can be found in the particular policy’s brochure and terms and conditions
Key Factors to Consider when Investing in Senior Citizen Health Insurance Plans:
- Existing and pre-existing medical conditions – keep all the information handy, pertaining to full medical history, preventive or attentive care taken, surgeries performed, if any, prescribed medication being taken etc.
- Pre-policy medical screening – check if the plan demands for any medical tests to be undergone prior to policy application
- Age limits – find out the minimum and maximum age-at-entry, to make sure the policyholder and insured members are eligible to apply
- Inclusions and exclusions – find out which particular conditions are included in the policy, and to what extent. Specifically ask for information on what conditions are excluded from coverage
- Waiting periods – usually, senior citizen plans come with a lower waiting period for specific illnesses, as compared to normal plans. Find out what the designated waiting periods are for each set of specified illnesses and pre-existing conditions
- Lifetime renewability – check If the senior citizen health insurance plan comes with life-long renewability, so that it can be maintained on a long-term basis
- Higher premium – be aware that senior citizen plans might be a bit more expensive, since they are meant for elderly folk, who might have some on-going health issues. While you can opt for adding your parents and in-laws to your existing family floater health insurance plan, remember that the age of the eldest insured member determines the premium payable, which might turn out to be more expensive and less inclusive (in terms of waiting periods and pre-existing illnesses)
- Sum Insured – find out what is the highest amount of coverage offered. Preferably opt for a higher sum insured, so that the medical expenditure is comfortably and sufficiently covered
- Network hospitals – collect information on the list of hospitals nearby where the senior citizens live, that offer cashless hospitalization and treatment
- Co-payment – many senior citizen health plans come with a co-pay clause, which means that some or all of the medical expenses to a certain extent will have to be borne out-of-pocket, while the rest will be paid by the insurer
SANA Insure has tie-ups with over 14 general and health insurance companies that offer a wide variety of senior citizen health insurance plans covering numerous categories of conditions. You can easily view and compare such policies features on sana.insure, for detailed information. Our SANA Experts can help you by explaining the terms and conditions in detail, so that you are fully aware before finalizing an optimum senior citizen health plan. You can also get in touch with us over WhatsApp 24*7, at your convenience.
Wish you a healthy and happy life!