A look at comprehensive health insurance options for senior citizens

As the healthcare costs continue rising, finding the appropriate medical insurance for senior citizens has become pivotal. Senior citizens have severe health challenges, and they must be addressed at the earliest before the condition worsens.  These concerns often demand specialised coverage catering to their needs. The most suitable health insurance policy for family can ensure financial security and convenient access to quality healthcare during critical life scenarios. 

Nearly 98% of senior citizens in India are without health insurance, although the healthcare costs are rising. With several health insurance plans in India, you may get confused about which one is the most suitable for senior citizens. The sections below will guide you on the available options for the same.

Reasons to Have Health Insurance for Senior Citizens

Senior citizens are at a higher risk of chronic illnesses and may be diagnosed with some pre-existing medical conditions. Besides, many of them find it challenging to invest in medical treatment. This is where a carefully chosen senior healthcare policy can help cover expenses related to critical illnesses, hospitalisation, and post-hospitalisation care, too.

The choice of the right plan can financially safeguard families against unforeseen medical expenses. Factors like cashless hospitalisation, pre-existing conditions, affordability, and lifetime renewability should be considered.

Comprehensive coverage is one of the pivotal aspects when it comes to senior health insurance coverage. Such a kind of coverage usually includes services like preventive care, regular check-ups, as well as coverage for chronic conditions usually found in older adults.

Also, senior citizens may need some extra services in addition to their major medical treatment. For example, they may need home health care or nursing home care. So, having a health insurance plan competent to cover such services is essential for seniors to get the care they require.

Comprehensive Health Insurance Options for Senior Citizens

Let’s go through the essential details of the available options that will eventually help you pick the best health insurance policy in India.

i) Individual Health Insurance Plans:

These plans offer coverage chiefly designed for senior citizens. They provide benefits like coverage for pre-existing disease (after a waiting period), hospitalisation expenses, and also the cashless treatment options (only in those hospitals that are part of the network).

ii) Family Floater Plans:

Such a plan covers multiple family members (including senior citizens) under a single policy. They provide flexibility; however, the sum insured is shared among all the individuals covered under the health insurance plan. As a result, it may limit coverage for seniors with significant medical expenses.

ii) Senior Citizen-Specific Plans:

Certain insurance providers offer senior citizen health insurance uniquely designed for people above the age of 60. The corresponding plans offer features like home healthcare, hospitalisation, and critical disease benefits. Note that such policies usually come with low entry barriers, enabling old-age persons to register even though they have pre-existing conditions.

iii) Critical Illness Insurance Plans:

These types of health plans cover life-threatening conditions like cancer, kidney failure, stroke, and heart disease. They offer a lump sum payout after the diagnosis is carried out. So, they assist senior citizens in effectively managing expensive treatments.

iv) Government-Sponsored Schemes for Health Insurance

The government in India provides many health insurance schemes designed for senior citizens; let’s have a glance at the same:

• Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY) offers free healthcare services to eligible individuals (including senior citizens). These services are provided at empaneled hospitals.
• Rashtriya Swasthya Bima Yojana (RSBY) provides financial assistance for hospitalisation expenses. Specifically, it targets senior citizens belonging to poor families or the low-income group.
• State-Specific Health Schemes: Several states in India provide dedicated healthcare policies for senior citizens.

v) Group Health Insurance for Retirees:

In India, some employers provide group health insurance benefits to their retired employees. The purpose is to offer constant coverage for medical expenses. Retired senior citizens must check the details of insurance from their former employer to determine whether they can benefit from the policy or not.

A Guide to Choosing a Health Insurance Plan for Senior Citizens

• Generally, senior citizens need extensive medical care and may have to be hospitalised multiple times. Hence, it is advisable to choose a plan supporting a higher cover amount to cover related expenses. Opting for a Super Top-Ups plan can be helpful for elderly parents as it provides a high cover amount at considerably lower premiums.
• Look for health insurance for parents that has minimal waiting periods, specifically for pre-existing conditions. The same ensures you need not wait long to treat these ailments. Certain health insurance plans even provide add-ons to decrease the waiting period.
• Check for the support of domiciliary treatment, as it covers medical care overseen at home when hospital beds are unavailable.

Conclusion

Senior citizens should carefully take care of their health while simultaneously managing their financial future during unexpected health concerns in the future. It is essential to find the right plan that meets unique healthcare needs and budget. A huge proportion of senior citizens face a wide range of medical expenses and need comprehensive health insurance coverage to access medical care when needed.

Note to readers: This article is part of Mint’s paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy.

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