Senior Citizen Health Insurance
Nearly 1 out 10 people in India are senior citizens, totalling a population of more than 130 million. By 2050, the senior citizen number will double to 20% of total Indians.
Senior citizens (people who’ve attained the age of 60 years and above) are more prone to certain diseases and health conditions as compared to younger people. They might need to get hospitalised due to some age related issues, like joint replacement, heart conditions, etc. And the doctor would recommend multiple X-rays, MRI scans, and other tests to determine the illness.
The treatment of old age-related health problems is not only expensive, but also long-term. And with limited or no income, hospitalisation can be mentally and financially challenging for them.
A senior citizen health insurance plan is the best gift you can give to your parents. It is designed to offer financial aid for medical treatments in their hour of need. In short, it is a gift of health.
Why Do You Need Senior Citizen Health Insurance?
To cover critical illnesses
With increasing age, the human body becomes more vulnerable to several diseases, ranging from the common cold and arthritis to critical illnesses, such as cancer and cardiovascular conditions. Medical insurance for senior citizens gives financial protection against such adverse situations.
To tackle hefty medical costs
Medical inflation is prevalent across the globe. From doctor's consultation to the cost of hospitalisation - any kind of medical treatment can have a big impact on your finances. With the help of a senior citizen health policy, a majority of such expenses can be covered.
To shield your savings
The amount in your bank account that you have meticulously saved should not get spent on the treatment of critical illnesses. A senior citizen health policy helps you protect your savings, and live a comfortable post-retirement life.
One important question you might have in your mind…
"My parents are covered through my employer; Wouldn't that be enough?"
Well, not in the long run!
Your cover is linked to your employment. So, it will stop as soon as you leave the organisation.
It has limited coverage. In case your health expenses are higher than your coverage limit, you may have to cover the rest of the amount out of your own pocket.
Portability, promised by your insurance broker or HR, is subject to underwriting (medical evaluation) of the case. Insurers may reject your portability application.
Group insurance schemes are one year policies, and the policy, its terms, its benefits, its pricing - everything can be withdrawn/changed at the time of renewal.
A corporate policy is designed considering the budget limitations your company might allocate - so you wouldn’t really have any control over it.
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However, a corporate health insurance plan in India may not have any waiting period or exclusions on pre-existing diseases. So suppose, your parents have some pre-existing conditions, like diabetes, and you are being offered a company health insurance plan for free. Leverage that plan for the short term financial risk, while staying invested in a personal health plan - for long-term needs.
Buying health insurance starts with making multiple declarations regarding your parents’ health. Any mistake you make in providing information can result in rejections at the time of claim. Yes, insurers can reject your claim if they are able to prove that you had misinformed them about your parents’ medical history.