With the rise of illness among the older adults increasing from 36.2% in 2018 to 43.7% in 2019, health insurance for senior citizens is becoming a necessity. As per the IRDA (Insurance Regulatory and Development Authority), the insurance companies in India have been instructed to up the age limit to 65 years (highest entry age).
Among India’s leading health insurances providers, 16 insurers till now offer comprehensive health insurance policies with a host of benefits. However, if your parents have crossed 50 years of age, the options start dwindling gradually as many insurers refuse to offer new coverage post this age.
Thus, if your parents have passed the 60 years age-bracket, you can opt for customised senior citizens health insurance policies which are tailor-made for their needs.
How can senior citizen health policy save cost?
As the costs of medical expenses have skyrocketed in recent years, the steep medical bills can pose as a financial burden to your family. This is particularly prominent when you have elderly parents, and you are the sole earning member of your family. Hence, health insurance for senior citizens will ensure all of their medical expenses are covered and allows the elderly to become less dependent on their family.
Besides, comprehensive individual health insurance plan from Bajaj Finserv enable senior citizens to be financially independent as it covers most of the expenses related to –
- Ambulance services
- Treatment charges
- Medical bills
- Pre-and-post hospitalisation charges
A healthy insured sum of up to Rs. 50 Lakh can help one to get coverage for these expenses.
Furthermore, you can reduce the overall cost with –
- Income tax exemption on the health insurance policy premiums of up to Rs. 60,000 under Section 80D of the Income Tax Act of 1961.
- Cashless hospitalisation can be availed provided the patient has been admitted for more than 24 hours.
- 10% cumulative bonus for each claim-free year.
A step-by-step guide to reducing cost on a health insurance
Here are a few tips to lower your burden on a wallet to make the senior citizen health policy cost-effective –
- Do not over-insure yourself
Do not commit the mistake of over-insuring yourself as health insurance policies are for financial security. They are an essential investment, not a business venture. If you feel unsure how much do you need, you can consult with your insurer or use an insurance calculator to determine your premiums beforehand.
- Choose the appropriate type of cover
Though there are numerous health insurance for senior citizens available in the market, pick one which has a significant impact on the cost of the policy. This way, the insurers will assess the risks involved in paying out during the term and set the premiums accordingly.
- You can consider a family floater cover
A Family Floater Insurance cover can be a more affordable option, if you find paying premiums of two individual ones is straining your budget.
Over the years, the market for health insurance for senior citizens has grown exponentially. Leading insurance companies these days have come up with high-utility plans. However, keep in mind that these insurance policies have their own set of benefits and drawbacks. Hence, you need to be extremely cautious and precise about your insurance cover before settling on a plan.
You can also consult with insurance brokerage firms for allowing you to compare through different insurance policies and select the best health insurance plan. No matter what the result is, availing a senior citizens health policy is a vital investment even if the premiums can be a little higher.