Seniors’ health insurance programmes
Senior citizens are those who are 60 years of age or older and are eligible to purchase specific health insurance. Health Insurance for Senior Citizens is the name of this form of insurance. It is advisable to purchase a separate policy for them because elderly people may experience reoccurring health problems and a standard plan might not be adequate to meet their insurance needs.
Key characteristics and advantages of senior citizens’ medical insurance
The following are the main characteristics to look for when purchasing health insurance for senior citizens:
- Perpetual renewal – Some health insurance policies contain a limited renewability option that prevents policyholders over a particular age from renewing their coverage. However, for their senior citizen health insurance plan, the majority of insurance firms offer a lifetime renewability option.
- Facility for cashless claims – When a policyholder chooses a cashless claim option, the insurance company will cover the majority of the hospitalisation expenses. If a senior adult is admitted to a network hospital and uses a cashless claim, they or their family members do not need to worry about finding the money to pay for treatment. *
- Concessions – Numerous health insurance concessions, such as renewal concessions, Cumulative Bonus (CB), and others aid in lowering the cost of a senior citizen health insurance plan. *
- Tax advantages – Each year, several tax savings are provided for senior citizens purchasing health insurance. More about this is covered in the section below. **
Senior citizen health insurance inclusions
The insurance policy specifies the senior citizen plan’s coverages.
- Hospitalization
- ICU fee
- Ambulance fee
- Pre- and post-hospitalization
- Daycare treatment
Senior citizen health insurance exclusions
Here are the exclusions in health insurance sum insured:
- intentional injury, such as self-harm or suicide attempts.
- the requirement for medical care as a result of engaging in an adventure sport.
- injuries brought on by war.
- STDs or venereal diseases (sexually transmitted diseases).
- Unless an accident makes it necessary, cosmetic surgery
- Dental care, unless an accident makes it necessary.
- Obesity-related medical treatment
- Treatment or gender-transitional surgery.
- Medical procedures without a track record are not covered.
- Pregnancy costs.
- Trying out new treatments.
Procedure for filing a claim for reimbursement from senior health insurance
When the policyholder pays the entire medical charge upfront, a reimbursement claim is filed. Here are the steps for submitting a claim for compensation.
Step 1: As soon as you decide to receive treatment for a medical issue, let the health insurance provider know.
Step 2: Pay for the medical procedure and compile all required paperwork.
Step 3: File a claim by adhering to the guidelines provided by your health insurance company.
Process for making a cashless medical insurance claim for seniors
You can only use the cashless claim at a network hospital. Any hospital with a relationship to your health insurance provider is considered a network hospital.
Step 1: Visit a network hospital to receive medical care and notify your insurer.
Step 2: Submit the required paperwork, such as the authorization form and health card.
Step 3: Pay the necessary deductibles.
Tax advantages for senior health insurance
Plans for senior health insurance qualify for a tax break under Section 80D(2)(b) of the Income Tax Act of 1960. Each senior parent is eligible for a tax benefit of Rs. 25,000. This benefit covers the price of a Rs. 5,000 preventive health checkup.**
It is crucial to remember that elderly people require frequent medical care. This may result in their insurance plan’s premium and deductible rising. When compared to the coverage a senior citizen health insurance policy offers, these costs continue to look minimal.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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