If you are an elderly person, you may find yourself in crises no longer covered under health insurance policy. So you need mediclaim policy for senior citizens more than you did before. Most of Senior citizen at age of 60 and above suffers certain health issues. Thus, it is important that they have some saving or insurance plan to fall back on. For later stages of life you have to plan good insurance plan to your elder parents. Let’s check importance of health insurance for parents.
Overview of Senior Citizen Health Insurance
Senior Citizen health insurance plan is necessity when you are planning to retire or live on pension or interest income from savings. Due to sudden medical emergency you will face financial crisis. To avoid this, you need take senior citizen mediclaim policy. Read about benefits of Senior Citizen Health Insurance Plans
According to new guidelines by IRDA, every health insurance provider has to offer coverage to individuals up to 65 years of age. These new guidelines will not help you to get coverage at later stages of their life. But also allow them to shift insurers in case they are not satisfied with their current senior citizen health insurance provider.
Basic benefit of hospitalization cover
It is wise decision to have one policy at an early stage of life to get benefits later. There is need of medical insurance for senior citizens who are not insured yet. Basic benefit of hospitalization cover must available to senior citizens. Most of senior citizens are exposed to health and critical illness and health policy can take care of such high expenses and critical illness.
If you are in mid age group as well as coming to senior citizen bracket must look for good health insurance plan with right coverage and sum assured. This life policy with critical illness rider can help you and your dependants to great extent.
Senior Citizen Health Insurance Plans Available in India
There are some products offer by National, New India, Star Health and Bajaj. You can go for good option while purchasing. Like Senior Citizen Mediclaim Policy offer by New India is a good option to buy. Also see Tax free gratuity has increase limit up to Rs 20 Lakh
This policy offers tax benefit under section 80D of IT act. You will have two options for sum insured 1 Lakh and 1.5 Lakh. Senior Citizens Red Carpet Health Insurance Policy giving by Star Health. This policy can take by any person between 60 to 75 ages. As per individual sum insured is covered. So, benefit of this policy is no pre-acceptance medical screening.
Things to know when choosing Senior Citizen Mediclaim Policy for your Elderly Parents
- Select plan that permits you to renew your plan to maximum age
- Pick plan that provides good coverage at affordable prices. It will be better if it covers critical and pre-existing illness
- It is better to pick plan that covers pre-existing illness with lower waiting period
- Select plan with minimum co-payment
Health insurance for parents can be a great gift
Medical Insurance can be an option to avoid holes in your pocket or medical bills making you sick. On an average health insurance premiums are increasing between 15 & 25 percent every year and there are limited options available.
Also, you have vary options to make sure medical bills do not impact their retirement plan, what you have to consider before buying health insurance policy. Also check comparison of health insurance product & their pricing for senior citizens.