The ageing population in India is growing with increasing global life expectancy rates. Currently, 10% of Indians are over 60, which is expected to increase by 19.5% by 2050. Senior citizens need extensive medical care and a financial support system to maintain their health. Health insurance plans tailored for senior citizens ensure they can access quality healthcare without the financial burden. In this blog, let’s explore how to choose the best mediclaim for senior citizens.
Features to Look For in Mediclaim for Senior Citizens
The right insurance policy for senior citizens caters to their unique healthcare needs. More than hospitalisation expenses, people over 60 must look for policies that pay for their regular medical expenses, including doctor consultations, medicines, daycare treatments, and more. The crucial features to prioritise are:
Coverage for Pre-Existing Illness
Pre-existing illnesses are common in seniors, so ensure that the pre-existing disease health insurance plan has the lowest waiting period and comprehensive cover.
- Choose a plan that has a lower waiting period of less than 3 years.
- Buy a plan that covers common chronic diseases like diabetes or hypertension.
- Some plans have individual coverage for specific conditions like heart disease, diabetes, etc, but compare options before you select.
Higher Sum Insured and Restoration Benefits
With higher healthcare costs and the need for ongoing treatments, the older generation requires policies with a larger sum insured and restoration benefits.
- Look for cover with a sum insured of more than ₹10 lakhs.
- The Restoration benefit feature restores the sum insured if it’s exhausted within a policy year. This way, several claims can be made during the policy term.
- Some plans offer an additional critical illness cover, which gives a lumpsum payout after a critical illness diagnosis.
Cashless Hospitalisation and Network Hospitals
Cashless hospitalisation is crucial for seniors because it allows them to obtain hospitalisation immediately without payment.
- Ensure that good nearby hospitals are included in the network.
- Make sure the network hospitals specialise in senior care.
- Always look for a high claim settlement ratio to ensure fast, hassle-free care.
No Claim Bonus (NCB) and Free Health Check-Ups
NCB allows you to increase your coverage without a premium increase, and annual health check-ups are helpful to monitor your health.
- Always seek a policy that offers NCB and increases the sum assured with every claim-free year.
- Opt for policies that allow free or discounted check-ups.
Coverage for Home Treatment and Domiciliary Care
If the seniors have to receive treatments from home, domiciliary care coverage may come in handy.
- Domiciliary care covers treatments administered at home whenever it is not feasible to visit the hospital.
- Some policies cover home nursing and therapy.
- Cover for an ambulance may be required during emergencies.
Affordable Premiums with Lifetime Renewability
Affordable premiums and lifetime renewability are the backbone of long-term, adequate cover.
- Compare insurance plans to ensure affordable and comprehensive coverage.
- Opt for lifetime renewability to ensure coverage continues for seniors regardless of age.
- Seek a policy with minimal or zero co-pay clauses to eliminate out-of-pocket costs during medical emergencies.
Common Pitfalls to Avoid in Senior Citizen Mediclaim Policies
Being aware of the common mistakes people make while choosing mediclaim policies for senior citizens can help you be careful with your choice:
- Opting for lower coverage to reduce premiums may not offer full financial support during a medical crisis.
- Not reviewing limits for certain conditions and caps for specific treatments can affect health coverage.
- Not paying attention to the claim settlement ratio of the insurance provider can become a hassle because insurers can reject your claim.
- Overlooking the waiting period for senior citizen policies may leave you unprotected.
- Not exploring additional riders can limit coverage.
Takeaway
Senior citizens’ health insurance often has a higher premium because of the increased health risks. Opt for policies with comprehensive coverage and affordable premiums to protect you during medical emergencies. Always understand your unique healthcare needs before paying for an insurance plan.
