Benefits of Buying a Senior Citizen Health Insurance Plan
Offering health coverage to your parents is priceless. On top of that, it has many benefits that will help in the long run.
Here are some benefits of buying a senior citizen health insurance plan:
1. Offers health protection
The primary benefit of getting a senior citizen health insurance plan is the financial aid it offers during a medical emergency. Moreover, you can secure the best health care facilities since you've got a health insurance plan to cover the costs. This will always remain the number one benefit of getting a health plan for your parents.
2. Beats medical inflation
The cost of health care in India is rising every day. In fact, India faces one of the highest medical inflation rates in the world. This means that getting hospitalised without a health insurance will majorly hit your finances. Therefore, getting a medical insurance for senior citizens is vital to protect your finances and the health of your parents.
3. Lifetime renewability
Health insurance plans offer the benefit of lifetime renewability which means that you can renew your health plan as many times as you want. In a different time, insurers used to reject renewal requests from senior citizens citing some unfounded reasons. However, following an IRDAI mandate, insurers have to offer everyone a lifetime renewability option. This is especially useful for aged parents or in-laws, when the need for a health insurance plan will be needed the most.
4. Tax benefits
There are also tax benefits you can avail for buying a senior citizen health insurance. Under Section 80D of the Income Tax Act, senior citizens can avail up to Rs. 50,000 in tax deductions for payment of health insurance premiums. This again helps in protecting your finances or savings and your parents health.
Senior Citizen Health Insurance Plans from Reliance General Insurance
To offer the best health coverage for your parents or in-laws, you only look to the plans from Reliance General Insurance. We've got a wide network of cashless hospitals for cashless treatments and crores of happy customers.
Here are the senior citizen health insurance plans from RGI:
1. Reliance Health Infinity
The Reliance Health Infinity plan comes loaded with benefits plus an adequate coverage amount of up to Rs.5 Crore.
Here are some of the key features of
Reliance Health Infinity:
- Add up to 8 members (2 adults and up to 6 children).
- Entry age is up to 65 years.
- Lifetime renewability option is available.
- Cover for pre-hospitalisation and post-hospitalisation is 90 days and 180 days respectively.
- Choose from a sizeable sum insured ranging from Rs.10 Lakh to Rs.5 Crore to cover your entire family.
- Opt for the Unlimited Restore Benefit Add-on to restore your sum insured for any number of times in a year.
- Emergency ambulance benefit (within sum insured).
- Transportation benefit (up to Rs.500 per hospitalisation & within sum insured)
Additionally, you can avail other add-on benefits like Air Ambulance, Medical Equipment Cover, OPD Cover, etc.
2. Reliance Health Gain
This accessible health insurance plan is the perfect fit for your parents or in-laws Reliance Health Gain comes with three plans, Plus, Power, and Prime. The sum insured starts from Rs.5 Lakh.
Here are some of the key features of
Reliance Health Gain:
- Add up to 6 adults (self + spouse + dependant parents + in-laws) and 6 children (applicable under the Prime Plan).
- Entry age is up to 65 years.
- Lifetime renewability option is available.
- Cover for pre-hospitalisation and post-hospitalisation is 60 days.
- Get coverage starting from Rs.5 Lakh to up Rs.1 Cr.
- Secure 2x sum insured.
- Restore your sum insured after you've exhausted it.
- Get a no-claim bonus of 33.33% for every claim-free year.
- Get Double Cover which gives an additional cover of 100% once you've exhausted your sum insured.
- Choose any hospital room with no room rent limit.
Why Should You Consider Buying a Medical Insurance for Senior Citizens?
Getting health insurance for senior citizens above 60 years is an important financial decision to make. You don't want to be a bystander in case your ageing parents or in-laws face a medical crisis. We know that you don't want to be a mere onlooker but want to actively help out in dire times.
So, if you're still wondering if you should get a senior citizen health insurance plan, here are compelling reasons to get one:
1. Get affordable care
With a mediclaim for senior citizens, you have the opportunity to get them care at premiums that are affordable compared to the price of paying hospitals bills out of your pocket. The older your parents or in-laws are the more prone they are to disease and the higher the cost for their treatments. By getting a health insurance plan for them you can care for their health.
2. Secure quality care
Another reason to get a senior citizen health insurance plan is to provide your parents or in-laws quality care. You can select a hospital that provides the highest quality of health care knowing that you've got a health insurance to cover you financially.
3. Avail annual health check-ups
Some health plans, like
Reliance Super Top-Up, offer the option of free health check-ups annually. This is especially useful for your parents who are close to or above 60 years old. Health check-ups offer the chance to find out if everything is well health wise or if there is an undetected issue.
4. Cover for critical illnesses
There exists a product in health insurance created specifically to cover critical illnesses. At Reliance General Insurance, we have the
Critical Illness Insurance that covers illnesses like cancer, multiple sclerosis, comas, etc. This again helps individuals nearing 60 years and above since they're the ones most prone to such illnesses.
5. Alternative treatment option
In case you're looking for traditional methods of treatments, health insurance plans for senior citizens also cover AYUSH treatments. AYUSH stands for Ayurveda, Yoga and Naturopathy, Siddhi, Unani, and Homeopathy. Avail any of these treatments covered in your plan.
6. Get modern treatments
Nowadays, senior citizen health insurance policies also covers modern treatments like robotic surgeries and deep brain simulation. Again, this will prove useful to disease-prone individuals like ageing parents or in-laws.
7. Coverage for home care
If any of your dependent parents or in-laws are required to get treated at home, a mediclaim policy for senior citizens will cover that. So you don't have to worry about transporting them to a hospital for treatment.
Eligibility For a Senior Citizen Health Insurance
Check out the criteria for a health insurance for senior citizens below:
|
Entry Age | 18 years to 65 years (for adults) |
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Family Composition | Between 4 to 12 members (depending on the policy selected) |
|
Coverage | Rs.3 Lakh to Rs.5 Crore (depending on the health insurance policy) |
How to Buy a Medical Insurance for Senior Citizens
Picking the right insurance plan for your parents or in-laws doesn't have to be hard. With a few parameters in place, you can easily find one that best suits them.
Here are a few broad principles that'll help you pick the right policy:
1. Know what you want:
firstly you have to determine how much coverage you need and for who all. Senior citizen plans will allow you to include your parents and your in-laws too. Also, things like age, pre-existing diseases, etc. will help you figure out how much your sum insured should be.
2. Compare and select:
next you should compare the different health insurance providers available in the market and select one that meets your previously determined parameters.
3. Pick add-ons:
each health insurance plan comes with useful add-ons that can help your family. For example, our
Reliance Health Infinity plan comes with add-ons like OPD Cover and Reduction in Waiting Period that will help to care for your parents.
How to File a Claim
Filing a claim is simple and quick today. Here's how you can file a claim with Reliance General Insurance:
|
Cashless Claim |
Reimbursement Claim |
Step 1: Inform the claims team. You can inform them by emailing, logging into the Self-i App or calling 022-48903009 (paid)
|
Step 1: Inform the claims team. You can inform them by emailing, logging into the Self-i App or calling 022-48903009 (paid) |
Step 2: Submit details like type of treatment and all relevant documents |
Step 2: Submit details to the claims team and make the necessary payment at the hospital. |
Step 3: The claims team will settle the bill directly with the hospital
|
Step 3: Scan and send your bill and other document to the claims team within 7 days of recharge to get reimbursed. |
What's Covered in a Senior Citizen Health Insurance Policy?
Every mediclaim policy for senior citizens includes certain covers within the sum insured you opt for.
Here's a list## of what's covered in a senior citizen health insurance policy:
- In-patient treatment, day care procedures
- Domiciliary hospitalisation
- Pre-hospitalisation and post-hospitalisation expenses
- Annual health check-ups
- Critical illness cover
- Restore benefit
- No-claim bonus
- Organ donor expenses
##Inclusions vary according the health insurance plan. Please refer to the policy wording to find more details.
Exclusions in a Senior Citizen Health Insurance Plan
Just like there are many inclusions in a health insurance plan, there are many things that are not covered too.
Here's a list## of exclusions in a senior citizen health insurance plan:
- Accidents due to adventure sports
- Self-injury or suicide
- Breach of the law
- Nuclear attacks or war
- Substance abuse and alcohol
- Maternity expenses
##This is not an exhaustive list. Please read the policy wording to learn more.
Topics Related to Senior Citizen Health Insurance
Health Insurance |
Health Insurance Plans for Family |
Personal Accident Insurance |
Medical Insurance |
Mediclaim |
Senior Citizens Health Insurance |
Critical Illness Insurance |
Health Insurance for Parents |
Medical Insurance Plans |
Health Insurance Tax Saving |
Online Health Insurance |
Compare Health Insurance Plans
Senior Citizen Health Insurance FAQs
1. What are the entry and exit age restrictions for senior citizen health insurance?
The entry age is generally between 18 to 65 years (it may vary according to the plan. Please check the policy wording for more info). There is no exit age since all plans offer lifetime renewability.
2. Why should you buy health insurance for senior citizens?
You should buy health insurance for parents or in-laws to provide them with affordable and quality care, offer alternative and modern treatments, or even home care treatment if needed. All this makes it easier to deal with medical issues in an advanced age.
3. What should I look out for in a senior citizen medical insurance policy?
Check for waiting periods (shorter the better), no claim bonuses, annual health check-ups, network hospitals, etc.
4. What is the right time to buy a senior citizen health insurance policy?
The right time is as soon as possible. You may never know when a medical crises will occur so it's best to be prepared. Ideally you should have one in place by the time your parents are reaching the retirement age.
5. How is the premium calculated for senior citizen health insurance?
Premium is calculated based on factors like age, pre-existing diseases, location, etc.
6. Why is health insurance important for senior citizens?
Senior citizens require medical coverage the most because they are most prone to diseases given their age. Plus, cost for treatments keep rising which makes health coverage a necessity.
7. Do I have the option of paying health insurance premiums in installments?
No,
health insurance premiums are generally collected on an annual basis.
