Helps Cope With Rising Medical Expenses
Lets face it medical costs are skyrocketing with each passing day. For a sickly 60-plus aged adult with no stable income, it is difficult to cater to the high hospitalization costs. Not to forget, the bill jumps miles with every added treatment. Result? Extreme stress leads to additional health concerns.
Thankfully, with medical insurance for senior citizens, you need not worry about the huge expenses. It can lower your treatment costs and help you avert financial crises.
Rules And Regulations Of Irdai On Government Senior Citizens Health Insurance Plans
IRDAI or the Insurance Regulatory and Development Authority of India is responsible to monitor the provisions of government health insurance plans for senior citizens, along with other responsibilities. It regulates the features and benefits offered under these plans from time to time to ensure the welfare of the senior citizens. Some regulatory activities are done by the IRDAI recently are as follows:
Health insurance plans for senior citizens offers you financial security in the later years of your life when most probably your income would not be high or not be any at all.
If You Retire Before Age 65 Without Health Coverage
The yearly period in the fall when people can enroll in a health insurance plan for the next calendar year. Open Enrollment for 2023 runs from November 1 through January 15, 2023. Enroll by December 15 for coverage that starts January 1.
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Why Is Health Insurance Important For Senior Citizens
All of us require a suitable health insurance plan, and senior citizens are no exception to this. With the reduction of immunity with age, increased risk of the occurrence of diseases and infections, and the consistently rising cost of medical treatments, it is pivotal for senior citizens to have an optimal health insurance policy for senior citizens. Not only does buying such a plan provide them with substantial health insurance coverage, but it also helps them protect their savings from being drained by medical bills.
What Is The Maximum Age For Senior Citizens Medical Health Insurance
Most senior health insurance policies have an age limit set to prevent people aged 60 or sometimes 70 from getting health insurance. This is because most insurance companies have calculated that your risk of illness or death is too great at that age for this to be a profitable business.
That said, its not impossible for you to get insurance. There are new policies emerging that will accept applications from clients as old as 85 years old. This increase is due in part to concerns regarding the financial sustainability of the public healthcare system as people in Hong Kong get increasingly older.
But just because you can get insurance at a later age doesnt mean you should wait that long. One of the primary factors insurance companies use to calculate how much to charge you is your age bracket. The sooner you purchase health insurance, the cheaper your monthly premiums will be. Another factor are pre-existing conditions, the longer you wait, the more likely you are to have a chronic illness that insurance companies would exclude coverage for.
If you want senior citizen medical insurance to help alleviate some of your medical costs, get in touch with a licensed Trusted Union advisor. We specialize in niche insurance and have access to over 40 multinational insurance partners to make sure you have the health insurance that best fits your needs.
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What To Do If The Proposal For Senior Citizen Health Insurance Is Declined
In case the insurance company declines the health insurance application/proposal form for the senior citizen/parents, there are two things that a person can do:
1. In case you have doubts regarding the medical check-ups conducted by the insurance company, you can choose to get another medical check up that shall be conducted by another doctor and submit the reports to the insurance company. If the insurance company is satisfied with the reports, they may reconsider your application.
2. In case your application/proposal form for a senior citizen health insurance policy is declined by one insurance provider, you can always approach and apply with another health insurance provider. In case you apply for health insurance at another insurance provider within 30 days of applying for the senior citizen health insurance policy with the first insurance provider, you can submit the medical check-up documents which were obtained from the first one to the new insurance company.
Why Should You Compare Senior Citizen Health Plans Online
Online comparison of health insurance for senior citizens India comes with multiple benefits. Here’s how online comparison of senior citizen mediclaims covers helps you:
Simplifies Policy Evaluation: At Care Health Insurance, we channel clear communication of all the policy terms across our website. While analyzing our medical plans for a senior citizen’s medical treatment, you can find a precise description of covered expenses and benefits that makes the policy terms easier to understand.
Makes Decision-making Convenient: Digital comparison helps you choose the best senior citizen health insurance from the comfort of your place. Also, at CHIL, we facilitate a digital premium calculator to help you estimate the approximate cost of older people’s medical cover while customizing your plan basis on members and add-on benefits.
Helps You Choose the Perfect Cover: Another benefit of comparing health plans online is the freedom to relook at the policy details anytime, anywhere. With absolute online transparency, CHIL equips you with every policy detail from issuance to claim settlement, so that you can better select the right medical cover for your senior citizen parents.
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Cons Of Unitedhealthcare Short
- Not available for those over 65: The company only offers short-term plans to those aged 19 through 65. Since you become eligible for Medicare at age 65, the plans are best suited for seniors who have a short gap in coverage before qualifying for Medicare.
- Only offered in 25 states: Many short-term insurance companies operate in a limited service area, and UHC is available in half of the states in the U.S. Notably, short-term policies are not sold by any company in 12 states and the District of Columbia, including California, Colorado, Connecticut, Hawaii, Maine, Massachusetts, New Jersey, New Mexico, New York, Rhode Island, Vermont and Washington.
- High-deductible options have poor coverage: Some plans have deductibles as high as $10,000. This means the plan wouldn’t pay out for anything until you spend at least $10,000 on medical care. Even though the cost of these plans is low, making them attractive for retirees with limited incomes, the coverage is worse than a marketplace plan, where the most you could spend on covered medical care is $9,100 per year.
Want more options? Check out all our picks for the best short-term health insurance plans.
How To Buy A Senior Citizen Insurance Plan Online At Turtlemint
Follow the steps to buying a senior citizen insurance plan online at Turtlemint:
- Visit Turtlemint and click on the Health tab from the menu. Then click on the option of Buy a New Policy and specify your gender
- Next, choose who would you like to get insured under the plan and click next. Select age and also if youre planning to have a child.
- Next select Yes/No to mention if any of the members suffer from any disease.
- Enter your Pincode, preferred hospital nearby, and the income bracket.
- To save your quote, provide your name, email address, and phone number, and click Next. A range of policies would pop up on your screen. Select the most suitable one for your budget and choose the policy term.
- Review every information and then pay the premium for the policy via a secured payment gateway. The policy papers would be mailed to your mail address within a few minutes.
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Senior Citizen Health Insurance Plans
Anyone above the age of 60 is known as a senior citizen. And, to take care of their medical expenses, Senior Citizen Health Insurance is designed. Ageing causes many ailments that are usually very expensive to treat and manage. After 60 yrs, the body becomes more prone to illnesses and infections. That is why having a health insurance policy is essential for senior citizens. HDFC ERGO offers health insurance plans for senior citizens that covers pre-existing diseases, hospitalization expenses, critical illness and coronavirus treatment Also, it has an extensive hospital network of 13,000+ across India which ensures that you have a stress-free and peaceful retirement.
Tax Benefits On Senior Citizen Health Insurance
Senior citizen health insurance plans attract a tax benefit u/s 80D of the Income Tax Act, 1960. A tax benefit of Rs. 25,000 is applicable for each senior citizen parent. This benefit includes the cost of a preventive health check-up worth Rs. 5,000.
A tax benefit further stretches for the treatment of specific diseases. A deduction of up to Rs. 1 lakh can be availed under section 80DDB of the Income Tax Act, 1961 if the policyholder and insured, both are senior citizens.
Note: These tax figures are as per the financial budget 2021-22, and are subject to changes.
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Why Buy Senior Citizen Health Insurance Online
Medical insurance for senior citizens is essential as age brings with it unexpected health risks. While investing online, you can browse through and compare multiple insurance plans from the comfort of your home. Other than the convenience of getting all the plans,quotes, policy documents on a screen, you may also get the benefit of some discounts and offers.Making payments online also adds ease to the process. The whole process is much smoother and hassle-free allowing you to pick any policy, read through the policy wordings and conduct an extensive research to make an informed decision.
Choose Who You Want Include In The Coverage
The first step to compute your health insurance premium is to provide us information about how many people you want health insurance coverage for. If you are opting for individual health insurance, select the icon for Self. On the other hand, if you want to include your spouse, parents, and/or children in the health insurance plan, select the relevant icons and click on proceed or next.
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What Is Cashless Claim
As the name suggests, a cashless claim is when you wont be required to pay anything from your pocket. However, this is only possible if youre being treated at one of our network hospitals. How to settle a cashless health claim? 1. Get in touch with us via phone call or email, before 72 hours of the hospitalization in case of a planned hospitalization or, within 24 hours of the hospitalization in case of an emergency. 2. Share your health card/copy of e-card along with an ID proof with the concerned hospital authority and obtain the pre-authorization form from the hospital. 3. Fill in the form, sign and submit to the concerned hospital authority.4. Ensure that the hospital shares your signed form to the Third-Party Administrator or Service Provider for further processing. 5. Once your form is processed, the TPA will issue an authorization letter after confirming the claim along with your policy terms and conditions directly with the hospital. 6. Once everything is approved and you have a go-ahead, the required treatment must take place within 15 days from the date the respective form was filled in.
As the name suggests, a cashless claim is when you wont be required to pay anything from your pocket. However, this is only possible if youre being treated at one of our network hospitals.
How to settle a cashless health claim?
3. Fill in the form, sign and submit to the concerned hospital authority.
Senior Citizen Medical Insurance Cashless Claim Process
The cashless claim can be availed of from a network hospital only. A network hospital is any medical facility that has a tie-up with your health insurance company. An insurance company with more network hospitals can provide better cashless facilities as the policyholder does not have to go far to find a network hospital. Here are the steps to get a cashless claim against your senior citizen health insurance policy.
Step 1: Visit a network hospital to avail of medical treatment and inform your insurer.
Step 2: Submit necessary documents like health card, authorisation form, etc.
Step 3: Pay the applicable deductibles. Your insurer will bear the major part of the hospital bill.
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What Does A Pre
In the context of health insurance, a pre-existing condition refers to a medical condition or ailment that you have prior to the purchase of a particular health insurance policy. A majority of health insurance plans have a waiting period for the cover for pre-existing conditions to get activated, during which time you cannot avail of health insurance for the specified pre-existing diseases. Therefore, you must check the policy wordings of a health insurance policy and gain clarity on the waiting period for pre-existing conditions.
Health Insurance For Senior Citizen
Aging – a natural process, stays to be a unique challenge for all sections of our society. Individual citizens of age group more than 60 years are considered as Senior Citizens. According to the first Longitudinal Aging Study in India , two out of every three senior citizens in India are suffering from some chronic illnesses. Diseases observed to be high among the elderly age groups include Cardiovascular diseases , chronic hypertension, Diabetes, Bone and Joint diseases and more. Health care needs are one of the retirementsâ biggest âunknowns.â From the financial standpoint of you, the Senior Citizens, getting a standard treatment for such chronic diseases may drain your savings with the rising medical cost and makes it hard to set your retirement saving goals. Health Insurance for Senior Citizens is needed to meet their unique health requirements. Hence, get yourself immediately covered with a right and efficacious health plan that quenches your health care needs.
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Is Health Insurance Tax Deductible
Yes, health insurance policies are tax-deductible under Section 80D of the Income Tax Act, and you can also claim tax benefits on preventive health check-ups on an annual basis. You get to claim up to 5,000 as expenses under the health check-ups.Please note tax benefits are subject to change in Income Tax laws.Please note tax benefits are subject to change in Income Tax laws.#Please note tax benefits are subject to change in Income Tax laws.
Includes A Cover For Pre
Most health insurance plans comprise a cover for pre-existing illnesses however, this cover usually gets activated after the expiration of a waiting period. Therefore, if you want immediate cover for a pre-existing illness, you must select a health insurance plan with a short waiting period. The Tata AIG health insurance benefits include a cover for pre-existing illnesses after the expiration of three years of the plan’s tenure.
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Importance Of Life Insurance For Senior Citizens
Life insurance is especially important for senior citizens. This is because they are more likely to have dependents, such as grandchildren, who rely on them financially.
Life insurance can provide peace of mind for both senior citizens and their loved ones. It can give seniors the assurance that their loved ones will be taken care of financially if they pass away. It can also help to relieve the financial burden on loved ones in the event of a senior citizens death.
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To Proceed The Following Should Be Handy
- Operational Mobile number Registered with Aadhar No
- Valid E mail ID
- Internet, Camera/Webcam & Microphone enabled Mobile/Device
- Enable browser Location of the device used for Account opening. and allow when prompted.
- This Account can be opened by Resident Indian Individuals aged 18 years and above.
- This facility is for customers who do not have account with Bank.
- You should be in a well-lit area with good network
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Bajaj Allianz Silver Health:
Health care gets expensive as you age, and this policy assures that all your healthcare costs are covered. The plan covers both you and your spouse when you need expensive medical care. It is a comprehensive health care plan that offers great flexibility in terms of the sum assured under the reputed name of Bajaj Allianz.
- Entry-exit age gap is 46-70
- The policy offers to cover an amount equivalent to 3% of admissible hospitalisation charges
- Pre and post hospitalisation expenses are covered
- Ambulance charges in the time of emergency subject to a limit of Rs.1,000 are covered
- Covers pre-existing illnesses and diseases from the second year of the policy
- A family discount of 5% is applicable to the policy
- Waiver of co-payment if the policyholder pays more premium
- Tax benefits on premium paid under section 80D of the income Tax Act
Niva Bupa Health Pulse Policy
The Niva Bupa Health Pulse is a low-cost and pocket-friendly health insurance plan, where the insured gets coverage from INR 3 lakh to INR 25 lakh. The yearly premium of this policy is INR 8,339. The policy comes in two variants: Classic and Enhanced. This plan also covers mental disorders and expenses related to the treatment of HIV/AIDS.
- Sum Insured: INR 3 lakh to INR 25 lakh
- Network Hospitals: 8,600 +
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