Documents Required For Senior Citizen Health Insurance?
- Age Proof
- Identity Proof
- Address Proof
- Income Proof
- Duly Filled Proposal Form
- Pre-Insurance Medical Tests
Senior Citizen Health Insurance: Cashless Hospitalization PolicyBazaar offers a wide range of senior citizen health insurance policy at affordable premiums.
Senior citizen health insurance plan is a necessity, especially when you are planning to retire and live on pension or interest income from savings. A sudden medical emergency can result in a financial crisis. To avoid this, it is prudent to take a comprehensive senior citizen mediclaim insurance policy. These senior citizen health insurance policies are for people aged between 65 years and 80 years.
According to the 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 only help individuals get coverage at a later stages of their life but will also allow them to shift insurers in case they are not satisfied with their current health insurance provider. There is no dearth of insurance providers for senior citizens. However, the challenge is to choose the right one.
Thus, we strongly recommended that you make proper comparison of different senior citizen health mediclaim plans which are available in the market before buying. The online comparison is the right move to find and pick the best health insurance plan. Such a comparison will give you a fair idea on which is the best suited policy for you.
General insurance companies offer medical insurance for senior citizens in India and have niche products to cater to this segment in our society. These senior citizen mediclaim policies ensure that you are financially protected during your golden years and are able to keep pace with sky rocketing medical costs.
A senior citizen mediclaim insurance plan covers the following:
A senior citizen health policy not only safeguards your health but it also earns tax benefits. In this year budget, Finance Minister Mr. Arun Jaitley has increased deduction available under Section 80DDB to Rs 20,000 from Rs 30,000 for senior citizens.
Are you a senior citizen stuck in a health insurance crisis? PolicyBazaar is you savior. As a senior citizen, you may find yourself in a crisis-no longer covered under employer’s health insurance policy but needing medical policy more than you ever did before.
Backed with a team of experts, we at PolicyBazaar facilitate a quick and easy comparison of available policies and thus, helps in saving your time and money. There are various companies offering insurance plans to senior citizen and thus, an online comparison will ensure that you only fall to the right plan.
All you need to do is fill a simple form with information about yourself and your insurance requirements. Once you submit it, you will soon get quotes for affordable senior citizen health plans. The best part is that our insurance experts are standing by to talk with you and answer your query, if any.
Documents Required For Senior Citizen Health Insurance?
What should I look out for in a Senior Citizen insurance?
Health insurance for senior citizens come with stringent medical check-ups, limited coverage and extensive exclusions. One should look out for the following parameters while buying it.
Why insurance for Senior Citizen?
The reason is quite obvious. With increasing age, the frequency and severity of illness increases too. Thus, aged people have higher healthcare costs to bear. But more often than not, the people in this age group have no regular source of income apart from the pension. That is the reason, getting a health insurance at this age becomes all the more important.
What is Senior Citizen Health Insurance?
It becomes increasingly difficulty to get a decent health cover as one ages. Health insurance designed to specifically fulfill the healthcare needs of the old aged is termed as Senior Citizen Health Insurance. It is a bit more pricey than regular health insurance.
Whom should I submit claims- TPA or insurance company?
Claims should be submitted to the TPA except in cases where there is no TPA and the insurance company is doing in-house claim settlement.
Do all insurance companies offer cashless hospitalization?
Yes, every good insurance company offers cashless hospitalization.
What are continuity benefits available in health insurance?
When you port your insurance policy from one insurer to another, you are allowed to carry forward your continuity benefits which you have gained by being under continuous health coverage for certain number of years. It plays an important role when at a later stage you want to add pre-existing diseases clause in your policy.
The continuity would also be applicable on time-bound exclusions, for example, most of the insurance policies exclude joint replacement surgeries for a period of 2 years. But at the time of portability, the continuity would be considered for these conditions also.
For instance, Mr. Vijay Sharma decided to port his ten-year-old health insurance policy from New India Assurance to Apollo Munich health plan. As Mr. Sharma had spent enough time with New India Assurance, therefore, he doesn’t need to serve the waiting period to cover pre-existing illnesses. He also earned cumulative bonus (it is a bonus given to policyholders who do not make a single claim in a year) in his first policy which is added to the sum insured by the new insurer. In this case, waive off waiting period and carry forwarding of bonus are called continuity benefits.
Who will bear the cost of pre-insurance medical checkup and where it will be conducted?
Usually, the applicant has to bear costs of medical test held prior of taking policy. Insurance companies arrange the appointment with their empanelled hospitals.
Do companies offer free annual health checkups in health policies?
What are the things to look out for in a senior citizen plan?
Health insurance for senior citizens comes with a limited coverage and extensive exclusions. One should look out for below parameters while buying senior citizen health plan-
What are the common exclusions of a senior citizen health insurance?
Usually health insurance companies do not cover following expenses:
Do I need to go through medical screening before buying a senior citizen health plan?
Yes, you need to go through medical screening before buying a senior citizen health plan. As an old aged individual you are a riskier deal for the insurance company. Hence, most of the insurance companies need the applicant to go through medical screening.
What is senior citizen health insurance? Why do I need it?
Health insurance that specifically caters to divergent healthcare needs of older people is known as senior citizen health insurance. Buying a senior citizen health plan has become necessity. As we age, there are high chances of suffering from severe ailments. Moreover, the income post-retirement proves to be insufficient to cover hefty medical expenditure. A sudden medical emergency can result into a serious financial loss. With the right senior citizen health insurance plan, it is possible to keep all medical woes at bay. A senior citizen health plan offers following coverage-
In this year budget, the basic exemption limit for senior citizen has been increased from Rs 20,000 to Rs 30,000 under Section 80D. Moreover, if you buy health insurance for your parents, you also become eligible to get tax deductions under Section 80D.
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