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.
5 Factors to Consider While Comparing Senior Citizen Mediclaim
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.
Some of the top senior citizen health insurance plans offered by insurers are-
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.
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.
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 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.
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