Old age is said to be that stage of life when Father Time starts catching up with Mother Nature. But thanks to modern medicine and technology, Mother Nature can give Father Time a real run for his money. Thanks to the alliance of medicine and technology today, you can live and enjoy life king size to the fullest, longer than ever before. However, you still need medical insurance to help you with the minor and not so minor health issues that tend to come in the way of enjoying your golden years increasingly. This is where health insurance for senior citizens comes in.
The National Insurance Company’s Varistha Mediclaim for Senior Citizens Policy is designed to help the senior citizens and ensure that they are never short of coverage for their medical expenses whenever it is required. They can rest assured that the medical expenses incurred will not dent their financial health even when some critical illness strikes. Varishtha Mediclaim for senior citizens has seniors covered for even pre-existing conditions, namely, diabetes and hypertension coverage paying an additional premium.
The policy is meant for senior citizens between 60 and 80 years of age. They can buy National Insurance Company’s Varistha Mediclaim Policy online until they are 80 years of age, while they can continue to renew the Varistha Mediclaim Policy until 90 years. Policyholders need to renew the policy each year to stay covered as it gives a one-year fixed-term coverage.
The policy is offered in two options with Rs. 1 Lakh and Rs. 2 Lakhs as the sum insured.
No claim bonus can be availed at 5% up to a maximum of 50% for each free year without a claim on renewal. Alternatively, this bonus can also be added to the sum insured with policy renewal.
The Varistha Mediclaim Policy does not require a prior medical check-up if the applicant is covered by any health insurance plan for the last three years. A prior medical check-up is, however, required for others.
The policy requires 10% co-payment of all claims and an additional 10% co-pay for claims related to pre-existing diseases.
The coverage of pre-existing illnesses starts after one year. The one year period also applies to certain conditions like cataract, piles, and hernia. There are 30 days no claim period for general conditions and 90 days no claim period for critical illnesses.
The policyholder can claim tax benefit under Section 80D of the Income Tax Act.
The policy does not cover expenses incurred on dental expenses, cosmetic surgery, visual aid, vaccination, hearing aid, HIV/AIDS. Policyholders also cannot claim the expenses on diagnostic tests that are not related to any disease, vitamins and tonics, pregnancy, and naturopathy treatment.
If the insured person smokes more than 40 cigarettes/cigars a day or has equivalent tobacco intake, the claim will not be payable.
Critical illness arising out of ingestion of drugs other than those prescribed, drug addiction treatment medicines prescribed or not, suicide attempt, or any self-inflicted injury. Also, AIDS, HIV will broadly be interpreted to include all mutants, derivatives, or variations for non-payment. Any illness or injury from nuclear weapons/materials, ionizing radiation, and conditions from war, invasion, hostilities, civil war, etc. will not be liable for benefits/payment under the policy.
The insured person or his/her representative shall inform the TPA (Third Party Administrator) in writing by letter, e-mail, or fax furnishing all relevant information relating pertaining the claim including a plan of treatment, policy number, etc. within the prescribed time limit. The TPA is a third party, which is licensed by the IRDA (Third Party Administrators - Health Services) Regulations, 2001. The TPA is engaged, by the company for a fee for providing health services.
Summing it Up
For most of us, the golden years are a time to relax and take it easy, and the last thing weighing on the mind should be the funds required to meet the increasing medical expenses. The National Insurance Company’s Varistha Mediclaim for Senior Citizens goes a long way in addressing the concerns around treatment, tests, hospitalization, and other medical procedures, interventions, etc. Though advances in medicine have made it possible to ensure that the snow on the roof does not extinguish the fire in the belly, the worth of a health insurance plan cannot be denied.
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