Why Do Seniors Need To Invest In A Comprehensive Health Insurance Plan?

Why Do Seniors Need To Invest In A Comprehensive Health Insurance Plan?

As we move through life, one concern remains constant: our health. Transitioning into the golden age comes with its health challenges. Under such circumstances, it is essential to realise the diagnosis and treatment costs that come with it. Medical expenses can become a substantial financial burden in no time, considering the medical inflation, which is at an all-time high. It is crucial to understand that a comprehensive health insurance policy is not just a choice at this point but a necessity. 

Senior citizens can shield themselves from the financial strain of medical bills and ensure they receive the care they need to preserve their general well-being by investing in an insurance policy for senior citizens at the right time. Let’s begin!

What is a Senior Citizen Health Insurance Plan? 

The immune system becomes more fragile with time and slowly operates as you age. This raises the likelihood of being a host to different diseases or being afflicted with certain critical illnesses. In other words, medical demands are prone to rise in older adults in some way or another. Sometimes, a senior citizen may also have a specific pre-existing illness. They will need the necessary care and treatments to fix the underlying conditions. However, undergoing these treatments straight out of your pocket expenses can create a backlash on your savings. This is when health insurance for elderly parents comes in. 

A senior citizen health insurance plan is specifically designed to meet the healthcare needs of an elderly person, thereby covering their medical expenses. The best mediclaim policy for senior citizens protects your money and the retirement corpus by covering hospitalisation costs and treating pre-existing and critical illnesses. 

Benefits of Investing in a Health Insurance Policy for Senior Citizens 

Individuals with a senior citizen mediclaim policy can hugely benefit by investing in a health insurance policy. Below are some primary benefits of purchasing the best health insurance for senior citizens in India. However, please remember that the benefits and features of health insurance plans can vary. 

No Claim Bonus 

Senior citizens are eligible for a No-Claim Bonus. This entitles them to a renewal premium discount for each year without a claim. The discount varies from 20% to 100% and ranges from policy to policy. 

Comprehensive Medical Coverage 

While standard family health insurance plans typically cover individuals up to age 65, senior citizen health insurance policies offer comprehensive coverage to individuals over 60. 

Pre-medical Screening

Unlike ordinary insurance plans, most healthcare insurance plans do not require senior individuals to undergo medical screening before purchasing the policy.

Hospitalisation Expense Coverage

The best policies, i.e., senior citizen health insurance in India, protect older people against several medical costs, such as those associated with hospital admission (pre-hospitalization, post-hospitalization, and in-patient hospitalisation).

Cashless Treatment

If a senior is admitted for at least 24 hours, they are eligible for cashless medical care at the insurance company's network hospitals.

Benefits From Taxes

Under section 80D of the IT Act, senior citizen health insurance policies come with tax exemption benefits on the premiums paid each fiscal year.

Top 5 Reasons Why Senior Citizens Must Purchase a Health Insurance Plan 

A sudden emergency hospitalisation can be both emotionally and financially taxing. Hence, when you have the best health insurance policy for senior citizens, you can easily manage the financial implications incurred in the treatment. Below are five reasons to get a senior citizen health insurance plan.

Rise in Lifestyle Diseases 

Senior citizens who live in cities bear the harsh consequences of the modern-day lifestyle. However, specific lifestyle changes and habits create a surge in critical illnesses and diseases. Today, towns and rural areas face severe health challenges due to the increasing carelessness towards lifestyle changes. Many might have existing mild conditions that quickly turn into something significant. All of this will require a long-term treatment that may exhaust your savings.

Growing Medical Inflation

With medical advancements, finding a treatment for certain diseases has coincided with the rise in disease rates. But, such advancements do not come free. In simpler terms, there’s a cure for every disease today. However, a rise in the severity of diseases has led to a double increase in treatment costs. 

Broad Coverage 

Unlike regular health care policies, a senior citizen health care plan explicitly addresses  ageing-related medical issues. In other words, the best health insurance in India for senior citizens covers many critical illnesses, such as kidney problems, stroke, cancer, diabetes, and other old age-related issues. 

Regular Health Check-Ups

Preventive health checkups help detect potential health issues early. To be precise, these regular health examinations help detect and diagnose the underlying clinical disorders early, as older adults are more susceptible to illness. This lowers the out-of-pocket expenses of treating medical issues when they reach a stage that requires immediate medical attention.

Receiving Top-notch Medical Care

You can access top hospitals and doctors when you purchase a senior citizen healthcare insurance plan. You can receive quality healthcare without worrying about the cost of the treatment. Generally, the insurance company pays the bills in these situations, allowing the policyholder to get the best medical care.  

Factors to Consider While Buying a Senior Citizen Health Insurance 

To make the best purchase, certain factors must be considered before choosing a senior citizen health insurance plan. Below is a list of factors you must consider before buying health insurance for elderly parents.

Minimum Waiting Period 

Most senior citizens may require emergency medical attention due to pre-existing conditions. Hence, make sure you go for a plan with a minimum waiting period for pre-existing conditions. You may also opt for some plans that waive the waiting time in exchange for a higher premium.

Extensive Coverage

The senior citizen health insurance plan you choose should include pre- and post-hospitalization costs, daycare costs, costs associated with organ donation, AYUSH treatments, yearly checkups, and other relevant healthcare costs. Senior citizens with a comprehensive healthcare plan are guaranteed coverage for certain age-related illnesses and treatments.

No Mandatory Medical Examination 

Most insurance companies conduct a medical examination to determine the premium and the policyholder's potential health risks. Hence, select a plan that does not require a pre-policy medical examination. 

Coverage for Non-medical Expenses 

Besides medical expense coverage, non-medical costs account for about 10 to 12% of India's hospitalisation costs. As a result, the policyholder is responsible for covering these expenses out of their pocket. Hence, to lower the out-of-pocket costs, look for a plan that offers optional coverage for non-medical expenses.


A co-payment clause requires the policyholder to pay some part of the claim amount. These clauses usually come with several senior citizen health insurance policies. The insurance company pays the remaining amount of the claim. Therefore, you must choose a plan with a low or no co-payment policy.

Network Hospitals 

When purchasing a health insurance plan, you can access quality and cashless hospitalisation services at any healthcare facility. However, before deciding on your final plan, you must review your insurance company's list of network hospitals. This will help you to determine if the list has a reputable hospital in its network.

Claim Settlement Ratio 

While purchasing a senior citizen health policy, it's essential to consider the insurance company's claim settlement ratio and claim settlement time. Your claim is more likely to be settled promptly if an insurance company has a short claim settlement time and a high claim settlement ratio.

Domiciliary Hospitalisation

Sometimes, a senior citizen might be unable to bear the hassle of hospitalisation. Under these circumstances, you must choose a domiciliary hospitalisation coverage health insurance plan. As the doctor advises, such plans will provide the entire treatment at your home without extra costs.

What Makes Care Senior Health the Most Comprehensive Plan for Seniors?

Care Senior offers a comprehensive plan for elderly patients to cover all the treatment-related medical costs. It provides a safety cushion as your parents age. The plan highlights include: 

  • An exclusive policy that excludes pre-policy checkups for seniors
  • A reasonable premium that won't break your bank
  • Get discounts with multi-year policies
  • Covering the cost of a second opinion from a different healthcare professional for a specific disease
  • Coverage for over 540 daycare treatment methods. 

In a Nutshell!

To sum up, purchasing a health insurance policy for senior citizens is excellent since it protects retirement funds and hard-earned money. Besides covering many non-medical expenses that would otherwise cost you a substantial out-of-pocket expense, health insurance plans allow senior citizens access to the best medical facilities in town. A comprehensive health insurance plan protects you financially and gives you peace of mind when you have enough savings for your future. At the same time, your current financial needs are fulfilled efficiently.

>> Also Read: Importance of Buying Health Insurance for Senior Citizens

Disclaimers: The above information is for reference purposes only. Kindly consult your general physician for verified medical advice. The health insurance benefits are subject to policy terms and conditions. Refer to your policy documents for more information.

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