5 Reasons Why You Need Mediclaim For Senior Citizens

The rising cost of healthcare in India has made it necessary to possess a healthcare policy for the entire family. Moreover, for families with senior citizens, it is even more critical to have access to well-rounded healthcare plans, owing to the high health risks involved.

Since individuals above 60 years of age often require frequent hospital visits, a group policy or a family healthcare plan may not be enough to cover the ensuing medical costs. Hence, it is ideal to have dedicated health insurance for senior citizens for such instances.

5 reasons to avail a health insurance cover for senior citizens

Following are some significant reasons to buy tailor-made health insurance policies for senior citizen –

1. Faster access to treatment

Health insurance policy providers often have tie-ups with leading hospitals all around the country. Hence, one can easily access necessary treatment in any such places without any delay. Additionally, the cashless facility enables patients to get a check-up without worrying about arranging funds in case of an emergency.

1. Provide extensive coverage

Best health insurance plans are noted for their ability to offer comprehensive coverage. This includes an array of expenses that are incurred during the hospitalisation and treatment. Such costs include pre and post hospitalisation expenses, doctor’s fees, medicine costs, charges of diagnostics tests, ambulance charges, etc.

Therefore, having a dedicated policy like this can allow individuals to access the best treatment without worrying about the costs.

Nevertheless, while buying a health insurance plan, it is also imperative to check the parameters not covered by the same. Usually, insurance providers have a detailed document related to this, and individuals should go through it to know about exclusions. It will help them to make a better decision.

1. Cost-effective solution

Health insurance for senior citizens come with a slightly higher premium amount, mainly due to the age of an applicant. Nonetheless, bearing this expenditure is worth the investment, considering the financial coverage it provides.

Additionally, when compared to the expenses incurred during hospitalisation, it makes for a cost-effective solution.

This premium amount varies as per the choice of a particular insurance policy and provider. Hence, one can calculate the figure in advance to get a cost estimate and plan accordingly.

1. No claim bonus

No claim bonus is an added facility offered by the best health insurance plans. Under this feature, policyholders enjoy attractive advantages at the end of a claim-free year. They can get a percentage of their total sum insured as a bonus, and it is added to the following year’s total coverage amount, and this cycle continues.

For instance, you have a healthcare plan with a sum insured of Rs.5 lakh. After a claim-free year, you receive a 5% no claim bonus, i.e., Rs.25,000. Therefore, your total sum insured for the next year will be Rs.5.25 lakh.

This percentage and other terms of a no claim bonus depend on a particular insurance provider. Hence, it is better to learn about it before opting for any product.

1. Financial security

Last but not least, one of the most important reasons to buy health insurance plans in India is to ensure financial security. Insurance plans brought by insurance aggregators like Bajaj Finserv minimise the expenses of an individual in case of hospitalisation or during the treatment of diseases.

However, specific insurance policies include co-payment clauses, where policyholders need to pay a portion of the total claim amount. Therefore, it is crucial to be aware of this factor before availing any health insurance plan.

Having a dedicated policy for a senior citizen can help individuals ensure they avail top-notch treatment without worrying about finances. However, before buying a policy, one should keep an eye out for the following –

• Waiting period

• Sub-limits

• Claim settlement ratio

• Day-care restrictions

• Terms related to pre-existing illness

The Indian healthcare system is rapidly progressing with technological advancement, and in accordance with it, healthcare costs are rising. In such situations, having health insurance for senior citizens is mandatory to counter ensuing expenses. It is, however, necessary to take the aforementioned pointers into consideration to make a well-informed decision.