Though health insurance is important for all of us, for senior citizens, having medical insurance is most critical. Those who are more than 60 years of age or are senior citizens are more exposed to health disorders. As the age increases, the chances of encountering more serious health issues also increase. This is why buying a senior citizen mediclaim policy becomes imperative.
Many studies infer that several senior citizens do not have a Mediclaim policy, and most of them suffer from at least one chronic disease. Under such a scenario, it is a must for senior citizens to have an insurance plan that can provide them financial security at the time of medical emergencies.
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Let’s understand what you should be looking for when you buy senior citizen Mediclaim policy.
A list of Must-Haves of a Senior Citizen Mediclaim Policy
Many insurance companies offer a Senior Citizens Mediclaim policy. These health insurance schemes cover a range of medical expenses. But it is important to check the inclusions of your senior citizen policy and evaluate whether the cover is sufficient to pay for most of the medical treatments. The Senior citizen insurance plan needs to offer vital benefits such as like critical illness cover, cashless hospitalization, pre-existing cover, post-hospitalization cover, and much more.
Here is the list of the must-haves, you should be looking for while buying a Senior Citizen Mediclaim Policy.
1. Hospitalisation cover
This is the most basic benefit you need with your Mediclaim policy. It covers the costs such as medical bills and hospital room charges. However, the category of room (twin-sharing, deluxe, suite, etc.) will depend on the insurance provider and the kind of policy you purchase.
2. Cashless Hospitalisation
If you want to save yourself from the hassle of arranging cash for paying your hospitalization bills and later submit loads of documents for reimbursement, go for the cashless hospitalization. Most insurance companies have a network of reputed hospitals where you can avail this facility.
3. Ambulance Charges
Though you may need it just a few times, the ambulance charges may burn a hole in your pocket. Make sure you have ambulance charges covered in your Senior Citizens Mediclaim policy.
4. Pre and post hospitalisation charges
Many Mediclaim policies provide pre- and post-hospitalization charges up to 30 days in the case of pre-hospitalization, and 60 days for post-hospitalization. You can check with your insurance company to know what your policy offers.
5. Higher sum insured coverage
One of the key considerations is to go for a high sum insured. The Senior Citizens Mediclaim Policy might not be as useful to you if it does not provide full coverage. Ensure that the policy covers the charges of the doctors, anesthetists, surgeons, specialists, various tests like blood tests, oxygen cylinders, surgical appliances, Dialysis, intensive care unit (ICU), Chemotherapy, Radiotherapy, and much more.
Senior Citizen Mediclaim Policy: A Worthwhile Investment to Make
There are many factors to consider while selecting the right Mediclaim policy. It is important to research and compare the insurance plans available in the market and study the inclusions, extent of coverage, exclusions, etc. before finalizing the right plan.
Most of the plans do not need a pre-medical screening. However, in some cases, the same may be needed, depending on the policy buyer’s profile. The Senior Citizens Mediclaim Policy also offers tax exemption benefits under 80 D of the Income Tax Act. The premium cost you pay is eligible for tax exemption benefits.
The golden years of life should be for relaxation and enjoying. Any medical emergency can put your financial plan off-track, leaving you and your loved ones worried. Hence, make sure you stay ahead by planning for such scenarios and establishing a strong financial safety net. A small premium amount can save you lakhs of rupees in the future. Most importantly, remember to go with trusted insurers such as Care Insurance to enjoy hassle-free claim settlements for affordable policies.