How Can Senior Citizens Benefit From Mediclaim Policies?

Most of us will agree that with the passing years, there are diseases and problems that an individual might face. The older one gets, several factors are leading to health deterioration. When it comes to senior citizens, requires utmost care and attention. It is always a smart thing to have a suitable mediclaim insurance policy for senior citizens in place.

Why a Mediclaim Insurance Policy?

Getting aged brings risks of falling ill leading to low immunity and stamina. Life becomes slightly challenging during the old days. Hence, it becomes of dire importance to be financially sound. Health insurance for senior citizens will take care of any uncalled medical emergencies and offers cover for the incurred medical expenses. Health insurance for senior citizens not only provides financial aid but also ensures peace of mind.

Coverage Offered to Senior Citizens by Mediclaim Policies

The following are some of the important features offered to senior citizens by mediclaim policies:

1. High sum insured
2. Hospitalization cover
3. Accident related treatment
4. Daycare cover
5. Cover for pre-existing diseases either from day 01 or after the waiting period is completed
6. Ambulance cover
7. The hassle-free and quick claim settlement process

How Does a Mediclaim Policy Benefit Senior Citizens?

Here is a rundown of the key benefits offered by a mediclaim policy to senior citizens:

1. Availing tax benefit towards mediclaim insurance premium paid
2. Cashless treatment or hospital daily cash as per the terms and conditions
3. Easily availing treatment and other medical facilities across the country
4. Preventive annual health checkups
5. Timely renewing the health insurance for senior citizens and keeping the benefits intact
6. Freelook period

Note: The tax benefit is subject to change as per the existing laws.

Important Considerations While Buying Health Insurance for Senior Citizens

While buying health insurance for senior citizens some pointers need to be considered before making the final decision. Let us have a look at the below key considerations:

Form Filling

When you have decided to buy the mediclaim insurance policy you need to fill out the proposal form. Ensure to give all the correct details. In case during an insurance claim if any information is found to be incorrect there are high chances that the health insurance claim might get rejected. *

Selecting the Plan

Before you zero down a specific plan, ensure to compare the plans available in the market in terms of features, benefits, inclusions, and exclusions. Choose health insurance for senior citizens that best fulfills their requirements. *

Medical History

Now when the plan is to be bought for the senior citizens it becomes important to be aware of any existing health ailments. So, ensure that you are aware of any pre-existing ailment and make a wise choice. *

Pre-Medical Check-up

There are insurance companies that might ask the senior citizen to undergo a complete medical check-up. This is done to identify any existing health condition and also to verify all the health-related information provided on the proposal form. Various tests such as blood tests, lipid profile, liver-kidney functions, etc. *

Wrapping it Up

Senior citizen health insurance will provide a cover for any incurred medical treatment expenses. While buying the plan ensure to consider the aspect of medical inflation. Senior citizens who do not have a regular source of income might not be able to bear the hospital expenses. An individual is eligible for an income tax rebate of Rs 50,000 when having a mediclaim policy for senior citizens. One can also avail additional tax rebate of Rs 5,000 on the payments that are made towards preventive health check-ups each financial year. Hence, a mediclaim insurance policy becomes inevitable and should not be neglected at any cost.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.