Health Insurance Plans Benefits for Senior Citizens: Senior Citizen Health Insurance Plan is for people aged 60 years and above. This plan is useful in both medical emergencies and scheduled hospitalization. Hospital expenses, doctor’s fees, ICU expenses and other necessary expenses are covered under this plan. Due to the rising cost of healthcare, the elderly may have to affect their savings in case of a sudden hospitalization. But with this insurance plan, they can get good treatment without any worry.
Why do you need separate health insurance for senior citizens in India?
| Reason | Description |
|---|---|
| Rising Medical Costs | The Health care support and insurance cover for the aged helps undercut rising medical costs inflating around them. Emergency hospitalizations are taken care of wherein old age people do not have to pay anything out of their pockets. Thus, their savings remain intact. |
| Critical Illness Coverage | The health insurance for senior citizens pays for critical illness cover and other diseases that are expected to age. The policy aids in treating them and thus relieves burdens of elderly individuals and their families. |
| Annual Health Check-ups | Health checkups are necessary for senior citizens in age group 60 and above. Health insurance policies tend to cover such checkups, capturing most of the expenses in great deal and preventing costly illness in the future. |
| Stress-Free Retirement | The old aged, as well as retired people, looking for health relaxations can avail of the health insurance covering old age people as they provide relief |
Benefits of silver health insurance plan for senior citizens
Financial Security: Senior citizen health insurance helps manage healthcare expenses. It covers the cost of hospitalization, doctor consultations, medicines, and other medical expenses, thereby reducing the financial burden on your family.
Illness Control Measures: Some plans cover preventive health check-ups, which can help one detect illness symptoms early and proactively manage their health.
Cashless Hospitalization
Many plans offer cashless hospitalization services in network hospitals, so you don’t have to pay upfront in an emergency.
Tax Benefits
Senior citizen health insurance plans are eligible for tax benefits. Under the Income Tax Act, Section 80D, you are allowed a tax exemption on the premium amount paid for health insurance policies.
Important Features of Silver Health Insurance Plan
Policy Term: This policy can be availed for a duration of 1, 2, or 3 years.
Sum Assured: The sum assured options under this policy are as follows:
- ₹1,00,000/-
- ₹2,00,000/-
- ₹3,00,000/-
- ₹4,00,000/-
- ₹5,00,000/-
- ₹7,50,000/-
- ₹10,00,000/-
- ₹15,00,000/-
- ₹20,00,000/-
- ₹25,00,000/-
Sum of ₹10,00,000/- upto ₹25, 00, 000/- are available on floating basis.
In-Patient Hospitalization: The expenses will be covered, if the patient is hospitalized for a period exceeding 24 hours because of sickness, injury, or accident.
Post-Hospitalization: After hospitalization, up to 7% of the hospitalization expenses are covered as montary restatement of policy guidelines.
Room Rent: Room, boarding and nursing expenses during in-patient hospitalization are expense are reimbursed with lower of the above and ₹10000/- for maximum sum insured.
ICU Charges: For a sum insured of ₹10 lakh – ICU charges up to 2% of sum insured shall be covered, and for sum insured of 15 lakh to 25 lakh, ICU charges will be paid up to expenses .
Road Ambulance: The insured individual’s transportation expenses are met provided that the insured person’s arrangement for the private ambulance service to the hospital is considered necessary.
Procedures that fall under Day-care Services: Procedures and Medical treatment requiring admission for less than twenty-four hours are also within coverage.
Treatment of Cataract: For every claim made under the policy there is a co-payment for the claim settlement that stands at thirty percent.
Health Checkup: In case no claim is made in a year, and for that particular hospital, expenses for health checkup will be reimbursed within policy limits for the appropriate hospital.
Payment Schedules Enablement: The premium can be paid on a quarterly, biannual, annual or every two/three year basis.
