As people age, health issues become a major concerning factor in their life. With the skyrocketing healthcare costs in India, it has become a significant financial burden on seniors and their family members. This is where the importance of having a mediclaim policy for senior citizens comes in.
Let us discuss what a mediclaim policy is and how to choose the right one to manage health treatment expenses.
What is a Senior Citizen Mediclaim Policy?
A mediclaim policy for senior citizens is designed especially for people over 60. These policies cover several expenses related to illness, such as hospitalisation charges, treatment related to accidents and specific illnesses up to a certain amount.
Things to Consider Before Choosing the Right Mediclaim Policy for Senior Citizens?
When planning to buy a suitable mediclaim policy for parents above 75 years, you should consider the following factors:
1. High Sum Insured
Considering the skyrocketing cost associated with the healthcare sector, you should pick an insurance plan with a higher sum insured. To treat chronic diseases, your funds could be run out by medical expenses in case you do not have a sufficient mediclaim policy.
So, it is recommended to pick a higher sum insured for senior citizens.
2. Coverage
Generally, mediclaim policies designed for senior citizens cover only hospitalisation expenses. However, some plans also provide coverage for treatment costs related to accidents and certain illnesses up to a specified limit. Explore such policies to ensure the best possible treatment without straining your budget.
3. Short Waiting Period
When choosing a mediclaim policy for a senior member of your family, choose policies that come with short waiting periods for medical conditions. This guarantees peace of mind and financial stability in retirement.
4. Wide Hospital Network
Another remarkable tip for choosing the right mediclaim policy for senior citizens! Choose insurance plans that are associated with a wide network of hospitals. It not only ensures better future healthcare alternatives but also timely access to medical care. Hence, check whether the local hospitals are covered before purchasing.
5. Low Premium
Medical insurance providers determine premiums considering an individual’s health and potential medical risks. Here, seniors often pay more premiums due to increased health risks. While specific features can help lower the premium amount, coverage and pricing depend on different insurance companies.
So it is recommended to compare plans from multiple providers to get the most affordable one.
6. AYUSH Coverage
In addition to traditional allopathic treatments, most insurance plans include AYUSH coverage. AYUSH stands for Ayurveda, Yoga, Unani, Siddha, and Homeopathy—alternative treatment options.
If your elderly family member opts for AYUSH treatment, the policy can help cover the cost. This is a crucial factor to consider when choosing a mediclaim policy for parents above 75 years.
7. Basic Health Check-up
Along with hospitalisation charges and other benefits, mediclaim insurance policies also cover expenses related to health check-ups—an attractive and helpful feature. Keep this in mind when choosing the right mediclaim policy for your parents.
8. Day Care Treatment
In this era, medical innovations have significantly reduced the duration of surgeries and treatments that once required extensive time. As a result, it is important to opt for a mediclaim insurance policy that covers day care treatments and procedures.
Top Benefits of Choosing a Mediclaim Policy for Parents Above 60 Years
Here is the list of all the remarkable benefits of buying a mediclaim policy:
- Financial Protection: Having a mediclaim policy reduces the financial burden after retirement by covering the treatment expenses. They include hospitalisation costs, and expenses for surgeries, and provide some specified illness treatment coverage. So, no need to bear hefty medical bills.
- Cashless Hospitalisation: You can avail of the cashless facility by choosing the right mediclaim policy. Generally, most policies offer cashless hospitalisation. This allows you to provide the best care to your elderly family members at network hospitals without paying any upfront fees, as the insurance provider directly settles the bills with the hospital.
- Pre- and Post-Hospitalisation Cost: In general, mediclaim policies cover costs for a specified period when it comes to pre- and post-hospitalisation expenses. It usually starts 30 days prior to hospitalisation and 60 days after discharge. This feature is really helpful in managing the overall medical costs after 60 effectively.
- Tax Benefits: According to the Income Tax Act 1961 under Section 80D, premiums for a mediclaim policy are eligible to avail tax benefits. It is an additional advantage for senior policyholders.
- Family Coverage: Some policies provide coverage for the entire family, including you, your spouse, children, and, in some cases, dependent parents. This feature simplifies healthcare management for your loved ones.
What Should You Know Before Buying a Mediclaim Policy for Senior Citizens?
Here are the key things you must be aware of before buying a mediclaim policy.
1. Policy Term: Mediclaim policies need to be renewed regularly, often available as annual policies.
2. Premiums: For Mediclaims, premiums are usually more cost-effective as they offer limited coverage.
3. Claim Process: While there are cashless options, mediclaim offers a reimbursement feature. It means that the patient needs to pay the bills upfront and then claim a refund from the service provider.
4. Pre-existing Health Issues: Some policies come with a waiting period or may exclude pre-existing health conditions.
5. Additional Benefits: Certain mediclaim policies provide limited add-on benefits, including accidental death benefits or critical illness coverage.
6. Unique Policy Features: You need to be aware that features of a mediclaim policy can vary as per the selected insurance provider.
7. Domiciliary Hospitalisation: Some policies also cover Domiciliary treatments, and the care received at home, as prescribed by a certified medical practitioner.
Selecting the right mediclaim policy for senior citizens is a hectic process. Check all the above-mentioned factors and ensure financial security along with quality healthcare at the right time.
You can consider Star Health for purchasing a mediclaim policy for senior citizens. Remember, choosing the right policy provider can support you during major medical expenses in the future.
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