Aging makes you more vulnerable to health issues and harm that may not have been a concern in your younger days but now require regular medical care. This is because elderly individuals are more vulnerable to specific illnesses and heal at a slower pace.

These Health conditions call for frequent treatments and prescriptions for control, which can rapidly become quite costly. Considering escalating healthcare expenses, these costs can deplete your retirement funds and cause a financial strain. In such situations, possessing a senior citizen health insurance plan proves beneficial.

Avail upto ₹75,000 Income Tax benefits under section 80D

What Is Senior Citizen Health Insurance?

A senior citizen policy is a form of medical coverage plan specifically created to provide monetary support to individuals above the age of 61. It includes coverage for healthcare treatments and procedures frequently recommended for elderly individuals.

As per the IRDAI, insurers cannot decline medical insurance requests and extensions from senior citizens without legitimate justifications such as:

• Deception (Fraud).
• Misstatement (False depiction).
• Ethical Risk (The intent to obtain funds from the insurer upon passing away by engaging in fraud).

Why Do You Require Dedicated Medical Coverage for Elderly Individuals in India?

Although if you think that the funds you have gathered over your lifetime will be enough  to sustain you during your post-retirement phase, the reserves may deplete sooner than expected.

Below are some factors why you should Think about getting senior citizen medical insurance.

Increasing Healthcare Expenses

Aspects such as increasing healthcare expenses, inflation, and emergency health issues arising from unexpected unfortunate events or injuries can rapidly drain your financial savings. Opting for medical coverage for elderly individuals can serve as a means to safeguard your savings.

A few of the top health insurance plans for senior citizens will take care of your hospitalization expenses and urgent medical needs, ensuring you don’t have to be concerned about Own-pocket spending for these medical bills.

Critical Illness Cover

With senior years, the likelihood of harm and severe disease detection rises considerably. If this occurs, your plan will offer the essential financial support for medical care.

Yearly Medical Examinations

Senior citizens' physical health grows into a more crucial stage as you grow older, greatly influencing your overall lifestyle. Within the majority of policies, elderly individuals can access complimentary yearly medical assessments to undergo routine health check-ups.

An advantage of this is that illnesses are identified in their initial phases, making them simpler to manage while also minimizing personal medical costs.

Peaceful Post-Retirement Life

Medical costs can be intense for anyone to handle, but they can be stressful during your retirement phase as they can empty your financial savings.

Holding health coverage for elderly individuals can help in easing this burden and provide reassurance by protecting your savings, reducing the likelihood of them being drained prematurely.

Things to Consider while Purchasing Health Insurance Plans for Senior Citizens in Bangalore

Maximum Age for Enrollment

While certain personal health coverage plans extend benefits to individuals above 61, the lowest eligibility age for senior policies starts at 61 years and beyond.

Therefore, before obtaining a senior citizen medical coverage policy, you must verify the entry age to confirm whether you qualify for the purchase.

Coverage Amount

Your senior citizen medical insurance plan should include a sufficient sum insured. It must cover all your healthcare-related costs, such as preventive checkups, prescription medicines, hospital stays, and urgent medical care

When selecting your sum insured, always consider every medical expense, including unforeseen medical situations, to guarantee comprehensive protection.

Waiting Period

Multiple benefits in your senior citizen medical insurance policy come with specific waiting periods. It is crucial to analyze the policy details to understand when each benefit becomes accessible.

Coverage Inclusions and Exclusions

This is the most vital aspect of any health insurance plan. When comparing different senior citizen medical coverage policies, always ensure you review the policy’s inclusions and exclusions to determine what is and isn’t covered.

Policy Continuity

Not every senior citizen health insurance plan offers lifelong renewal. This particular feature can help you save a significant amount of money, as continuing an existing policy is more economical than purchasing a new senior citizen health coverage plan annually.