Health Insurance for Senior Citizen

People above the age of 60 years are considered senior citizens, and they can buy a dedicated health insurance. This type of insurance is called Health Insurance for Senior Citizens. Buying a separate policy for them is advised as senior citizens might face recurring health issues, and a normal plan may be insufficient to cover their insurance needs.

The coverages of a senior citizen plan are defined in the insurance policy. These are conditions under which a policyholder can raise a health insurance claim. Here is a list of general inclusions of a senior citizen’s health insurance coverage. These can differ from insurer to insurer.

Following are the general exclusions of a senior citizen health insurance plan. Consider going through the policy document for a detailed list of exclusions.

The claim process for health insurance plans is quite simple. First, the policyholder needs to inform the insurance company about the hospitalisation or other claims as per the health plan. Then they can choose to get the claim settlement in either of the following ways.

The policyholder files for a reimbursement claim when he/she pays the entire medical bill first. Here are the steps to file a reimbursement claim.

Step 1:  Inform the health insurance company while availing treatment for a medical condition.

Step 2: Pay for the medical event and collect all necessary documents.

Step 3:  Raise a claim by following the process specified by your health insurance provider.

The cashless claim can be availed of from a network hospital only. A network hospital is any medical facility that has a tie-up with your health insurance company. An insurance company with more network hospitals can provide better cashless facilities as the policyholder does not have to go far to find a network hospital. Here are the steps to get a cashless claim against your senior citizen health insurance policy.

Step 1: Visit a network hospital to avail of medical treatment and inform your insurer.

Step 2: Submit necessary documents like health card, authorisation form, etc.

Step 3: Pay the applicable deductibles. Your insurer will bear the major part of the hospital bill.

Senior citizen health insurance plans attract a tax benefit u/s 80D(2)(b) of the Income Tax Act, 1960. A tax benefit of Rs. 25,000 is applicable for each senior citizen parent. This benefit includes the cost of a preventive health check-up worth Rs. 5,000.

A tax benefit further stretches for the treatment of specific diseases. A deduction of up to Rs. 1 lakh can be availed under section 80DDB of the Income Tax Act, 1961 if the policyholder and insured, both are senior citizens.

Note: These tax figures are as per the financial budget 2021-22, and are subject to changes.

Senior citizens need more medical attention as compared to others. Thus, hospital visits may become frequent with increasing age and the increased cost of treatment can put a burden on the finances. Senior citizen health insurance provides a helping hand here. Take a look at the following list to know more.

Eligibility criteria for buying a senior citizen health insurance plan is decided by each insurance company for their policyholders. Usually, for senior citizens, the starting age for buying health insurance is 60 years. Some plans offer lifetime renewability and there might not be a set exit age on the policy. To buy a senior citizen health insurance plan, the person should also be a resident Indian and must have at least one identity proof.

Here is an indicative list of documents that can be necessary for submissions while buying or renewing a senior citizen health insurance policy.

A senior citizen plan is slightly different from a regular health insurance plan. Here are some tips to buy the best plan available.

It is important to note that senior citizens need frequent medical attention. This can increase the premium and deductibles on their insurance plan. However, these expenses still seem insignificant as compared to the coverage a senior citizen health insurance policy provides.