With increasing healthcare costs, having health insurance becomes a must, especially if you have elderly parents. As you grow older, the onset of various illnesses begins, which is why you need to purchase a suitable senior citizen health insurance scheme. So, let’s understand the importance of health insurance plans
for senior citizens and look at some suitable policies.
Importance of Having a Senior Citizen Health Insurance Scheme
There are several reasons as to why owning a health plan for older people is so crucial. So, allow us to take you through some important pointers.
Health Plans Secure Your Savings
Many medical procedures can take a toll on your finances, causing you to dip into your savings. As a senior citizen, the last thing you would want is for an illness to affect your retirement fund. With a senior citizen health insurance scheme, all of your medical expenses are secured by the insurer. Thus, you can be carefree while seeking treatment and recover to be healthy instead of worry about your finances.
Insurance Protects the Higher Tendency of Falling Ill
Turning 60 years of age comes with its own set of pros and cons. One of the major cons can be a higher tendency to fall ill or experience age-related medical issues. Multiple visits to the doctor can easily burn a hole in your pocket, and therefore, having government health insurance for senior citizens becomes vital. Your medical needs are taken care of, and nothing can stop you from enjoying your retirement days!
Offers Peace of Mind
Increase in expenses, especially when you are retired, can be worrisome. Having a backup in case of an unfortunate situation that may or may not occur always provides you with a peace of mind. Thus, with health insurance, you can rest assured regarding any emergencies as you are already secured.
IRDAI Rules & Regulations for Government Health Insurance for Senior Citizens
Below are some of the rules and regulations set by the IRDAI (Insurance Regulatory and Development Authority) for senior citizen health insurance scheme:
Government Health Insurance for Senior Citizen Schemes
Pradhan Mantri Jan Arogya Yojana or PMJAY (was known as Ayushman Bharat Scheme)
- According to the IRDAI, the individual should be at or more than 65 years of age to buy senior citizen health insurance scheme by Government of India
- If a senior citizen’s insurance application is accepted, then the insurer should reimburse 50% of the pre-insurance medical check-up cost
- It is mandatory for insurance providers to offer a reason for rejecting a senior citizen’s insurance application in writing
- For a government health insurance for senior citizens, the individual should be allowed to change their Third-Party Administrator (TPA) wherever possible
- No insurance company can reject the renewal request of a senior citizen health plan unless there is a case of fraud, misinterpretation, etc.
Pradhan Mantri Jan Arogya Yojana is an insurance scheme funded by the Indian Government which also cover the insurance needs of women and children. Some key features of this plan are:
- Cover of INR 5 lakhs annually for each family living under below poverty line
- Secondary and tertiary healthcare is included
- Covers all pre-existing diseases in health insurance
- Follow-up treatment provision is included in the policy
- Access to paperless and cashless health insurance facilities
- Healthcare benefits available all across India
- Daycare expenses are included
If you are looking for a more comprehensive cover that is customisable and offers flexibility & other additional benefits then explore our Senior Citizen Health Insurance policy.
Health Insurance for Senior Citizens by Bajaj Allianz
The Health Insurance Plan for Senior Citizens offered by Bajaj Allianz safeguards all types of medical needs. Any financial worries regarding healthcare are now taken care of by the insurer. Here are some key features:
- Covers pre-existing illnesses
- Offers cumulative bonus
- Provides free health check-up
- The policy includes pre and post hospitalisation cover
- Offers ambulance cover and waiver of co-payment
Eligibility criteria for buying this policy & additional requirements under health insurance for senior citizens
||46 to 70 years
||INR 50,000 to INR 5 lakhs
With this, you can now get the best policy to safeguard your loved ones from any future medical emergencies.
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