SENIOR CITIZEN HEALTH INSURANCE

Senior Citizen Health Insurance is a Health Insurance Policy specifically designed for Senior Citizens above the age of 60 years. Senior Citizen Health Insurance Plans pay for the hospitalisation expenses of the Insured Person on account of Ailments, Accidents, Injuries etc.

Health Insurance is a must for Senior People as they are at a greater risk of getting hospitalised from various ailments.

Unfortunately, a large number of people do not have a Health Insurance Policy to cover their medical expenses today. Healthcare Expenses are increasing at a rate of more than 10% per annum today.

With rising life expectancy, the need for a Health Insurance Policy to cover medical expenses is much greater during the later years as one's income drops because of retirement while medical expenses increase.

Healthcare Costs during later years might be a big drain on one's finances. However, many Senior Citizens are likely to get rejected from purchasing a regular Health Insurance Policy on account of some existing diseases/ailments.

In such a case, purchasing a Senior Citizen Health Insurance Policy to protect from rising healthcare costs is a good choice.

A Senior Citizen Health Insurance Policy is likely to have a lot of restrictions compared to a Standard Health Insurance Policy considering the higher risk nature of Senior Citizens.

Some of the restrictions are as follows:

• Co-Payment:

  Some Senior Citizen Health Insurance plan might have a Co-Payment clause which mandates that the Insured bear a portion of the expenses. For example, A Co-Payment clause of 20% implies that the Insured Person would have to bear 20% of the hospital expenses.

• Room Rent Capping:

  Some Senior Citizen Health Insurance Plans have Room Rent Capping Clause. For example, Room Rent Capping of 1% on Room Rent means that the Insurance Policy with a Sum Insured of Rs3 lakhs will pay only Rs3000/day towards Room Rent Charges. Any Room Rent Charges over and above Rs3000 would have to be borne by the Insured.

• Waiting Period on Pre-Existing Diseases:

  Pre-Existing Diseases mean Diseases that already existed before the start of the Insurance Policy. Most Senior Citizen Health Insurance Plans would have a Waiting Period before they cover Pre-Existing Diseases. Typically, the Waiting Period ranges between 36 months to 48 months.