Health Insurance for Senior Citizens - A Necessity Not a Choice!

Senior citizen health insurance plan is a necessity especially when you are close to your retirement and would be living on a pension or interest income from savings. It is the age when health issues are more likely to happen and can get you into serious financial crisis. To avoid this, it is prudent to get a comprehensive senior citizen health insurance policy – specifically suited to those between 65 to 80 years of age.

HDFCERGO is the most reputed general insurance company that offers health insurance for senior citizens in India. The senior citizens health insurance policies from HDFC ERGO ensure that you are financially protected during your golden years and are able to keep up with the skyrocketing medical expenses.

Here’s a list of benefits that this plan would offer you:

1. Hospitalization cover: This policy covers the hospitalization cost if the patient is hospitalized for more than 24 hours. The expenses include room charges, doctor fees, nursing fees, the cost of medicine, etc.
2. Day care expenses: It covers expenses arising from the use of special equipment during treatment.
3. Medical expenses: Under this section of the policy, prior and post hospitalization charges are recouped. However, the number of days may vary from one insurance company to the other.
4. Pre-existing diseases: Pre-existing diseases like cancer, asthma, arthritis, etc. are also covered in senior citizens health policy. However, this is subject to the terms and conditions of the insurer.
5. Ambulance charges: Covers the expenditure incurred for transporting the insured. But this section has a maximum limit cap.

Besides these, health policy also earns tax benefits as Finance Minister Mr. Arun Jaitley has increased deduction available under Section 80DDB to Rs 20,000 from Rs 30,000 for senior citizens. This comes as a bonus for policyholders.

Important things to keep in mind while purchasing Health insurancefor senior citizens:

1. Know the third party administrator (TPI) of your policy in advance as the insurance company will transfer your claim process to them. TPI will be liable for all claim procedures & settlements.
2. Maintain a written record of the list of nearest hospitals that are a part of your insurance company’s network list.
3. Know the co-payment limit for the policy so that you can easily manage the differential amount when you visit the hospital for treatment.
4. Renew your policy on time and try to use it efficiently too by not making smaller claims. This will fetch you No Claim Bonus benefits and lower your premium value eventually.