We know one worry that nags many Indian seniors – “What if I get hospitalised or diagnosed with a critical illness tomorrow? Do I have enough coverage and savings to manage huge medical bills at this stage of my life?”
Unlike regular mediclaim policies, health insurance for seniors involves special factors to consider. Being informed is the first step in making an optimal choice that secures our golden years without burning through our hard-earned money.
Government-Sponsored Senior Citizen Health Policies
The government has introduced some dedicated health insurance and social security schemes aimed at citizens over 60 years of age:
-
First, we have Rashtriya Swasthya Bima Yojana, which offers basic hospitalization insurance up to ₹30,000. It covers low-income seniors like us as well as BPL families. The catch is that premiums are very low, thanks to heavy government subsidies. So, while coverage is not huge, it provides some relief for basic hospital needs – like a backup option.
-
Moving on, the PM Suraksha Bima Yojana is a separate accident insurance scheme targeting the elderly. It pays our family ₹2 lakhs in case an accident unfortunately leads to death or disability. And get this – we need to pay just ₹20 as an annual fee! Isn’t that neat? This practically costs nothing while giving accident protection.
-
Now, our favorite is the Vaya Vandana Yojana – made exclusively keeping Indian seniors in mind! We get a guaranteed pension every month ranging from ₹1000 to even ₹5000 for 10 straight years once enrolled. Plus, it gives life coverage too! So your retirement money matters get sorted via this special scheme.
While all these options help, experts say having dedicated health insurance for senior citizens should be the first line of defence against medical costs. The reason is government schemes have limitations – some common illnesses may not be covered, paperwork is cumbersome, claim delays happen, and so on. So be savvy and consider getting a comprehensive policy, too!
Key Considerations for Senior Health Plans
When researching health insurance for senior citizens offered by private insurance companies, watch out for these key aspects:
-
Entry age and renewability terms: Choose policies with an entry age of at least 65 years and lifelong renewability
-
Coverage of pre-existing diseases (PEDs): Ensure PED coverage after 2-4 policy years
-
Sub-limits and co-pays: Opt for minimal sub-limits on room rent, ICU, etc; low co-payments
-
Critical illness (CI) cover: Add-on rider providing lump sum payment on diagnosis of listed illnesses
Before Purchasing Your Policy
When buying senior health coverage, be sure to:
-
Review policy documents thoroughly to check exclusions, waiting periods, etc.
-
Evaluate network hospitals in your location.
-
Check the claim settlement ratio of the insurance provider.
-
Compare premiums for optimal plans suiting your requirements.
Key Policy Benefits to Look For
When comparing senior citizen health plans, look for policies offering these useful benefits:
-
Restore or Recharge Features: Some plans restore the insured sum if it gets exhausted during a policy year or provide annual recharges to offset inflation. This ensures continued coverage during prolonged treatment.
-
Cashless Hospitalisation: Policies with extensive network hospitals allow cashless hospitalisation across India, eliminating the need to pay upfront and file claims later.
-
Pre and Post-Hospitalisation Cover: Having adequate cover for diagnostics, doctor consultations, and medications a few weeks before and after hospitalisation is helpful.
-
Health Checkups: Many policies offer value-added preventive health checkups every few years to spot issues early.
-
Critical Illness (CI) Cover: Lump-sum CI payouts provide financial support and enable focus on recovery.
Staying Proactive with Your Health
Beyond having adequate health coverage, there are proactive self-care steps senior citizens can take to minimise future medical issues and associated costs:
-
Regular Health Screenings: Get annual screenings done for vision, hearing, diabetes, heart health, bone density, etc., based on the doctor’s advice. This enables early detection and treatment of developing conditions.
-
Mental Wellbeing: Pursue mentally stimulating activities, social connections, and positive relationships. Seek help at first signs of issues like anxiety or depression.
-
Physical Activity: Partake in age-appropriate exercises like yoga, walking, and light aerobics regularly to retain mobility and balance and prevent bone health issues.
-
Healthy Habits: Avoid smoking and excessive alcohol consumption. Get adequate sleep. Follow safety practices to prevent issues like fires, falls, etc.
Staying active and following healthy lifestyle habits goes hand-in-hand with good medical insurance in enjoying one’s golden years while being responsible for one’s health.
Conclusion
As senior citizens have higher healthcare expenses, having adequate health insurance for senior citizens is essential to safeguard savings and access treatment without financial constraints. This guide has armed you with the knowledge to evaluate both government-run and private senior citizen policies to make the optimal choice for your needs and budget. Periodically review your plan to account for inflation and healthcare costs. With prudent planning, you can now relax and focus on enjoying your golden years!