People usually retire by the age of 60. It is during retirement that many individuals start encountering health issues. If you haven’t planned for meeting medical expenses, then it can be challenging in old age. This is where health insurance policies for families and senior citizens prove to be useful. For example, the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana offers ₹5 lakh per year as health coverage for senior citizens (aged 70 and above). The scheme benefits nearly 6 Crore elderly people in India. This statistic indicates the rising importance of obtaining health insurance for seniorcitizensin the country. You can make an informed decision regarding the best health insurance in India if you consider the aspects discussed here:
Understanding The Eligibility Criteria
Check Age:
The minimum age for a child health insurance policy is 16 days, and the maximum age limit is 18 years. The minimum age is 18 years for insurance for adults.
Pre-existing Medical Condition:
If an individual is diagnosed with a certain disease before buying the insurance plan, then they must wait for the stipulated waiting period and then make claims for the particular disease.
Who Should Buy A Health Insurance Policy?
The importance of medical care is growing in India, and some individuals are confused about who can buy it. The following section clears this confusion, i.e., it specifies who can invest in it:
● People belonging to the age bracket of 25 to 65 years
● People who aim to protect themselves and their families during a medical crisis
● People are willing to maximise their tax savings
● Resident Indian Nationals can buy a health insurance plan in India
Health Insurance Options To Consider
You can make it simpler to choose one of the most appropriate health insurance plans in the country if you consider the following options.
1) Individual Health Insurance Plan
An individual indemnity-based health insurance policy reimburses the cost of medical expenses to the insured person. Note that the reimbursement is up to the sum insured in the policy. Moreover, the insured has to submit hospital bills with all necessary information about expenses incurred during the hospital stay.
2) Family Floater
This plan is identical to individual health insurance plans, but what makes it unique is that it extends to and offers protection for the whole family. If there are instances of multiple illnesses, then the sum assured is shared between the family members to obtain multiple claims simultaneously.
3) Senior Citizen Insurance Plans
This scheme is relevant for the medical insurance for senior citizens aged more than 65 years. It offers sufficient financial support to cover expenses for medical treatments. Usually, the scheme covers features like cashless hospitalisation, critical illness cover, a higher sum assured, and pre-existing conditions cover. These features ensure that senior citizens get the proper coverage at the right time. Note that many insurance providers offer lifetime renewability to ensure continued coverage in old age.
4) Critical Illness Insurance Plans
The plans support life-threatening illnesses like stroke, cancer, heart disease, and kidney failure. They offer a lump sum payout to cover the expenses upon diagnosis. The corresponding payout helps senior citizens and families effectively manage costly treatments.
5) Government-Sponsored Health Insurance Schemes
The Indian government has launched multiple health insurance programs. The purpose is to provide financial support to senior citizens and families. With any of these schemes, the Indian government indirectly attempts to elevate the healthcare scenario of the country. Let’s be familiar with the briefs of these schemes:
● Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY): It offers free healthcare coverage up to ₹5 lakh per family per year. The coverage is specifically intended to benefit people belonging to low-income groups in the country.
● Rashtriya Swasthya Bima Yojana (RSBY): It provides considerable financial assistance for the expenses of hospitalisation. It is intended for low-income families (including senior citizens).
● State-Specific Health Schemes: Different Indian states provide specific healthcare policies for families and senior citizens. You need to check the scheme applicable in your state and then proceed with the purchase.
6) Top-Up and Super Top-Up Plans
If you or your family member has existing health coverage, then you can subscribe to top-up and super top-up plans to get extra financial support. Such plans offer higher coverage at lower costs by adding an existing health insurance policy after a deductible amount is fulfilled.
Aspects to Note Before Choosing a Health Insurance Plan
● Check whether your chosen health insurance policy offers coverage for pre-existing diseases after a waiting period.
● Make sure the policy supports hassle-free cashless hospitalisation at network hospitals, i.e., you need not pay upfront.
● Check for the lifetime renewability for senior citizens to maintain constant coverage.
● If you are planning to expand your family, then you can choose a plan with maternity benefits.
Conclusion
Careful consideration of coverage offered, premium, and affordability will assist you in choosing a suitable health insurance plan. Whether you choose a government-backed scheme or a critical illness scheme, make sure the coverage provided ensures peace of mind and financial stability during medical emergencies.
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