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Importance of Health Insurance for Senior Citizens in India


Usually, after retirement, elders rely on their pension or lifetime savings for meeting their old age expenses. With aging, the body immunity decreases making one’s health fragile and prone to illnesses and diseases often. Since falling sick is quite common in this stage, medical care insurance becomes a necessity and not an option for seniors. That is so because most clinical procedures are expensive and medical care assumes a critical role in their well-being. Therefore it is important to have a good Senior Citizen Health Insurance Plan (SCHIP) in place so as to prevent severe financial setbacks during medical emergencies.

With growing healthcare costs, the younger generation becomes increasingly cautious about the medical needs of the elders in the family. Hence it is ideal for individuals to invest in appropriate health insurance policies early in life to avail and accrue its benefits during old age. These policies may also be purchased by children for their aged parents. Senior healthcare services recommend and assist in getting the appropriate medical insurance plan exclusively designed for the elders for meeting their healthcare requirements. It can be bought by paying a premium annually and the insurance company pays the sum insured in case of hospitalization.

Benefits of SCHIP
  • Offers financial aid for people above 60 years of age who have limited or no income after retirement.
  • Helps in making hassle-free  medical claim settlements
  • Offers cashless hospitalization when the patient is admitted beyond 24 hours
  • High insurance premiums attract tax benefits
  • Support free annual health-checkups as part of preventive care
  • After completion of minimal waiting periods, pre-existing diseases are covered
  • Covers daily expenses for medical procedures like chemotherapy and dialysis
  • Coverage increases for higher sums insured
However, it is important to note that
  • Pre-existing diseases are not covered during the initial waiting period.
  • Dental procedures, cosmetic surgeries, cost of spectacles and contact lens, expenses incurred due to drug abuse or self-injury and medical treatment during AIDs are not supported.

Factors to Consider for SCHIP
  • Clear awareness of the medical history of the aged person including all the prevailing health conditions
  • Comparison and careful selection of the health care plan based on the premium to be paid, the extent of cover, riders, clauses, add-on facilities available on the policy and so on
  • Furnishing  relevant and accurate information while choosing the policy as incorrect and incomplete data can cause rejection of the application by the insurance company
  •  Ensuring that the policyholder undergoes through medical check-up before submitting the proposal for health insurance as the information would be completely verified by the company
  • Choosing a plan with adequate coverage and affordable premium which preferably covers critical and pre-existing illness also during the initial period
  • Selection of the policy should facilitate its renewal up to the maximum age limit for the concerned policyholder

Some Health Insurance Plans for Indian Senior Citizens
  • National Mediclaim Policy can be availed by anybody between 18 and 65 years. It can be renewed annually and provides the benefit of life- long coverage to senior citizens.
  • Varishtha Mediclaim Policy by the government specifically addressing the healthcare needs of elders between 60 and 80 years of age. It is renewable annually until 90 years and provides Rs 1 lakh for hospitalization and Rs.2 lakh for critical illness.
  • National Health Insurance Scheme for Central Government employees and pensioners which provides coverage of 5 lakh annually with minimal premium. It covers pre-existing diseases and pre and post hospitalization expenses.
  • Popular schemes include Start Senior Citizen Health Carpet, Oriental Insurance HOPE and Bajaj Allianz Silver Health

So carefully choose an SCHIP in advance for fulfilling your medical needs and gear up towards a status of debt-free and peaceful healthy seniority!

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