Rising health care costs are a serious concern for senior citizens. For those who would not like to burden their children with medical expenses, it is a good idea to opt for a health insurance plan tailor made for senior citizens. Almost all insurance providers have products designed for senior citizens, though the terms and conditions differ. These plans offer coverage for medical expenses for the senior citizen and the spouse. They offer hospitalisation expenses, ambulance charges and pre-post hospitalisation expenses to a limit.
Age criteria
Since this is a product meant for senior citizens, the entry age for this product is usually above 60 years. Maximum age for taking a senior citizen health insurance policy is also high as compared to conventional policies.
Proposal form
Those wishing to take this policy need to approach the insurance company or an agent. A comparison of different offerings by insurance providers can be made online. A proposal form needs to be filled. A form may have to be filled for availing cashless facility.
Pre-existing diseases
The senior citizen policy covers pre-existing diseases. However, the policy mentions waiting periods for covering pre-existing diseases. Many companies provide coverage after completion of a year from the date of issue of the policy.
Medical examination
Medical examination is compulsory. The check-up costs are borne by the person. However, once the insurance proposal is accepted, the company may reimburse the expenses. Medical reports and proposal form with required documents are submitted to the insurance company along with the premium cheque. If the documents are in order, the company issues the policy.
Points to note
The premium paid for this policy qualifies for deduction under Section 80D of the Income Tax Act.
Health check-up may be waived by some insurance providers if the person has an existing medical insurance policy in his name.
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