Perks of Having a Medical Insurance Plan for Senior Citizens


Old-age individuals are more prone to getting sick or facing severe health conditions in comparison to young people. The treatment not only takes a long time to recover but also drains savings to a great extent. A senior citizen health insurance plan is specially designed for individuals aged above 60 years. Under this medical insurance policy, elderly people are offered medical facilities in case any health issue arises

Best Health insurance plans option that helps you save your hard-earned money during unexpected circumstances. This policy offers senior patients with preventive health checkup services as well as cashless hospitalisation at the insurance company’s network hospitals. Pre-existing conditions, hospital costs, urgent illnesses, pre- and post-hospitalisation costs, and coronavirus treatment are all covered. In the event of illness and hospitalisation, the plan is intended to lessen senior citizens’ financial and physical burden.

The mediclaim for senior citizens offers numerous perks to the policyholder. So let’s dive deeper to know the details.

Benefits of Senior Citizen Medical Insurance

Mediclaim insurance for senior citizens is specially designed in a way that it helps the insured during an emergency. Some of the benefits are listed below:

● Medical Coverage for the Elderly at Affordable Premiums

Regular family health insurance offers coverage to people up to the age of 65 years. Thus, people above the age of 60 years can apply for insurance for senior citizens and stay financially secure during urgent medical requirements.

● Pre-Medical Screening

Unlike other mediclaim insurance plans, it is not mandatory for elderly people to undergo any medical pre-screening before buying the policy.

● Hospitalisation Expenses

By buying the mediclaim for senior citizens, you will not have to stress about draining your savings or arranging finances instantly to meet medical requirements. This policy covers expenses related to pre-hospitalisation, post-hospitalisation, and in-patient hospitalisation expenses.

●  Pre-Existing Diseases

Depending upon the insurance company, the senior citizen can get covered for their pre-existing diseases either after the first, second, or third year of the policy. It is an ideal option for senior citizens with a short waiting period.

●  Cashless Treatment

If the insured gets admitted to the network hospital for more than 24 hours, then they can avail of the benefits of cashless treatment. Senior citizens can avail medical services without even spending a penny for the treatment.

●   No Claim Bonus

This insurance policy offers no claim bonus to senior citizens that allows them to avail discounts on renewal premiums for every claim-free year. It can claim from 20% to 100%, depending on the policy.

●  Lifetime Renewability

This medical insurance policy has gained popularity owing to the fact that the policy offers a lifetime renewability advantage to the insured. The insured can get them renewed after a certain age without any hassle.

●  Cover Domiciliary Treatment Expenses

Under this medical insurance plan, the insured who avail treatment at their home can also get covered for the expenses.

● Tax Benefits

The premium that is paid towards buying insurance for senior citizens is eligible for tax benefits under Section 80D of the Income Tax Act, 1961. Therefore, the policyholder can easily avail the tax benefit of up to INR 50,000.

Apart from this, you can even avail an additional tax rebate of INR 5,000 on the amount you pay for preventive checkups every year.

● Peace of Mind

Seniors’ finances may be strained due to the high cost of hospitalisation, especially given the rise in costs of treating both serious and non-serious illnesses. Therefore, investing in senior citizen insurance plans might provide you with much-needed security in an emergency without giving you stress.

To get the best mediclaim policy for senior citizens, there are numerous factors that one must consider. Out of the extensive options available in the market, it is always advisable to buy the one that offers a lifetime renewability advantage and offers comprehensive coverage with a short waiting period. Getting the best senior citizen health insurance policy will offer peace of mind along with health security during uncertain times.

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