In order to access healthcare during old age, you need to develop a specific strategy that takes into account how healthcare will work for you as an elderly person. Although general Health Insurance will be important to you, having a Senior Health Plan created for older persons is designed specifically to help you get the medical care you need as an Elderly person. Senior Health Plans provide unique benefits and have an established framework that recognizes the increased health risks associated with old age and retirement. Understanding how the benefits differ from those of regular Health Insurance, the types of coverage each plan offers, and how premiums are calculated will help you choose wisely for yourself or someone you care for.

Benefits of Senior Citizen Health Plan

Unlike a traditional health insurance policy that is provided to everyone regardless of their age, a Senior Health Plan has special features that help to stabilize you during this critical period of life when you need stabilization the most.

Guaranteed Renewability: Probably the most important single feature of a Senior Health Plan is that the plan will be renewed as long as you continue to live and pay premiums. A reputable insurance provider may not deny renewing your health insurance if you have aged or have filed more than a certain number of claims or developed a new medical condition. You will continue to have access to a safety net as long as you are a policyholder, and the renewed policy will continue to offer the original benefits.

Coverage for Pre-Existing Conditions: These plans provide coverage for any pre-existing medical conditions after a period of time in which you must be covered under the Plan will typically be 1-4 years. This is different than being denied coverage. Thus, a senior citizen health plan is now an option for managing ongoing medical conditions.

No Pre-Policy Medical Test Required: Most Insurance Companies provide these type of plans without require you to undergo medical exams but rather require you to complete a Health Declaration will make it easier for anyone to get Essential Health Insurance regardless of your current health condition.

Additional benefits offered by most plans: Most plans will cover general health check-ups each year. Also they typically cover Domiciliary hospitalization (which means you can receive treatment at home) and provide access to telehealth consults. These options allow for a greater focus on preventive care and Convenience while helping to promote a patient’s overall Wellness Management.

Coverage of Senior Citizen Health Plan

Many of the senior citizen health plans provide a lot of coverage, but it is important to understand all the specifics regarding what the Plan covers, as well as where the Plan has limitations when comparing to typical Health Insurance or Health Insurance for people who do not yet qualify for Medi-Cal.

Core Hospitalization Coverage: As with all types of Health Insurance, Core Hospitalization Coverage refers to all inpatient expenses related to a Hospital stay, i.e. Room rent and (RTC), ICU nursing charges, Surgeon’s Fee, and Medications.

Pre-and post-hospitalization expenses: all expenses incurred prior to your admission to and after your discharge from the hospital are covered, for specified days prior and specified days following your discharge from the hospital respectively.

Ambulance Fees: Most insurance policies will pay for ambulance services offering emergency services.

Critical Extensions (sometimes called ‘Riders’) included, critical illness cover and higher Sum Insured limits are provided through a super top-up type plan.

Senior Citizen Policy Premiums

The cost of a senior citizen health plan is directly correlated to the amount you paid when young; in other words, paying a higher premium when applying for coverage is not a random decision made by insurers but rather an actuarial assessment based on risk.

Higher Claims Likelihood: Because the need for health-care increases with age, and therefore, the premium reflects a statistically greater chance of requiring medical treatment than a younger applicant, higher risk equates to higher premiums for insurance companies.

Comprehensive Underwriting Inclusion for Senior Citizens: Pre-existing conditions and age-related conditions are included, and the cost is adjusted to reflect those added expenses.

Your Premiums: The dollar amount of your premium is dependent on the Sum Insured you select, the date you enter the plan, your medical history, and if you have add-on cover available, typically, co-payment to the base premium can be obtained.

Choosing the Best Senior Health Insurance Plan

When selecting a senior health insurance plan, be sure to consider the following:

A sum insured of at least ₹10-15 lakhs is recommended because of potential health care inflation. A super top-up policy can provide additional coverage at a lower premium, allowing for more complete health care coverage and lower cost.

Make sure to review the claim settlement ratio (CSR) for your potential insurers and choose an insurer with a good CSR and with a strong reputation for easy claims.

Make sure the insurer offers many good quality hospitals in your local area. If they do, you will have easy access to cashless treatment.

When comparing health plans, look for a good balance between coverage and cost. You should consider coverage and costs as part of the same equation and therefore review both when choosing a plan, as many of the low-cost plans have very significant restrictions on their coverage.

Conclusion 

A dedicated senior plan is more than simply health insurance. A dedicated senior plan is a method of providing seniors ongoing structured care management of health care costs in order to preserve their savings and provide them financial protection against potentially life-ending catastrophic health care expenses in the future. Understanding the advantages each policy has, and what types of coverage it offers, will allow you to better understand why a senior plan is priced higher than other plans.