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Why to buy senior citizen health insurance?
Why OneAssure?
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How it works
Book an appointment and talk to our partner
Express your insurance needs, location, lifestyle details, and concerns if any
In case of any pre-existing conditions,
the OneAssure partner sends the details for pre-approval to save time & money.
Our partners select a few curated plans for Senior Citizens considering their need
You consult them on which one you should pick up
Your OneAssure partner helps you fill the policy proposal & get the payment done
Bam! Your OneAssure lifetime insurance partner does the rest for you!
Benefits of Buying Family Health Insurance from OneAssure
Personalized Plans Recommendations
No-Claim Bonus
Pre-Medical Screening
Cashless
Treatment
Comprehensive Coverage
Tax Benefits
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How do we select and train our
OneAssure partners?
We train proficient IRDA certified professionals who understand your needs and requirements as an individual
How do we select our Partners
What does this mean for you?
Well-trained experts who can guide you to take the right decision
Why Health Insurance for
Senior Citizen is important?
Older adults who have passed 60 and fall into the Senior Citizen age category are at higher risk of illnesses and health issues. Plan options for senior citizens provide coverage for those over 60 years of age who are retired and do not have a regular source of income. Health insurance plays a crucial role in supporting health care expenses as the risk of contracting diseases increases with age. Hence, having health cover for senior citizens is important to save them & their families from the financial crisis.
Benefits of Buying Senior Citizen Health Insurance
Saves From Inflated Medical Costs:
The cost of medical care has increased as well because of technological advancements and the public health infrastructure in our country isn’t adequate to cater to the rising medical needs of a country with a high population. As medical costs rise at such an alarming rate, it is important to have a health insurance policy that will assist you in an emergency.
Provides Protection Against Illnesses And Diseases:
Older people are more susceptible to illnesses and diseases, so they are more likely to get sick and end up in the hospital. Health cover ensures excellent treatment and saves from the skyrocketing medical bills as well.
Avoids Debt Crisis:
The income becomes limited or unstable after retirement since there is no fixed source of income. Senior citizens and retired citizens should have a good health insurance plan after 60 to avoid financial difficulties during old age. A medical emergency can become a financial emergency after the age of 60 when you no longer have a steady income. This can lead to a debt crisis. Health insurance can protect you from these risks.
Eliminates Financial Dependency On Children:
It is normal for people to financially depend on their children after they retire. During times of medical emergency, if the family does not have health insurance, the children would have to cover all the expenses. Hence, securing separate health insurance plans for senior citizens is necessary.
What To Look For While Buying Health Cover For Senior Citizens?
Age Limits For Entry And Renewal:
After reaching the age of 60, getting a new health insurance policy gets increasingly difficult. To prevent a policy lapse, you should always renew your existing insurance policy timely. Insurance companies sometimes cap the age at which a health policy can be entered and renewed. As you age, a health insurance policy may be more important than ever, especially when you become a super senior. Choose a company that allows entry up to maximum age, while at the same time offering lifetime renewal options when you cross the age of 60.
Sum Assured:
Health problems always pose a threat to senior citizens. Hospitalizations at that age are not uncommon either. Therefore, it is crucial for senior citizens to have higher coverage amounts under their medical insurance policy. An insured person will be able to cover most medical costs if he or she has a decent sum assured.
Ailments & Waiting Period:
Some health insurers provide coverage for certain ailments for a limited time period that typically ranges from two to four years. When searching for health insurance coverage for senior citizens, you should look for products that cover the least number of ailments and have the shortest waiting periods.
Policy Exclusions:
Expenses incurred during treatment may not be covered by insurance companies because of a list of permanent exclusions. There are standard exclusions, such as cosmetic surgery, weight loss, gender change, etc., that are related to preexisting health conditions. You should ensure that your existing health condition is not listed among the permanent exclusions when buying a health insurance policy. Choose a plan with the fewest exclusions possible.
Co-Payment:
Health plans sometimes offer senior citizens’ health coverage on the condition that a certain percentage of the total treatment cost is always their responsibility; this payment obligation is referred to as a copay. Always choose a health plan that has a minimum co-payment requirement or none. However, having a co-payment policy helps in reducing the premium amount, therefore, helping people with financial constraints.
Treatment Caps And Sub-Limits:
There may be a cap on the amount an insured person can claim for specific types of illnesses or medical procedures under some health insurance plans. These are called sub-limits. Typically, health insurance companies put a ceiling on room rent for a particular class of rooms occupied by insureds, and above that ceiling, the insured handles the extra cost. If a health plan has a maximum or sub-limit, choose products that have no such restrictions or fewer such items.
Cashless Claim:
When a policyholder opts for a cashless claim, the insurance company will cover most of the hospitalization costs. When a senior citizen or family member receives medical treatment in a network hospital and utilizes a cashless claim, they do not have to worry about arranging funds for treatment.
Reimbursement For Annual Health Check-Ups:
Regular health checks are necessary for aging patients. Health insurance companies have started to reimburse some costs of preventive health screenings in the year following a claim-free year, subject to a ceiling limit and the specific terms of the plan. In these policies, the health insurance company will also pay for medical check-ups for seniors.
Ncb Benefit (No Claim Bonus):
A fixed percentage is added to the sum insured by most health insurance products for every year the policyholder goes without a claim. It usually ranges from 10% to 100% of the base policy size, but it varies from company to company. It is best for senior citizens to choose a policy that allows them to increase the NCB benefit as much as possible.
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