Looking at 6 FAQs on Senior Citizen Health Insurance

 People of every age require health insurance. However, senior citizens are more likely to require frequent medical care due to the vulnerability of their advanced age. Keeping this in mind, insurance providers offer senior citizen health insurance. This kind of insurance is generally designed for individuals aged 60 years and above. There are several senior citizen health insurance policies in the market, and one could get a bit confused at first glance. It is helpful to get the basics correct first. 

To help you out, we have answered 6 FAQs on senior citizen health insurance. Let’s check them out. 

1. What is the eligible age range for getting a senior citizen health insurance? 

The eligible age range depends upon the health insurance companies providing this policy. For the most part, anybody in the age range of 60-75 can purchase this insurance plan. Additionally, if your parents are within this age range, you can also purchase this insurance for them. 

2. What expenses does senior citizen health insurance cover?

A well-designed senior citizen health insurance will generally provide coverage for a variety of medical expenses like-

- Hospitalization charges including but not limited to room rent, doctor’s fees, nursing care, and so on

- Pre- and post-hospitalization costs that may include diagnostic tests, visits to the doctor, and so on 

- Day care procedures i.e. medical procedures that may require a visit to the hospital but not hospitalization

-Ambulance charges and AYUSH

Some health insurance companies may offer cover for critical illness as well as annual health check-ups too. 

The coverage will vary between policies and insurance providers. Ensure that the policy you choose covers the expenses you might require more frequently.

3. What does senior citizen health insurance usually exclude?

Generally, the exclusions for such a policy would be:

- Conditions like AIDS

- Medical care required due to substance and alcohol abuse

- Costs relating to dental care and spectacles/lenses

- Medical care required due to exposure to war, nuclear risks, radiation, etc

- Self-inflicted injuries

For a detailed list of exclusions, do speak with your insurance provider. 

4. Will senior citizen health insurance cover pre-existing illnesses? 

Yes, most senior citizen health insurance policies cover pre-existing illnesses, but this is subject to the terms and conditions of the policy. In any case, the best health insurance companies in India will have very short waiting periods before pre-existing diseases are covered. 

5. Will senior citizen health insurance have a higher premium?

The answer is yes. Compared to regular health insurance policies, senior citizen health insurance may cost you a higher premium. This is because the primary claimants of this policy, the senior citizens, are more likely to require recurrent medical care and hospitalization as they get older. This would mean frequent claims on the policy, and hence, the high premiums. However, there are many insurers who keep their policies affordable for senior citizens; you just need to compare the various options available before buying coverage. 

6. Are there any tax benefits to getting senior citizen health insurance?

Yes. Like other health insurance policies, senior citizen health insurance too can help you for tax-saving purposes. Under Section 80D of the Income Tax Act, 1961, you are eligible for tax deductions on the premium you pay. You may be able to avail of tax deductions of up to Rs 50,000 on senior citizen health insurance premiums! 

We hope this article has increased your understanding of senior citizen health insurance.