Acquiring a Health Insurance for senior citizens is quite difficult as the number of ailments aging is prone to are unending. The insurance companies that offer Health Insurance to senior citizens come with a great number of terms and conditions.
With time the number of ailments that old people are prone to have only increased with expensive treatment and Hospital charges. Do you already have a Health Insurance and your parents covered? If your parents are not covered with a proper Health Insurance you might face great difficulty in future while bearing any kind of medical expenditure. Here are five factors to keep in mind while you select a senior citizens Health Insurance:
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The factor of age is a great barrier
The primary difference between a health insurance for senior citizens and insurance for younger people is the age factor of the person. There are many insurance companies that don’t offer plans to people of a certain age that is 70 to 80 years. Whereas a few companies may allow entry but they do not allow renewability beyond the age of 85 to 90 years.
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Pre-existing illnesses and waiting period
The premium for senior citizens health insurance is generally very high or the amount of coverage is lower. Or both can go hand in hand. Most of the insurance companies offer a waiting period of 24 to 48 months before they can cover the pre-existing illnesses but there are some insurance companies that offer it within 12 months. However, most of the insurance companies insist on a medical checkup before approving the insurance policy to senior citizens.
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Copayment and Exclusions
Like other health insurance policies, health insurance for senior citizens also come with certain exclusions and Co-payment terms. Exclusions are made regarding illnesses like HIV AIDS, diabetes etc. Co-payment terms clearly state that the medical expenses are to be partly paid by the person insured. Co-payment is mostly mandatory for any health insurance for senior citizens but the percentage of co-payment can differ from company to company varying in a percentage of 20% to 40% of the total expenditure.
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Group Mediclaim by Your Employer
Many companies offer Health Insurance to their employees that cover their spouse and children. However, having personal insurance for senior citizen parents is a good option even if your employee insurance covers them. The advantage of an employee mediclaim is that there are no premiums to be paid by you and many pre-existing illnesses are included from the very first day.
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Health insurance for senior citizens also come with tax benefits
The premiums paid towards health insurance for senior citizens are also eligible for tax deduction under the section 80D. If your parents are paying the premiums then they can also claim for a deduction. Even if you are the one who pays the premium then you are also eligible for a tax deduction for both your and your parents’ insurance. The tax deduction claim for less than 60 years of age is up to Rs. 25000 and the limit for more than 60 years of age is Rs. 50000.
Health insurance cover for your senior citizen parents should be not delayed. The chances of getting Health Insurance will be lower as they age more. You will have lesser options as not many companies have the entry age beyond 60. Having health insurance for your aged parents will secure their medical and treatment expenses in future. So choose your mediclaim wisely with thorough research.