It is imperative for everyone to have some kind of health insurance, aka Mediclaim, so that you don't have to sell the family jewels and house to take care of the hospitalization bills. People consider insurance as an 'expense' and feel it is a burden on their family budget. While this may be true - it is also true that it is better to pay a small premium and let the insurance company pick up the hefty hospital tab.
Senior citizens are particularly affected because they have a fixed income. This income does not keep up with inflation, and the real value of their income comes down. Also, most of the insurance companies do not insure senior citizens after 65 to 75 years. These senior citizens are left high and dry in their golden age.
Thankfully, some companies offer a "lifetime" cover for senior citizens. Here, the individual is covered until he is no more.
Insurance Cover for Senior Citizens
Health Insurance for senior citizens in India is available with all insurers operating in India. All insurers have some common features, while others have additional features that they market as their USP. The most common features of health insurance for senior citizens in India.
Cashless Hospitalization
Cashless hospitalization is available only at the insurer's network hospitals. It is essential to see if the insurer has a hospital in your vicinity.
Critical Illness Policy
Senior citizens should get a policy that covers critical illness – especially if you have a history of ailments like diabetes, heart problems, and other life-threatening diseases.
Disability Benefits
With this feature in your policy, you can get paid compensation when you are partially or totally disabled due to an illness or an injury. The insurer will pay a monthly pre-determined amount. In some cases, the insurer pays a one time amount as compensation depending on the severity of the disability.
What is Excluded
Read the policy document carefully, especially the exclusions. If you are not agreeable, then you have the option to return the policy within 15 days.
Hospitalization Expenses
The insurer pays for the hospitalization expenses, which includes room rent, clinical tests, doctors consultancy, medications, consumables, and other incidentals expenses, as mentioned in the policy document.
Treatment at Home
Some insurers also cover treatment at home. This is especially helpful if the patient is disabled or bedridden.
Not the policy you are looking for?
As per the IRDA guidelines, you can return the policy if you are not satisfied with the features of the policy or if it does not match your requirements. This 15 day period gives the insured person to look at the fine print and make a decision. This should be done within 15 days from the date the policy was issued. The return policy statement is mandatory and is mentioned in every policy document.
Best Mediclaim Policy in India
All Mediclaim policies have the standard features and some additional features that set them apart from the others. They leverage these additional features to promote their products. A good policy would be the one that helps you with the filing of the claim and settle the claim without much hassle.
Conclusion
Insurance is available online, and for those senior citizens who are not computer savvy, they can buy from agents or independent financial advisors. However, make sure that the agent is not being biased towards one insurer just because the commissions are better. He/She should look at your long term goals and recommend the right product for you.