How to Purchase a Senior Citizen Health Insurance Policy?

How to choose the best senior citizen mediclaim policy

People above the age of 60 years are considered as the senior citizens. As, we know aged people are more vulnerable to diseases and medical expenses are also rising day by day, it is very important for every one to take health insurance plan.

A health insurance plan, which is also known as mediclaim policy reimburses your expenses incurred in the hospital. Many elderly people may not have a health insurance plan so, if you decide to take one for your parents, it is never too late. Yes! The premium will be quite high but still it is a good investment. There are several health insurance companies in India that offers very good mediclaim policy for elderly persons.

Benefits of Senior Citizen Health Insurance Plan

  • Hassle -free claim settlement process.
  • Pre and post hospitalization expenses are covered.
  • Many senior citizen health insurance plan offers life long renewable facility.
  • Emergency ambulance service is also provided to the insured person.
  • Cashless hospitalization is available if the insured person is admitted for more than 24 hrs.

Average Cost of Health Insurance for a 60 Year Old Elderly Person

Though it is quite difficult to predict what will be the exact premium because it depends on the health of the individual and pre-existence diseases. As we all know health insurance premium keeps increasing as a person gets older. If you want to know how much you need to pay 10 years down the line, you can get a rough idea by looking at the current premium charged for a 70 year old person. The premium may increase if the policy holder is found to consume alcohol, tobacco or involved in any other activities which can deteriorate their health conditions.

Exclusions of Senior Citizen Mediclaim Policy

There are some exclusions on senior citizen health insurance plans which are not covered.

  • Expenses incurred as a result of alcohol, drug abuse or any related disease.
  • Expenses incurred in the treatment of AIDS.
  • Medical treatment costs arising from injuries due to war, riots etc.

What to do if the Medical Insurance Proposal is Declined ?

There are two things which you can do in case the health insurance of your parents is rejected by the Insurance company.

  • If you have any doubt of medical check up conducted, you can get your parents medical check up done by another doctor and submit the report. If the Insurance company gets satisfied with your report they might reconsider your application.
  • In case of rejection of the policy, you can apply with other Insurance company for a fresh policy. If you apply within 30 days of applying for the first one, you can submit the medical check up documents received from first insurer to the second insurer.

Documents Required

While applying for a health insurance plan for your elderly parents the documents which you need to submit are -

  • Age proof
  • Pre policy medical check up documents in certain cases
  • Duly-filled proposal form
For a Medi Claim : 

The following documents which are required to claim policy for senior citizen are as follows :

  • Claim form / pre authorization request form
  • Attested copies of all medical records
  • Physician's statement
  • NEFT mandate form
For a Death Claim :
  • Original policy documents
  • Original / attested copies of death certificate issued by the local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • Nominee's photo identity proof such as passport, PAN card, Voter identity card, Aadhar card etc.
Accidental Unnatural Death :

Documents like FIR, PMR, FPIR is required in case of accidental unnatural death

  • Copy of the First Information Report (FIR) or Panchanama / Police complaint
  • Copy of Post Mortem Report (PMR) Autopsy and Viscera report
  • Copy of the Final Police Investigation Report (FPIR)/Charge sheet

Tax Benefits of Senior Citizen Health Insurance

Tax-Deduction 80d for senior citizen medical insurance policy

This policy not only gives many health benefits but also provides tax exemption under section 80D of the Income Tax Act 1961. If you hold the mediclaim policy for your elderly parents you can get the tax benefit. And if the elderly person is still earning and paying for his son and daughter he can get tax benefits. Tax benefit is subject to change in tax laws.

To know more about health insurance policy, please check the blog How to Choose the Best Health Insurance Policy

Sushmita Guha

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