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While the horrible scene of Kerala flood catastrophe has not yet disappeared completely, the air-pollution in Delhi NCR has triggered an emergency health warning.

When we recall the disaster and the death toll caused by flood disaster in Kerala, the ground shudders beneath us.

It jolts us from within.

Sunil’s father, a 65-years old heart patient, was caught by the cruel claws of this calamity.

His condition was so critical that he was taken to a hospital. The doctors there recommended Sunil that his father needed to get a bypass surgery of his heart.

The hospital authority told him that the total budget of the process would be around half a million.

Well, five million for a middle-class family of six members with only 65k monthly income is a big amount to arrange.

Thanks to Sunil’s skills in finance and management expenditure. He had got a mediclaim for his family and elderly parents. Thankfully, insurance companies were also providing all possible help to their customers who had become the flood victims.

Sunil filed a medical claim to the insurer, and the insurance company approved the application. Thus, the surgery was done successfully, and Sunil’s father survived at his 68.

Insurers had geared up, reaching out to customers in Kerala through different modes of communication and offering multiple options to file claims…Mint.

Misfortune can come to anyone. And you’re no exception.

You could be next Sunil.

Though Sunil’s story has a happy ending due to his intellect, we need to be intelligence too and arrange for our happy ending.

Like you and your family, a medical policy is a must for elderly parents also. Your parents may be in good health today, but sudden illness, accidents or a catastrophe can result in large medical bills, putting a strain on your finances.

However, as per the data released by the National Health Profile (NHP) in April 2017, only 27% of people in India have health cover. It means out of 135 crore people, 100 crore have no cover against catastrophic health expenses.

This can be due to lack of awareness and few myths.

Let’s dig deeper and discuss different types of senior citizen health insurance policies in India, discuss why it is necessary for parents above 60.

Why the Need of Senior Citizen Medical Insurance?

Spreading awareness of Mediclaim Policies in the country is essential.

The medical policy can help you serve a lot of purposes, such as paying for the regular medical check-up bills and providing cover for an unexpected situation like the one we have discussed at the beginning of the article about Sunil.

Medical insurance lets your parents be financially independent in their old age and don’t make them depend on anyone for paying their medical bills.

Not only is the medical insurance helpful during your old age, but it can also keep you worry-free in your younger and provide tax benefits.

Benefits of a Mediclaim for Elderly People

To buy medical insurance for a senior citizen and avail its coverage and benefits, the insured person needs to be a minimum of 60 years.

Listed below are the key benefits.

  • Financially Independent- It’s not that you don’t want to care for your elderly parents. But, their medical bills begin to be a major part of your income. It’s, therefore, essential to arrange for their medical bills now via a mediclaim plan. 
  • Hospital expense – If the hospitalization is more than 24 hours, then the costs incurred on the patient include doctor fees, room charges, medicine cost, nursing fee, ambulance charge, etc.  
  • Daycare costs – The daycare costs are also covered due to the use of specialized equipment or medical procedure costs such as dialysis, chemotherapy, etc.
  • Medical costs – Medical costs before and after the hospitalization.
  • Regular Check-up -Getting regular health checkups on time is always recommended for elderly people even if they are not suffering from a major critical illness. Regular health checkups keep your parents healthy and disease-free, enabling you and them to know about their health status.
  • Existing diseases – Depending on the terms and conditions, existing diseases are also covered.
  • Chances of critical illness increase during the 60s – Diabetes, heart problems, cancer, kidney problems, etc. are some of the examples of critical illnesses. Their chances of occurrence become more in old age. Getting treatment for these diseases can burn a big hole in your pocket. A medical policy covers you against these critical illnesses.
  • Tax Benefits- Tax exemption is another benefit of medical insurance under Section 80D.

Things to Consider When Buying a Health Policy

Whether you’re buying medical insurance for your parents or family, consider the following factors.

  • Efficacy of process claims
  • Network hospitals
  • Daycare methods
  • No-claim bonus
  • Premium factors
  • Pre-hospitalization
  • Post-hospitalization
  • Free medical health check
  • Discreet individual policy for patients

Popular Medical Policies for People Above 60

According to IRDAI (Insurance Regulatory and Development Authority of India), general insurance companies offer health insurance for people between 60 and 80 years of age. This medical policy ensures that the insurer is financially protected during his or her golden years and can afford skyrocketing medical costs.

Some of the popular mediclaim for senior citizens in India are:

  • Optima Restore from Apollo Munich
  • Silver Health from Bajaj Allianz
  • Gold from Max Bupa
  • Care from Religare
  • Varistha Mediclaim from National Insurance

Takeaways

Mediclaim insurance for your parents is as essential as it is for you and your family. For the low premium, it’s good to buy the insurance as early as possible.

The sooner you purchase insurance, the better it is.  That’s because, younger people are believed to have less risk of disease, so premiums charged are lower.

So, what are you waiting for?

Find a prestigious insurance company and buy medical insurance for your parents so that they can live a happy life and you too can deal with any emergency medical situation.

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