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Medical insurance for super senior citizens

November 19, 2018
As a person ages and life advances from young to middle and from middle to senior and then to super senior age, the needs and requirements of a person keep changing as well. Advanced age means limited income, financial dependence on children, rising medical bills, vulnerability to illnesses and diseases, decreased immunity and requirement of advanced medical care. Needless to say that health insurance cover at this stage of life is a highly valuable asset and offers protection against a host of unforeseen circumstances.

Even though today, with the emergence of private players in Indian insurance market, things have become more consumer-oriented, it was not always so. Owing to the high-risk category and seniority, many insurers were not ready to provide any cover to the senior citizens (between 60-80 years of age). No insurance cover was even offered to the super senior citizens (above 80 years of age). Thus, they had to fend for themselves and rely on the financial help from their children. However, with the innovation that is taking place in the field of healthcare insurance, situation has vastly improved. Currently the market is full of insurance schemes for senior citizens of India and diverse choices are available.

The schemes available in the market offer numerous features and must be researched carefully before being invested in. These features are as follow:

  1. Co-pay: This clause is usually listed in the plans for which the insurance company breaks up the claim payment in ratios. In this clause meant for super senior citizens, the policy holder has to bear a fixed, pre-determined ratio of the claim amount, while the bulk (say, 80%) of the amount is taken care of by the insurance company. Thus, the insurer and the policyholder share the claim amount based on pre-determined ratio.
  2. Limited capping on sum assured: Given the fact that super senior citizens come under a potentially high-risk category, most of the insurers (especially the public sector insurers) provide a significant capping on the sum assured, to the tune of Rs. 2-3 Lacs. However, there are certain exceptions to this in the private sector. However, with increased sum assured, there is a proportionate increase in premium rates as well.
  3. Pre-existing clause: This clause covers any pre-existing diseases or disorders at the time of plan purchase by the consumer. As per this clause, there is a waiting period before the pre-existing diseases can be brought under the coverage scope of the plan. Usually this waiting period ranges from 2 to 4 years. However, not every pore-existing disease is covered and therefore, it is important to go through the policy documents at the time of purchase to check whether the specific pre-existing disease is covered under the plan or not.
  4. Detailed medical examination: Again, as part of the high-risk category, super senior citizens must go through a detailed medical examination before being covered under the medical insurance scheme. This is done to ensure that the medical condition of the applicant is clearly documented before purchasing the plan and so that clarity is maintained in case of policy claim later on.

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HDFC Life is a tested and trusted brand that offers several health insurance plans for your key benefits. These plans have been formulated to ensure that your finances remain secure from any health-related contingency at all times. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.

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