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Ref. No. KLI/22-23/E-BB/492
Health Insurance for senior citizens is specially designed to cover people aged over 60 years. Here's how you can choose the best health insurance plan for seniors to help with their medical needs.
With age, health complications start knocking at the door. Therefore, senior citizens over the age of 60 years may have frequent needs for medical assistance. But regular salaries stop at the standard retirement age of 60 years. Hence, health insurance plans for senior citizens are crucial for senior citizen health insurance schemes to safeguard retirement funds.
Look for plans with a broad minimum age at the entry range to buy the policy after turning 60.
In 2020, the life expectancy of 60-year-old Indians stood at 18.02 years. Thus, you will need renewable health coverage after retirement, even in your 70s, to access quality healthcare whenever you need it.
The risk of contracting infections, injury, or critical illnesses increases at an advanced age. But some treatment procedures like chemotherapy may not need overnight hospital stays. Also, domiciliary treatments at home might be essential when the senior patient is not in a condition to be shifted to a hospital. However, many policies limit the treatment procedures covered.
Therefore, you should seek coverage for complicated diseases needing long-term, expensive treatments. A senior citizen health insurance scheme should also reimburse daycare and domiciliary treatment costs.
Mediclaim policies provide cashless treatments only on admission to a hospital having tie-ups with your insurer. Hence, you will need to look for hospitals under your insurer’s network to overcome any shortage of funds without your salary in an emergency. Therefore, a vast network is crucial.
Copayments and sub-limits
Copayment clauses require you to bear a part of the medical bill yourself. Sub-limits cap the amount you can claim for specific illnesses or procedures, regardless of the total sum insured. Look for minimal copayments and sub-limits to reduce out-of-pocket spending.
If you consider such parameters, critical illness insurance is the ideal health insurance solution for senior citizens. Kotak Life Health Shield critical illness plan covers the most common life-threatening ailments:
2. Heart attack
3. Nerve diseases
4. Liver damage
A health insurance premium calculator is a free tool for figuring out the costs of different health insurance plans for senior citizens, as well as comparing and examining various medical insurance policies offered by well-known insurance providers online. You may contrast many aspects of health insurance policies, such as age, gender, occupation, the number of people covered by a policy, and others. A modification in the health insurance premium is also possible after customising one’s health insurance plans for senior citizens policies. Making a better purchasing selection is made possible with the use of a health insurance premium calculator.
Do not settle for limited coverage to get lower premium rates. Without sufficient financial cover, inflation can affect your retirement savings. Hence, look for a high sum insured and a wide range of benefits to prepare for medical uncertainties.
Fast and efficient claim settlement is also essential to ensure prompt access to funds when needed. Kotak Life’s claim settlement ratio of 97.40% for the financial Year 2018-19 indicates the company’s disbursal efficiency. Thus, you can rely on Kotak Health Shield for your age-related health insurance plans for senior citizens.
Ref. No. KLI/22-23/E-BB/2435