Inflation in health care costs is of serious concern for senior citizens. Usually parents don't like to burden their children with expensive medical care, so a health insurance plan for senior citizens is the best option. Most companies have insurance covers to suit the senior citizens though some terms and conditions may differ. The insurance company in its policies for senior citizens, offers to pay ambulance charges along with pre and post hospitalization expenses - according to the premiums paid. As a cover designed for senior citizens the entry level is usually around 60 years.
When a person needs to take a policy he can approach an insurance agent to work out the best suited policy or he can check and compare rates online. He will need to fill up a proposal form along with another form for the cashless facility. A senior citizen policy covers pre-existing ailments; some policies may provide cover after completion of the mentioned waiting period of a year from the date of issue of the policy.
AdvertisementA medical examination is mandatory where the cost of the health check up is borne by the individual and at times reimbursed when the insurance proposal is accepted. At times the medical report is not required when the person has an existing health insurance. The premium paid for this policy qualifies for deduction under Section 80D.
Source: Girija Gadre, Arti Bhargava and Labdhi Mehta