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Why Do Seniors Need To Invest In A Comprehensive Health Insurance Plan?
As we age, our health becomes a top priority, and so does financial security. With rising hospitalisation costs and growing medical inflation, having a comprehensive health insurance plan is no longer a luxury but a necessity for senior citizens. While India has seen remarkable advancements in healthcare, these services come at a hefty price. Without adequate coverage, seniors might find themselves burdened with medical expenses that can drain their savings. Aged individuals can gain access to the best healthcare facilities without the worry of financial constraints due to senior citizen health insurance plans.
What is a Senior Citizen Health Insurance Plan?
A senior citizen health insurance policy is particularly designed for people aged 60 and over. It offers budgetary security against hospitalisation, medical crises, and long-term medications. The best senior citizen health insurance in India includes extensive coverage, fewer restrictions, and added benefits like domiciliary hospitalisation and cashless treatments.
Senior Citizen Health Insurance Policy Investment Benefits
1. No Claim Bonus
A No-Claim Bonus (NCB) rewards policyholders with a discount on premiums or increased coverage for every claim-free year, encouraging healthier lifestyles and lower insurance costs.
2. Comprehensive Medical Coverage
A comprehensive health insurance plan covers a wide range of medical expenses, from minor illnesses to major surgeries, ensuring financial security during emergencies.
3. Cashless Treatment
Many insurance providers have tie-ups with network hospitals, enabling seniors to receive treatment without making upfront payments.
4. Pre-medical Screening
Some senior citizen health insurance plans require pre-medical screening to assess health risks, while others waive this requirement, simplifying the enrollment process.
5. Hospitalisation Expense Coverage
With medical bills rising, hospitalisation costs can be overwhelming. A mediclaim policy for senior citizens covers hospitalisation, specialist expenses, ICU charges, and post-treatment costs.
6. Benefit From Taxes
Under Section 80D of the Income Tax Act, premiums paid for senior citizens' health insurance policies are eligible for tax deductions, ensuring financial relief.
Related Blog: Health Insurance Tax Benefits Under Section 80D.
Top 5 Reasons Why Senior Citizens Must Purchase a Health Insurance Plan
1. Rise in Lifestyle Diseases
Conditions like diabetes, hypertension, and heart disease are increasingly common among seniors, requiring regular medical attention and long-term treatments.
2. Growing Medical Inflation
Healthcare costs are rising at a disturbing rate, making it vital to have a senior citizen health insurance policy to safeguard against unforeseen medical costs.
3. Broad Coverage
Modern senior citizen health insurance plans provide coverage for hospitalisation, surgeries, ambulance charges, and even day-care treatments, reducing out-of-pocket expenses.
4. Regular Health Check-Ups
Preventive healthcare is key to ageing well. Illnesses can be detected early, and health conditions can be monitored, due to free annual check-ups offered by many health insurance policies.
5. Receiving Top-Notch Medical Care
Senior citizens can gain access to quality healthcare without financial limitations, due to the best mediclaim policy for senior citizens, which ensures a better quality of life.
Factors to Consider While Buying a Senior Citizen Health Insurance Plan
1. Minimum Waiting Period
A shorter waiting period for pre-existing conditions ensures faster claim benefits for illnesses diagnosed before purchasing the policy.
2. Extensive Coverage
A comprehensive health insurance plan should cover a range of medical expenses, including hospitalisation, domiciliary care, and ambulance charges.
3. No Mandatory Medical Examination
Elderly individuals can easily get insured, as certain senior citizen health insurance plans do not require pre-medical tests.
4. Coverage for Non-Medical Expenses
Look for plans that cover expenses like diagnostic tests, nursing care, and alternative treatments, which can significantly impact overall treatment costs.
5. Co-Payment
A co-payment clause of certain health insurance policies ensures senior citizens receive a percentage of medical expenses. Opt for policies with lower co-payment requirements for better financial relief.
6. Network Hospitals
Ensure the insurance provider has a broad network of hospitals offering cashless treatment, making medical emergencies hassle-free.
7. Domiciliary Hospitalisation
Certain illnesses require home treatment. Domiciliary hospitalisation expenses should be covered in a good senior citizens' health insurance policy.
8. Claim Settlement Ratio
A high claim settlement ratio indicates a reliable insurer who processes claims efficiently, ensuring timely financial support.
What Makes SBI General Senior Health the Most Comprehensive Plan for Seniors?
SBI General Senior Health Insurance is one of the most well-rounded policies available, offering coverage limits, cashless hospitalisation, pre-existing disease coverage, and additional wellness benefits. It provides peace of mind with a seamless claim process and a wide network of hospitals, ensuring seniors receive top-tier medical care.
Conclusion
Investing in a good senior citizen health insurance in India is a necessity for ageing individuals who want to secure their health and finances. A comprehensive health insurance policy gives budgetary stability, accessibility to quality healthcare, and satisfaction, guaranteeing security against rising medical costs and health threats.
SBI General Insurance gives extensive coverage, affordable premiums, and a hassle-free claim process. Choosing SBI General’s senior citizen health insurance ensures that seniors receive the medical attention they deserve without financial strain, making it a wise investment for a secure and healthy future.
Recent Blogs
Health Insurance
All About Adding Spouse To Health Insurance After Marriage
Marriage brings a lot of changes in your life. Not only does it affect your lifestyle, but it also requires you to switch your investments in a way that are better suited for a family. You will now want to include your spouse to your financial world by adding them as a nominee in your banking accounts and other investment assets. Amidst all these personal and financial changes, do not forget to add your spouse to your health insurance plan. Adding spouse to health insurance after marriage is quite easy and can be done in three ways.
Buying a new family floater plan
If you do not have an existing health insurance plan, now would be a great time to invest your money in a family floater health insurance plan. Health insurance plans for family members cover your spouse, parents, and dependent children. The family floater plan allows you to pay a single premium to cover all named family members for medical expenses.
When buying a family floater plan, do ensure that it offers adequate coverage for you and your family. It is also important to keep in mind that the coverage amount is directly proportional to the health insurance premium you need to pay. This means that a family health insurance plan that offers a sum insured of Rs 10 lakh will require you to pay lower premium as compared to a family health insurance plan that offers coverage of Rs 20 lakh. However, it is advisable to opt for a higher sum insured if you have senior members in the plan.
Adding spouse to insurance after marriage
If you already have an existing health insurance policy, you can extend the cover to your spouse by adding their name to the policy after marriage. Upon adding you spouse, the individual health insurance plan will be transformed into a family floater plan. Since the coverage amount will increase, the premium of the policy will be recalculated. You can also add your spouse to your existing health insurance policy at the time of its renewal. You will need an application form and a few KYC documents like identity proof, residence proof, marriage certificate and photographs, to get this process started. You can easily get the application form from the insurer’s website.
Adding your spouse to the health insurance plan offered by your employer
There are many companies that offer health plans to their employees. These plans usually extend the coverage to the immediate family of the employee. However, this condition varies from one insurer to the other. Hence, it is better to check with your insurance company if they allow you to add your spouse to the existing health insurance plan that is issued by your employer. Here, it is important to remember that the health insurance policies offered by employers are group insurance plans and may, therefore, have certain limitations to coverage. Still, these plans offer a great option for coverage in case you don’t have health insurance of your own.
It is quite important to avail the health insurance cover for your spouse after marriage. This can help the both of you to securely plan your financial future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Steps of adding spouse to health insurance after marriage
Marriage is a huge step in everybody’s life. And personal finance has a big role to play for a successful married life. Therefore, it is important to update the financial records, including the health insurance plan, post-marriage.
In case you did not have an individual health insurance policy before the wedding, you can invest in a family floater plan for yourself and your spouse. In case you already have an individual health insurance policy at the time of wedlock, then you do not need to buy another one for your partner. Instead, you can add your spouse to the plan and convert it into a single policy. It is a feasible and simple way of ensuring that you and your partner are adequately covered.
Porting health insurance after marriage is also important. When one of the partners already owns a plan, you simply need to add another partner to the current policy as the spouse. There is no specific rule which specifies who can add the partner. The process of adding the spouse to health insurance after marriage is simple. The one who owns the policy can start this process with the submission of KYC documents such as identity proof, proof of age, photographs and marriage certificate.
The change will come into effect in the next policy renewal by just submitting the additional form and paperwork. Once you do this, the premium will be calculated and pro-rated. It will become a family floater insurance policy that covers all the members of the family for a single premium. You will not have to worry about paying separate premiums for each member of the family. It will cover the entire family at the lowest premium based on the age of the members in the family. Let us take a look at the benefits of a family floater plan.
A major perk of the floater plan is that you can cover yourself and your entire family in one policy. The policy is easier to handle and you do not have to worry about handling separate individual plans
You enjoy additional benefits like a newborn cover, maternity benefits, etc. It will be highly effective for young married couples who are on the road to starting a family. You must ensure that you choose a plan that covers yourself and the spouse and invest in one right after marriage
You must also get maternity cover at the earliest. It has a waiting period between 0 to 4 years and if you buy the cover on time, you will be able to enjoy the maximum benefits
With a family floater plan, you enjoy the same tax benefits under Section 80D as you do on individual health insurance
Many plans come with a reinstatement feature where you enjoy the reinstatement of the entire coverage after it is exhausted in the policy period. This is only applicable to unrelated claims but it is very useful.
If you do not have a policy and are looking to buy one, consider a joint life policy. It will work on the same lines and will provide coverage to your children in future if anything unfortunate happens to the parents. The main reasons couples should think of joint life insurance are premium reduction and waiver benefits. In this case, if one partner dies due to an unfortunate event, the spouse will not only be entitled to enjoy the full sum assured on the cover but will also be absolved of the responsibility of the payment of premium. Alternatively, the spouse may have to pay premiums only applicable for their own cover for the remaining period of the policy.
After your marriage, it is your responsibility to ensure the safety and adequate coverage of your spouse. You must include your spouse in the decision and speak to them about the coverage you wish to buy. Only then proceed with the decision. The right health insurance plan will offer acomplete protection and peace for the future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Advantages of Group Health Insurance
As the name suggests, group health insurance is aimed to offer health insurance cover to a group of people, usually employees, and if offered by an employer. It can also be offered to members of a professional association or a society. As compared to individual insurance, group insurance has many benefits for the employee as well as the employer who offers the insurance.
Comprehensive cover: Group health insurance plans offer wide coverage and can be customised by the employer. It comes with many benefits like cashless healthcare services at network hospitals. There is no waiting period which means the employee is covered from day one. Besides personal accident cover, some group health insurance plans offer cover to family members of the employee.
Guaranteed cover: All employees and in some cases their dependants are covered, even if they have existing medical conditions. A group insurance policy doesn't require a separate medical check-up. As long as an employee is working for the organisation offering group health insurance, he or she shall remain covered under the plan.
Low premium: As group health insurance plans are bought for a larger group of people, they offer comprehensive cover at affordable rates. The costs are much lower than individual health insurance plans. Group health insurance plans can be customised as per the employer’s budget and requirements.
Tax incentive for the employer: Besides safeguarding employees from health issues, group health insurance plans also provide tax benefits to the employer. Under Section 80D of the Income Tax Act, tax relief is offered to businesses that give their employees the benefit of group health insurance.
Happy employees: When companies offer health insurance plans to their employees, they help retain and attract good talent. A Group Health Insurance plan is a significant part of the employees’ total compensation. A group health insurance plan provides employees with financial security against accident and illness.
Rider options: With a nominal extra payment, employees can take advantage of other additional benefits. The employee can also opt for a corporate plan along with the base plan offered by the employer. The riders may differ from one organisation to another.
Provide your employees SBI General Group Health Insurance
Group health insurance is a very important benefit that makes employees feel like a valued part of an organisation. It helps companies retain as well as attract talent. SBI General Group Health Insurance plans offer multiple coverages: Individual, family floater. It offers wide coverage from Rs 1 lakh to Rs 7.5 lakh. The group health insurance plans offer pre- and post-hospitalisation expenses. With SBI General group health insurance plans keep your employees happy.
Disclaimer: SBI General Insurance Company Limited I Corporate & Registered Office: 'Natraj', 301, Junction of Western Express Highway & Andheri - Kurla Road, Andheri (East), Mumbai - 400 069. | The information in the advertisement is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale. * ‘Tax benefits are subject to changes in tax laws’ I 'For SBI General Insurance Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN: U66000MH2009PLC190546 | SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Co. Ltd. under license. | Website : www.sbigeneral.in,Tollfree 18001021111 | UIN: SBIHLGP21330V022021 | ADDIG/20-21/AUG/652
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