IRDA Medical Insurance Policies has set up a trend instantaneously for a score of companies to come forward and ensure medical insurance policy for 60 to 80 years aged elderly people. Some insurance companies have provided convenience in family plotter plan along with spouse (husband/wife), children, other dependents of the family as parents and in-laws also to be included in the medical insurance policy.
Some Insurance Companies facilitating senior citizens Personal Medical Insurance Policies, in normal family plotter policy coverage or protection of parents of policy holder is substandard in the medical insurance policy, but Apollo munich, Star Health, Bajaj Allianz, Oriental, National Insurance, ICICI Lombard likewise companies providing these categories of utile policies and the distinctive feature in companies providing Personal Insurance Policies.
Health complications or diseases related obligations should be watched out
Nowadays in early age only people are suffering from variety of health complications. If we arrive at the situation of senior citizens Blood pressure (B.P), Diabetes are commonly seen among them.Commonly during adopting a policy company will hold some rules. Normally policy adopted in first year or the proceeding year insurance coverage is not included for the mentioned health complications. Later on like any other disease complete insurance protection is presented. Some insurance companies are affording one-half of medical treatment expenses only.
Example:- if look at star health, it is providing red carpet policy aimed to cover pre-existing diseases or complications from second year later on, during the policy claim only 50 percent of the hospital expenses for the treatment are paid. so senior citizens should spot out for insurance company regulations for pre existing disease and their coverage included in the policy.
Figuring out for Co-payment
Presently every insurance company including co-payment option as mandatory. Co-payment means during the time of claim along with insurance company policy holder has to pay certain amount. In this way depending on how much amount can be bearable by policy holder premium payment is lowered.
Commonly companies are opting 10 to 20 percent of co-payment. Either of them can be present. For example if there is 20 percent of co-payment is established in adopted policy, if you claims 2 lakhs insurance company pays only 1.60 lakhs. Remaining Rs.40,000 must be paid by policy holder.
Saving Income tax
On health policies during payment of premium exemption of tax is available. According to 80 c regulation on acquired one lakh tax exemption is additional. Under section 80c ascertained health insurance policy in the name of wife ,husband, during premium payment Rs.15,000 tax exemption is available. Despite if we adopts policy to ones parents as well another Rs.15000 of tax is exempted additionally. Parents, senior citizens who have met 65 years up to Rs.20,000 tax is exempted. That means health insurance policies in maximum provides Rs.35,000 tax exemption upon them.
Health complications or diseases related obligations should be watched out
Nowadays in early age only people are suffering from variety of health complications. If we arrive at the situation of senior citizens Blood pressure (B.P), Diabetes are commonly seen among them.Commonly during adopting a policy company will hold some rules. Normally policy adopted in first year or the proceeding year insurance coverage is not included for the mentioned health complications. Later on like any other disease complete insurance protection is presented. Some insurance companies are affording one-half of medical treatment expenses only.
Example:- if look at star health, it is providing red carpet policy aimed to cover pre-existing diseases or complications from second year later on, during the policy claim only 50 percent of the hospital expenses for the treatment are paid. so senior citizens should spot out for insurance company regulations for pre existing disease and their coverage included in the policy.
Figuring out for Co-payment
Presently every insurance company including co-payment option as mandatory. Co-payment means during the time of claim along with insurance company policy holder has to pay certain amount. In this way depending on how much amount can be bearable by policy holder premium payment is lowered.
Commonly companies are opting 10 to 20 percent of co-payment. Either of them can be present. For example if there is 20 percent of co-payment is established in adopted policy, if you claims 2 lakhs insurance company pays only 1.60 lakhs. Remaining Rs.40,000 must be paid by policy holder.
Saving Income tax
On health policies during payment of premium exemption of tax is available. According to 80 c regulation on acquired one lakh tax exemption is additional. Under section 80c ascertained health insurance policy in the name of wife ,husband, during premium payment Rs.15,000 tax exemption is available. Despite if we adopts policy to ones parents as well another Rs.15000 of tax is exempted additionally. Parents, senior citizens who have met 65 years up to Rs.20,000 tax is exempted. That means health insurance policies in maximum provides Rs.35,000 tax exemption upon them.
Insurance Companies affording Insurance even in Old Age
Company
|
Policy
|
Entry age |
| National Insurance | Varsit Mediclaim | 60-80 |
| Oriental | Hope | No age limit |
| Star Health | Red carpet | 60-69 |
| Bajaj Allianz | Silver Health | 46-70 |
| Reliance | Standard plan | 18-65 |
| Appollo Munich | Optima senior | Maximum 65 |
| Max bupa | Heart beat | Maximum 70 |
Safety Measures during adopting a Policy
- Before adopting a policy should have complete knowledge on rules and regulations involved. Which disease are covered which one are left out should be clarified.
- During adopting a policy do not conceal any complications in health and if you are already taking treatment. During claim if this is discovered it is undesirable. So stating about any complications although increases premium to some extent but later on after two or three years insurance coverage is included.
- Total amount of insurance should be determined before hand and policy should be selected. Adopting a policy which includes parents as well is beneficial.
- If a policy is adopted after 60 years of age premium rates are high. So adopting a policy at early age and renewing it regularly is a better option. Because of this even after 60 years paying high premium is not required. If no claim bonus is presented either premium is lowered or increment in total amount of insurance.
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