In recent times, health insurance has gained significant attention, and rightfully so. It is a vital component of financial planning, providing a safety net in the event of medical emergencies and preventing the burden of financial stress. This is especially critical for senior citizens, to receive quality healthcare for emergencies and critical illnesses without having to dip into their post-retirement savings or borrow money. 

Health Risks Associated With Old Age 

As people age, many elders may need to cope with some or the other health conditions and would need protection against any untoward hospitalization expenses on account of a large number of diseases including critical illnesses. By being proactive about their health and obtaining comprehensive health insurance coverage, seniors can protect themselves from the financial burden of medical expenses and receive the necessary care to maintain their overall well-being.

Health Insurance for Senior Citizens: A Pressing Priority 

Here are a few key reasons that underline the fact that health insurance is an absolute necessity: 

• Coverage for Medical Expenses: Health insurance provides coverage for various medical expenses, including hospitalization, doctor consultations, diagnostic tests, and medication. This coverage ensures that senior citizens can access the medical care they need without worrying about the cost.
• Access to Quality Healthcare: With health insurance, senior citizens can access quality healthcare services from top hospitals and healthcare providers. They can choose from a wide range of medical facilities and specialists, giving them the flexibility to receive the care that best suits their needs.
• Peace of Mind: Health insurance provides peace of mind to senior citizens, knowing that they are protected from the financial burden of unexpected medical expenses. They can focus on their health and well-being, without worrying about the cost of treatment or medication.
• Tax Benefits: Health insurance also offers tax benefits to senior citizens, reducing their tax liability and making it easier to manage their finances. 

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Choosing What’s Best: Types of Health Insurance for Senior Citizens 

Health insurance for senior citizens is designed to cater to their specific healthcare needs. To better plan for the golden years of life, here are some of the things that you should look for in a health insurance plan available for senior citizens:

• No mandatory pre-policy medical check-up: Senior citizens can opt for individual health insurance plans that offer simplistic onboarding and come with no mandatory pre-policy medical checkup.
• Lower waiting periods: Seniors have unique health needs, and they might require immediate access to better healthcare. So, look for a specialized health insurance plan that gives you flexibility with lower waiting periods and also provides coverage for pre-existing disease conditions. 
• No co-payments and sub-limits: To experience better coverage and enhanced control Senior citizens should ideally opt for a health insurance plan with provision for coverage with no co-payments and no sub-limits even for higher ages.
• Room category flexibility: To avail quality treatment look for a health insurance plan that provides room category flexibility so that the insured pays only the differential amount of room rent if opting for a higher room category than eligible without the worry of proportionate deductions on doctor visits, nursing expenses and so on. 
• Coverage towards consultations and preventive health check-ups: To keep track of health, opt for a senior citizen plan that offers a variety of features, such as daily cash for shared accommodation, premium waiver benefit, guaranteed health check-ups and unlimited teleconsultations including specialists to ensure that the insured seniors receive the best possible care.
• Coverage towards non-medical items: In India, non-medical expenses amount to around 10% to 12% of the overall hospitalization bills that are paid as out of pocket. Therefore, to help reduce the burden of out-of-pocket spending, look for a senior plan that offers a wide range of value-added features and optional coverage for non-medical expenses which are generally not paid during the hospitalization.

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In conclusion, health insurance is a critical component of a senior citizen’s overall healthcare plan. Investing in health insurance is a wise decision for senior citizens, as it helps to safeguard their retirement corpus, and to access quality healthcare in the golden years of life.

(By Shashank Chaphekar, Chief Distribution Officer, ManipalCigna Health Insurance. Views expressed above are personal)