Ageing parents require more attention & care, turning a reliable plan into a must-have to manage medical expenses. As healthcare gets more expensive, accompanied by increasing health risks for seniors, having all-inclusive health insurance for senior citizens is not simply about managing costs but a way to show care and commitment.
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Consider Entry Age and Renewability Options
For parents now, select a health insurance plan with the entry age that matches your parents now. Many health plans, like the senior citizen health insurance, have an entry age of 46 or sometimes even beyond. For example, the Silver Health Plan under Bajaj Allianz General Insurance Company allows a much higher entry age than some standard plans and covers individuals up to the age of 80 years. The plans for lifetime renewal are the best since they care for parents as they grow older.
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Review the Coverage Benefits
Elderly parents need coverage for pre-existing conditions, chronic illnesses, and advanced medical procedures. A good health insurance plan should include:
- Pre and post-hospitalisation expenses for consultations, tests, and medications.
- Coverage for daycare treatments that don’t require a 24-hour hospital stay.
- Ambulance services to cover emergency transportation costs.
- Current treatment options include uterine artery embolisation, HIFU, balloon sinuplasty, deep brain stimulation, oral chemotherapy, immunotherapy (monoclonal injections), intravitreal injections, robotic procedures, stereotactic radiosurgery, bronchial thermoplasty, prostate vaporisation (green or holmium laser), IONM, and stem cell therapy (hematopoietic for marrow transplant).
Opting for such a plan will ensure that your parents get the care without putting you under financial pressure.
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Compare Network Hospital Availability
Managing medical emergencies with a cashless treatment at a renowned hospital is very easy. Bajaj Allianz General Insurance Company provides cashless treatment in 18,400+ connected hospitals to broaden the coverage significantly. Choose the plan after ascertaining hospitals in the vicinity of the parent’s place.
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Look Into the Waiting Period for Pre-Existing Conditions
Almost all health insurance policies for senior citizens include a waiting period for pre-existing ailments. Bajaj Allianz General Health Insurance Company has the Silver Health Plan with a year waiting period for pre-existing diseases. One must check the fine print in the policy document to see which ailments are covered and the exact duration of waiting.
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Check for Co-Payment Clauses
Most health insurance policies for senior citizens generally have a co-payment clause, meaning that part of the claim amount is borne by the insured. Nonetheless, unlike other insurance companies, Bajaj Allianz General Insurance Company offers Co- Payment Waiver under Silver Health Plan for treatment received from non-network hospitals subject to a 15 percent loading in the premium, which adds a very strong value in terms of out-of-pocket expenditure and increases the economic relief from such incidents.
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Consider Sum Insured Options
Ever since the costs of treatment have increased because of medical inflation, especially for critical illnesses and hospital admissions, a higher sum assured covers your parents for access to good doctors in case of a requirement. Bajaj Allianz General Insurance offers quite a few options in choosing the sum assured. Depending on individual healthcare requirements, one can choose a plan that offers a range of coverage against rising medical expenses.
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Assess Additional Features and Riders
An add-on which is available for basic health insurance plans include:
- A critical illness coverage for certain critical illnesses like cancer, stroke, and kidney failure.
- Health check-up benefits for preventive care.
- Top-up plans that expand the cover at a nominal fee.
It makes the policy broader in scope, fitting for senior citizens
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Review Tax Benefits
Securing health insurance for senior citizens also brings attractive income tax savings as contained in the provisions of Section 80D of the Income Tax Act. So far as the health plans are concerned for senior citizens, premiums paid are deductible as much as INR 50,000 per annum. Preventive health check-up expenses or payment of premiums for multiple years may also qualify for additional exemptions.
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Compare Plans Before Finalising
Finally, a comparative study of Bajaj Allianz General Insurance Company health insurance plans should be conducted online. Check for the features, premium amount, number of claims solved, and customer reviews regarding these plans. Choose the one providing maximum possible benefits at very competitive rates, suiting the specific healthcare needs of your parents.
One of your finest gifts would be your parents’ health and financial security. You would then have to consider all the factors mentioned above while choosing a health insurance plan that covers you adequately and is easily accessible with long-term benefits. Bajaj Allianz General Insurance Company has many options to help you ensure your parents don’t have to worry. Invest in the right plan today for those golden years to get your parents the comfort and care they deserve.
