What are the features of senior citizen health insurance plans?
• Lifelong renewability
Some health insurance plans don’t let people keep their policies after reaching a certain age. However, most insurance companies allow you to keep your senior citizen health insurance plan for the rest of your life.
• A cashless claim service.
As long as the policyholder chooses a cashless claim option, the insurance company will cover most hospitalization costs. It is called a “cashless claim.” As long as the aged patient is treated at a network hospital and gets a cashless claim, they don’t have to think about paying for it.
Many health insurance discounts, such as No Claim Bonus (NCB), renewal discounts, and so on, help lower the cost of a senior citizen health insurance plan.
• Less waiting time
The waiting time for a senior citizen plan is shorter than for other forms of health insurance, like those for young people. They don’t have to wait years to get their money back.
• Tax benefits
The government will provide a slew of tax breaks to encourage elderly folks to get health insurance every year. There will be more about this in the next section.
• Medical insurance coverage for older citizens
When you buy insurance for someone older, you read the policy to find out what the policy covers. When a person has health insurance, they can make a claim.
Here is a list of things that a senior citizen’s health insurance should cover.
Some of these things can differ from one insurance company to the next one:
Pays for the cost of getting treatment for an illness or a broken bone. Hospitalization costs include doctor’s visits, room rent, surgery costs, and so on.
2. ICU costs:
ICU charges are much more than regular room rent costs. The senior citizen’s health insurance coverage covers these expenses.
3. Ambulance Charges:
Transporting the insured to the nearest medical institution per the health plan’s terms and conditions.
4. Pre-hospitalization and post-hospitalization:
Charges are covered for up to 30 days, while the insurance company will cover post-hospitalization expenses for 60 days.
5. Daycare treatment:
Daycare treatment refers to minor medical operations that do not necessitate a stay of more than 24 hours in the hospital. Cataract surgery, for example, is covered.
6. Domiciliary treatment:
Covers the therapy received at home.
7. Second opinion:
Consultation expenses from a different medical practitioner are also covered.
8. Annual preventive health check-up:
Covers the expenses for full-body health checks to detect potential illnesses.
As an employee, health insurance is not something that worries us. Every employed Canadian has company-provided health and dental insurance. The Canadian health insurance system is one of the best insurance among most countries, and almost everyone knows it.
But what about seniors who are at the beginning of the retirement road? Does this health insurance still give them the previous services? Answers to these questions depend on the place they live and the company or organization they’ve worked for. But for most Canadian retirees, the company-provided insurance will end as soon as the retirement begins. So most retirees prefer to pick up personal health insurance that covers most of their healthcare expenses.
The more services and coverage you choose, the more the insurance costs you monthly. Sometimes it’s not affordable for some retirees, so they decide to sign up for provincial health insurance. It’s less expensive than the personal ones.
• Lifetime renewability
• Cashless claim facility
• Less waiting period
• Tax benefits
Regarding the key benefits above, I should say that many tax benefits are announced for seniors buying health insurance every year. Also, senior citizens’ health insurance plans have a shorter waiting period than others. This means that patients can claim the cost of treatment immediately.
There is a limited renewability option in some health insurance plans that do not allow renewal after a certain age. However, most insurance companies offer a lifetime renewal option for senior citizens.
Most insurance companies have a lifetime renewability option for senior health insurance plans. At the same time, other companies have options that hold the policyholder from renewing the project after a certain age.
Most hospitalization expenses are on the insurance company if the policyholder goes for a cashless claim facility.
There is no need to arrange funds for seniors and their families to get treatment if they benefit from a cashless claim. There are often discount offers like No Claim Discount, renewal discounts, etc., to reduce the premium for seniors.
Most people are annoyed with the waiting period for a particular treatment, while the senior insurance waiting period is far less than others. There are announcements of tax benefits for buying senior health insurance every year.