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Know Your Reasons: Here’s why Getting a Mediclaim for Senior Citizens is a Good Idea

  • IWB Post
  •  April 5, 2021


It is critical to protect your senior family members since health insurance has become a necessity in today’s culture. Mediclaim policy for senior citizens is specifically designed for those over the age of 60, who are retired and do not have a regular monthly income. With age, the likelihood of contracting a disease increases significantly. This demands the need for financial security in order to fund healthcare costs and protect your savings.


What is Mediclaim Insurance Policy?

A Mediclaim policy is a sort of health insurance policy in which the insurer reimburses the policyholder for medical expenses incurred in treating their medical condition. When you are covered under a Mediclaim policy, you can claim the reimbursement for your medical bills by submitting the documents to the insurer or get cashless treatment at the network hospitals.

While Mediclaim policy is essential for everyone, it is especially crucial for senior citizens for a number of reasons. The older population is more susceptible to illnesses, and as you become older, your healthcare needs may expand.

As a result, it is always a smart idea to protect yourself by purchasing a health plan that can cover your specific health needs. Critical illness and accidental hospitalisation, regular health examinations, age-related health problems are all covered under a Mediclaim policy for senior citizens.

Why is it imperative for senior citizens to get Mediclaim Insurance Policy?

According to WHO, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Given the statistics, it’s obvious that we need to pay attention to the physical, emotional, and most importantly, the financial health of the elderly population. Investing money in a suitable Mediclaim policy for senior citizens of India will provide financial security during medical emergencies.

Other than this, there are several advantages of a Mediclaim policy for senior citizens. Let’s understand them in detail:

  1. Hospital expenses: In addition to hospitalisation costs, the Mediclaim policy for senior citizens will also cover the cost of medications, doctor’s fees, and nursing care, among other expenses.
  2. Reimbursement of extra charges pre-or post-hospitalization: Costs incurred prior to hospitalisation if he or she is there for an unavoidable reason, as well as those incurred during recuperation after discharge, are repaid.
  3. Cashless Hospitalisation for senior citizens: Many Mediclaim policies for senior citizens provide cashless hospitalisation. As long as the patient has been hospitalised for more than 24 hours, a cashless hospitalisation service is provided. This facility can be availed at one of the network hospitals of the insurance provider. Hence, it is important to go with an insurer with a vast list of insurance providers such as Care Insurance.
  4. Ambulance fees: Ambulance fees are typically covered by most health insurance plans.
  5. Covers Mental Health: It is estimated that in India, more than half of the elderly suffer from depression. It’s a good thing that most senior health insurance policies cover hospitalizations caused by trauma and other psychiatric problems.

Senior citizens need a specific amount of health insurance coverage to obtain quick medical attention in the case of emergency hospitalisation. If a taxpaying individual buys this Mediclaim policy for senior citizens in the family, they are eligible for tax deductions under section 80D of the Income Tax Act.

Choose an Insurance Plan which suits your needs

Besides these benefits of a Mediclaim policy for senior citizens, it is important to understand that the cost of healthcare is increasingly becoming unaffordable. In the later years of life when an individual relies on a fixed retirement fund and their savings, it can be difficult to manage the expenses of healthcare without additional financial support. Hence, it is a wise move to put your money in the right financial instruments.

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