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Is it possible to renew health insurance policies after 80? Find out

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Published on June 24, 2021. EST READ TIME: 3 minutes

With medical science making giant strides, our life expectancy has improved impressively over the years. And a longer life span means that people can earn and save enough money to buy houses, cars, easily afford quality education for children, and even enjoy the bliss of becoming grandparents.  But with old age comes the threat of many illnesses. As we grow old, we become more vulnerable to diseases because our immunity weakens. And since most senior citizens rely on pensions, lifelong savings, and monetary support from their children, an illness also means financial strain.

Benefits of Senior Citizen Health Insurance

• Most senior citizen plans cover pre-existing diseases. However, it is better to check with the insurer before purchasing the policy.
• Most of the plans do not require pre-medical screening.
• Free annual health check-ups are included.
• Free-look period of 15 days after the date of purchase. This is provided by most insurers.
• Senior citizens can avail cashless treatment, but the patient has to be admitted for more than 24 hours.
• Medical expenses: This includes pre and post hospitalization expenses, medical bills, doctor’s fees, room charges, daycare expenses, etc. Emergency ambulance expenses are also covered.
• Tax benefits under section 80D of the Income Tax Act.

How to select the best senior citizen health insurance?

With so many providers offering health insurance for senior citizens, how do you choose the one that meets your requirements perfectly? Here’s a checklist to make it easy for you:

• Medical history: Before purchasing the policy, it’s important to be aware of your medical condition, so you can pick a plan that provides maximum coverage.
• Compare the plans: There are many health insurance plans designed especially for the elderly. Before zeroing in on the final plan, it’s recommended to compare some top insurance plans based on coverage, premium, inclusions, exclusions, waiting period etc.
• Network hospitals: Go for the insurer that has a good number of network hospitals, preferably close to your location, for availing quality healthcare. Also, check for the list of hospitals that provide cashless treatment.
• Check the waiting periods for pre-existing ailments.
• Claim settlement ratio: The claim settlement ratio is the number of claims settled against the number of claims filed. When choosing the insurer, ensure it has a good claim settlement ratio.
• Select health insurance for senior citizens that provides free medical check-up on a yearly basis. Usually, this is applicable after the policyholder has completed some policy years. Do check the terms and conditions of the policy document.

Are health insurance policies not renewable after the age of 80?

There is no age limit for renewing a health insurance policy. All policies come with the benefit of lifetime renewability, so that policyholders can enjoy uninterrupted coverage throughout their lives. An insurer cannot deny health insurance renewal except under certain circumstances. However, the insurer has the right to cancel a policy anytime if they find out that the policy details have not been correctly provided or if there is a misinterpretation of facts or fraud.

Conclusion

Health insurance for senior citizensis designed to provide the elderly with peace of mind during their golden years. In the absence of income post retirement and due to rise of diseases during old age, health insurance plans become essential as they provide a financial shield against any medical emergency. And the icing on the cake is that the policies come with lifetime renewability.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.