Skip to main content

Senior citizens Health insurance policy features

 

In this case, you will have to opt for the specifically designed senior citizens' policy. The common features of these policies are:

1.       Diseases covered: These plans cover those diseases which are more common in aged people like that of heart attack, cardiac diseases, renal complications and surgeries.

2.       Age of entry: Generally, age of entry or renewal age is fixed at a maximum of 60 years in individual policies. However, in senior citizen policies, the age of entry is higher and can go up to lifetime. The examples of lifetime renewal policies are Star Health Red Carpet, which lets you enter at a maximum age of 65 years and renewal till lifetime.

3.       Domiciliary treatment: The medical treatment taken at home, if the patient is not in a condition to travel to hospital, is called domiciliary treatment. The expenses incurred during domiciliary treatment are usually reimbursed under senior citizen policies but not under individual health policies.

4.       Special discounts: These plans do offer special discounts on disclosure of vital information. Discounts are offered on premiums are offered, if the certificates of ailments are produced. These ailments include BP report, sugar and blood urea report and other such reports. A discount of up to 10 per cent is given to senior citizens.

5.       Pre-existing diseases: Usually, health insurance plans cover pre-existing diseases only after the completion of 3 or 4 policy years. But in senior citizen plans, the waiting period is usually 1-2 years.

6.       Critical illnesses covered: One of the major advantages of senior citizen policies is that they cover the critical illness and individual does not have to buy a separate critical illnesses policy or rider for it.

 

Disadvantages
 

1.       Senior citizen policies are expensive as their premium is higher and therefore are little unattractive.

2.       Also, the sum assured seems to be inadequate to cover medical costs that could prove more expensive for elderly.

3.       Though the waiting period in these policies is smaller but it is still long for senior citizens as they are prone to diseases.

4.       Exclusions would include non-allopathic treatment. However, elderly usually trust and go for non-allopathic treatments, amounting to expenses incurred by individuals.  

5.       Co-payment is the part of expenses that the insured person has to pay out of his pocket as a contribution towards health expenses incurred by him. Co-payment is higher in case of senior citizens. Since claims are bound to happen in case of senior citizens, insurers want to make sure that over-spending is not being done at their cost. To be safe, they raise the co-payment ratio in these policies to make the insured responsible for his health and expenses there on.

 

Despite these disadvantages, senior citizen plans come to your rescue when all other health plans decide to leave you in lurch when most required. These plans care for you when all others back out. So, it is good to invest in these plans as soon as you are eligible, so that by the time you actually need their services, the waiting period is already over.

 

-----------------------------------------------------------------

 

Also, know how to buy mutual funds online:

 

Invest in DSP BlackRock Mutual Funds Online

 

Invest in Reliance Mutual Funds Online

 

Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

 

 

 

Popular posts from this blog

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
Read more

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...
Read more

Mutual Fund Review: ING Dividend Yield

  ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks.   Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...
Read more

SBI Small Cap Fund

SBI Small Cap Fund scheme seeks to provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme by investing predominantly in a well diversified basket of equity stocks of small cap companies. SBI Small Cap Fund has widened its margin of outperformance relative to its category and benchmark in the last one year, earning itself a five-star rating. The fund shows a hefty 18 percentage-point outperformance relative to its peers in the last one year, 5 percentage points over three years and 4 percentage points over five years. Needless to say, it has also outpaced its benchmark to deliver convincing five-year annualised returns of 37 per cent. A believer in the credo that a small market cap does not reflect business quality, the fund looks for five attributes in the stocks it buys: competitive advantage, return on capital, growth, management and valuation. SBI Small Cap Fund is among the few in this space to remain at quite a man...
Read more

Myths about Exchange Traded Funds (ETFs)

1) ETFs Are Similar to Individual Stocks: Like MFs, ETF consist of an underlying portfolio of securities that's designed to follow a specific index or investment strategy. Hence, they are as diversified as various mutual funds. 2) ETFs Only Invest in Equity: Since they are listed on the exchange, the general belief is that ETF only consists of equity asset class. Globally, ETFs are available across asset classes – equity, debt, commodities, real estate and so on. In fact, over the past couple of years, India has also seen the emergence of Gold ETFs. 3) All ETFs Are Index Funds: ETF started as a fund which used to track indices and hence they were branded as index funds that are listed. However, ETFs have progressed rapidly and are no longer associated only with passive index funds. Globally, we have seen the launch of actively-managed ETFs. In India, also we recently saw the emer gence of fundamentally-weighted ETFs on Nifty, which busts the myth that ETFs are index funds and can...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now