How Mediclaim Policies for Senior Citizens Can Secure Your Family’s Future in Pune

Pune 28 January 2025: As Pune’s population begins to age, the challenge faced by families becomes managing rising healthcare costs for elderly relatives. When money tightens up, a mediclaim policy for senior citizens becomes a necessity for a quick response to a medical emergency. The total health expenditure in Maharashtra for 2019-20 was ₹77,603 crores, constituting 2.84% of Maharashtra’s gross domestic product (GSDP). This highlights the increasing strain on the healthcare system, making a solid mediclaim policy crucial for managing healthcare expenses and ensuring financial protection for senior citizens.

What Is Mediclaim for Senior Citizens?

Mediclaim for senior citizens is a health insurance policy that covers people aged 60 years and above. These policies help reduce the financial burden on families through financial assistance for hospitalisation, surgeries, and treatments.

For example, take Mr. Sharma of Pune, a 65-year-old man. A senior citizen mediclaim policy that covers hospitalisation expenses up to ₹10 lakh is what he goes in for. He undergoes knee replacement surgery for ₹ 8 lakh later. Most of this expense is covered by his mediclaim policy, making it not an embarrassment for his family to bear financially. Families opt for the best mediclaim policy for families benefit from such comprehensive coverage.

Benefits of Mediclaim Policies for Senior Citizens

1. Financial Security: As healthcare costs continually rise, a mediclaim policy helps secure the savings from being depleted to meet the medical expenses incurred during medical emergencies.

2. Comprehensive Coverage: In most cases, these policies cover hospitalisation, pre & post-hospitalisation expenses, Daycare procedures and sometimes even AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha & Homeopathy).

3. Tax Benefits: As per Section 80D of the Income Tax Act, one can claim deductions for premiums paid towards mediclaim policies for senior citizens.

4. No Claim Bonus: Certain policies provide a No Claim Bonus benefit, wherein on continuous claim-free years, they have the provision of a discount (ranging from 20% to 100%) on renewal premiums.

5. Lifetime Renewability: Many health plans for senior citizens have a lifetime renewability option, which means there are no age restrictions for staying on the plan.

6. Free Medical Health Check-up Facility: A senior citizen health insurance plan offers policyholders medical checkups free of cost once a year after completion of a certain number of policy years or completion of a specific number of claim-free years.

Selecting the Best Mediclaim Policy for Family in Pune

When choosing the best mediclaim policy for family that includes senior family members, consider the following factors:

1. Sum Insured

In Pune, opting for a higher sum insured is important as it has high healthcare costs. Medical treatments for severe illnesses or critical conditions can be expensive. The higher sum insured guarantees that your policy can bear these costs and does not draw from your savings. Some plans come with add-ons, such as the super top-up feature for enhanced coverage.

2. Coverage of Pre-existing Conditions

Because seniors are more likely to have chronic health issues, it is important to pick a policy that covers pre-existing diseases after a certain waiting period. The latest guidelines allow health insurance companies to count the medical history of a pre-specified number of months in order to find pre-existing conditions. It is important to disclose any pre-existing health issues when actually purchasing the policy, as non-disclosure may result in claim rejection.

3. Network Hospitals

Check that the insurer has a wide network of empanelled hospitals in Pune for cashless treatments. With a huge network, you can have access to quality health services without paying for them upfront when emergencies arise. Before purchasing a policy, it is recommended that you check the list of network hospitals to see the level of convenience and coverage you will expect during treatment.

4. Co-payment Clause

Some policies have a co-payment clause, meaning that the insured will be expected to pay a portion of the claim. It’s important to understand this clause because, for higher co-payment percentages, your out-of-pocket costs could increase during the claims. Take, for example, if a medical bill is ₹1 lakh and a policy has a 20% co-payment clause, then you would have to pay ₹20,000 for the same. Opt for policies with lower or no co-payment ratings to limit financial strain during possible medical emergencies.

5. Renewability

Policies that continue on to offer lifelong renewability are best used in order to sustain continuous coverage free from age eligibility. Therefore, continuity of cover addresses it. Lifelong renewability policies remove the need to start searching for new insurance plans at a later age to pay for healthcare as long as you’re alive.

Conclusion

A mediclaim policy for senior citizens is a sound investment to secure your family’s future in Pune. Careful selection of policy that provides complete coverage, high sum insured and fits the appropriate needs of elderly people ensures that medical emergencies do not disrupt the family’s financial stability. However, don’t forget to compare other policies, examine their terms, and settle for the one that best suits your family’s healthcare needs.