Health Insurance Plans for Family v/s Health Insurance for Senior Citizens. Know the Difference

Health insurance is a type of contractual plan that is taken in order to cover the cost of medical care arising out of illnesses. With health insurance plans, the insurer has to either pay a part of the healthcare costs or the total amount in the exchange for a premium. Typically, health insurance covers the costs of medicine, surgery, and medical and dental expenses that are incurred by the insurer. A health insurance policy provider either directly settles the cost of treatment with the healthcare provider or reimburses the insured for expenses arising due to an accident or sudden illness. To keep yourself protected in case of a financial emergency arising out of unforeseen circumstances you can either invest in health insurance plans for your family or medical insurance for senior citizens.

Want to find out what is the difference between the two? Keep reading below.

Health Insurance Plans for Family vs. Medical Insurance for Senior Citizens

There are several medical insurances in the market, one to fit everyone’s needs. If you are a man or a woman and want to protect your family (generally nuclear) comprising your kids and your spouse you should ideally go for a family health insurance plan. Commonly, such health insurance plans for families have a maximum cap of 5. Such a plan is more comprehensive and economic as opposed to investing in individual insurance plans.

However, if you are someone who also wants to include your parents under the cover; a simple family health insurance plan will not be the right shoe for you. A medical insurance plan for senior citizens is specially customized to meet the needs of older parents who are more than 60 years of age. With several benefits and special care, insurance companies ensure that senior members of the family get their money’s worth in terms of quality healthcare.

At a glance there are certain salient features when it comes to the difference between family health insurance plans and medical insurance for senior citizens.

  • A family health insurance covers the spouse and the immediate children
  • Every member of the family gets to benefit from the insured sum
  • A family health insurance plan is an economic option viable across income levels in the society
  • Medical insurance for senior citizens only covers the older members of the family beyond the age of 60
  • Only one person gets to enjoy the benefits that come with medical insurance for senior citizens
  • The premium amount that needs to be paid is always high for senior citizens

Bajaj Finserv Family Health Insurance Plans

If you want to provide your spouse and children comprehensive coverage during a medical emergency such as an injury or illness, the Bajaj Finserv Family Health insurance Plan is your safe bet. Here are some of the features of such a plan:

  • You get a high insured sum between the range of 1.5 lakh to 2 crores and can effortlessly pay the medical costs arising out of treatment for all family members
  • You have to pay only a one-time single premium amount and in return can enjoy the best healthcare in the country
  • You can save tax under relevant laws
  • You can easily add a family member to the existing policy based on certain specified terms and conditions
  • If the policy specifies it, you won’t need to undergo medical tests
  • There are several add-on benefits available that include maternity and infant cover, bariatric surgery, expenses for organ donation, and more
  • All policyholders get to avail of a complimentary annual health check-up irrespective of any claims made every 3 years
  • The insurance plan covers ambulance charges amounting to about Rs. 20,000 within a policy year

Bajaj Finserv Senior Citizen Health Insurance Plan

As people age, they become more prone to diseases and health ailments. To beat the inflating costs of medical treatments, invest in Bajaj Finserv Medical Insurance for Senior Citizens plan and give your beloved parents the care they need in this phase of their life. Some exciting features included under this policy are as follows:

  • The hard-earned pension or savings money remains untouched as the plan pays for all the medical costs
  • You have the option to choose the cover for pre-existing diseases after the first, second or third year of the policy investment. This variation is based on the plan chosen by the insurer.
  • Now renewing or applying for a fresh policy can easily be done online
  • Cashless claim feature
  • Choose the sum assured as per your preference
  • Includes pre and post-hospitalisation coverage
  • The premium amount that the insurer has to pay is applicable for tax exemption
  • Includes coverage against ambulance service-related costs
  • Avail of no claim bonus at the time of policy renewal after each claim-free year

Key Takeaway

As medical costs like everything else in the world keep on increasing year after year, one cannot simply rely on their savings when it comes to a sudden illness or an accident. Whether you choose to invest in a family health insurance plan or medical insurance for senior citizens, such plans safeguard your savings so that you can spend it on long-term plans like buying a house, or a car, spending it on your child’s education or marriage, etc.

Read More:- Do we need insurance if visiting the best tourist places In North India?

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