Health plans

Take out health insurance for seniors? Buy health plans with a lifetime restore benefit

Take out health insurance for seniors? Buy health plans with a lifetime restore benefit

New Delhi: With an increase in Covid -19 cases in India, especially during Wave 2, there has been growing awareness and demand for health insurance schemes in India. In fact, it wasn’t until March 2021 that the health insurance industry saw a phenomenal 41% increase.

Along with the increase in demand for high insured amounts, features that improve coverage, such as catering benefits, have also become very popular. It is a common feature and is widely available with many health insurance plans in India.

So, if you are looking for a mutual insurance for your parents or grandparents, taking out normal health coverage becomes difficult at an advanced age. The chances of contracting illnesses, on the other hand, increase at a time when the regular cash flow has stopped.

Health care costs tend to skyrocket at about twice the rate of inflation based on the Consumer Price Index. One option for those in their 60s who do not have a personal health insurance plan is to purchase coverage specifically designed for the elderly. To avoid such situations, you must opt ​​for the catering service while taking out health insurance.

What is the benefit of catering?

The restoration service is a cover service in which the sum insured is restored or reconstituted once the original cover has been completely exhausted.

Let me explain with an example. If you have a health plan of Rs 10 lakhs and you spend Rs 11 lakhs on hospitalization. Even then, the full coverage of 10 lakhs INR would be available within the next insurance year.

However, if you have to claim Rs 4 lakhs again during the same insurance year, your health plan will no longer pay because you have exhausted the total limit (of Rs 10 lakhs) during that insurance year. .

However, if you get the restoration allowance after the full sum insured of Rs 10 lakhs is over, the insurer automatically renews the coverage so that you can claim it again within the same year of insurance. assurance. So, if you get the Restoration Allowance, it works like a Stepney in your health insurance plan, i.e. a backup in the event your primary coverage runs out. This would therefore reduce or eliminate your personal expenses.