Health insurance is the key to maintaining quality of life and protecting your finances anywhere in the world. The cost of hospitalisation for the smallest of health concerns is on the rise across the globe; going without the protection offered by health insurance can bring about considerable financial ruin under the present economic conditions. This is especially true for senior citizens, as they tend to fall sick more often and can rack up quite a large medical bill. If you are a Non-Resident Indian (NRI) living in Kenya and looking for the best health insurance for senior citizens, there are a few options you can check out before making your choice.
Here are some of the best insurance options for senior citizens living in Kenya
Treatment in India
Can NRIs from Kenya purchase health insurance in India?
Yes, NRIs from Kenya can purchase health insurance in India. Policies purchased in India can be used in the country and abroad, depending on the terms and conditions offered by the insurer. While some insurers may offer coverage for medical treatments in India alone, there are others that may offer global coverage.
What plans should be purchased for Kenyan senior citizens?
Family floater plans
Family floater plans are one of the more affordable ways to protect the entire family’s health needs. NRIs can opt for family floater plans and add their senior citizen parents to it, along with their spouse and dependent children. You may be thinking, “How can one plan suit all the different needs of my family members who are at different stages of their healthcare journey?” Well, you can customise these plans through add-ons/riders so that all your family members get the coverage they need from the plan. Add-ons will increase your premium, but are worth it in the long run for protection against certain scenarios.
Benefits of a family floater plan
- Sum insured: The sum insured can be used by any family member who is a part of the family floater plan. There are no limits to how much of the sum insured one person can use. It acts as a shared pool, and anyone in need of it can dip into it. So senior citizens who are more vulnerable to hospitalisations can use it more if need be, as opposed to the healthier members of the family who might need none of it.
- Affordable and convenient: Purchasing health insurance individually for every member of the family can put a huge dent in your pocket. Maintaining paperwork and tracking premium payments for every member’s health insurance plan can become a full-time job on its own. These issues are eliminated with the purchase of a family floater plan, which is affordable and comes with less paperwork.
- Tax benefits: NRIs also get tax benefits from health insurance policies under Section 80D of the Income Tax Act in India. They are eligible for tax benefits for health insurance premiums of up to INR 1,00,000 if senior citizens are included in their family floater plan.
Senior citizen health insurance plans
A senior citizen health insurance plan would be ideal for those who are 60 and above. These plans are tailor-made, keeping in mind the healthcare needs of senior citizens. Seniors are among the most vulnerable to health scares and face more health-related complications due to their age. These issues are addressed more efficiently through a health insurance plan for senior citizens rather than a standard health insurance plan.
Benefits of a senior citizen health insurance
- Pre-existing conditions: Health insurance companies have a waiting period in place where you can’t make claims for a certain period if it is related to pre-existing conditions. The elderly are the most affected in this scenario, as they are more vulnerable to pre-existing conditions. A senior citizen health insurance policy can have a shorter waiting period or none at all, depending on the insurer.
- Health screening: Most insurers require a mandatory health screening as a prerequisite to purchasing their health insurance policy. Some senior citizen health insurance policies may not require such tests for the elderly. This can be especially handy for elderly NRIs who are not living in India.
Treatment in Kenya
Diaspora-friendly health insurance plans geared towards senior citizens will be the way to go when it comes to medical treatments in Kenya for NRI seniors. These usually cover resident Kenyan families, making them an ideal choice for NRIs and their elderly parents who reside in Kenya. They also accept payments via multiple channels, which makes it easier to purchase and maintain these policies while living abroad. A health insurance policy bought in Kenya can only be used in Kenya and only very rarely abroad. Read the terms and conditions of the policy carefully and choose a policy that will give your parents the most options.
Whether you are buying health insurance for use in Kenya or India for your elderly parents, ensure you opt for a health insurance plan that has the least amount of waiting period. This will reduce out-of-pocket expenses. Also, make sure that the insurer has a high claims settlement ratio, especially in the case of senior citizens
Email your news TIPS to Editor@Kahawatungu.com — this is our only official communication channel
