A senior citizen health insurance policy is designed for providing financial aid to individuals above the age of 60 years in the case of healthcare emergencies. Most of the senior citizen plans provide critical illness cover, pre-existing illness cover, cashless hospitalization, etc. with a greater sum assured.
As per the latest guidelines of IRDA, all the health insurance providers of India must offer insurance coverage to the senior citizens. Additionally, these guidelines enable senior citizens to port their policy from one insurance provider to another if they aren’t happy with their existing plan.
The key features that some of the best senior citizens health insurance policies are:
The health insurance policies for old-aged people help them to wear off the financial worries related to healthcare. Below mentioned are some of the best senior citizen mediclaim policies:
Here are the details of these plans:
|Insurance Provider –Name of the policy||Age||Medical Check-up||Pre-existing Disease||Pre and Post Hospitalization Expenses||Sum-Assured|
|Bajaj Allianz – Silver Health Plans for Senior Citizens||46 years to 70 years||After the age of 46 years below mentioned medical tests are required –Urine R, SGPT, SGOT, EGC, Fasting BSL, Lipid Profile, CBC, Serum Creatinine.||Coverage offered from the 2ndpolicy year||Up to 3% of hospitalization expenses||Rs 50, 000 –Rs 5,00,000|
|Star Health –Senior Citizen Red Carpet Health Insurance Policy||60 years to 75 years||No||Coverage offered from the 2nd year of the policy||Post-hospitalization expenses are covered up to 5,000 Rs. but diagnostic charges are excluded, nursing charges are not considered, consultation fees, and cost of medicine are also not covered.||Rs1,00,000 – Rs10,00,000|
|ICICI Lombard – Complete Health insurance||46 years and above||Medical tests are required for anyone who is above the age of 46 years and only at specified diagnostic centres||Coverage offered from the 3rd policy year.||30 and 60 days respectively||Up to Rs 10,00,000|
|National Insurance – VARISHTHA Mediclaim Policy for Senior Citizens||60 years to 80 years||Not needed if the insured has been covered by the health insurance policy for 3 years, otherwise, it is required||Coverage offered 1st year when no claim has been filed while the policy is in force.||For 30 and 60 days respectively||Mediclaim of- Rs.1, 00,000 and Critical illness cover- Rs.2, 00,000|
|United India Health –Senior Citizen Mediclaim Policy||61 years to 80 years||Needed, and reimburses only 50 % of the incurred tests expenses, but only after the acceptance of the insurance policy||Coverage offered after 4 years of regular renewal.||For 30 & 60 days (maximum 10% of the hospital bills, whichever is lesser)||Rs 1, 00,000 to Rs 3, 00, 000|
|New India –Senior Citizen Mediclaim Policy||60 years – 80 years||Needed||Coverage offered after 18 months of the policy inception||30 days of pre-hospitalization (5% of the bills of the hospital), whereas 60 days after hospitalization (which can be 10% of the bills of the hospital)||Rs 1, 00, 000 to Rs 1, 50, 000|
|Apollo Munich – Optima Senior||61 years onwards||Needed and reimbursed 50% of the incurred tests expenses only but only after the acceptance of the proposal||Coverage offered after three years of regular policy renewal||For 30 days and 60 days respectively||Rs 2, 00, 000 to Rs 5, 00, 000|
|SBI – Arogya Top Up Policy||65 years and above||Not required up to 55 years, if there is no medical history||Coverage offered after 4 years of regular renewal||For 60 days and 90 days respectively||Sum of Rs. 1,00,000 to Rs.5,00,000 ; and Rs. 1,00,000 to Rs. 10,00,000 (including the deductibles)|
|Oriental – Senior Citizen HOPE Health Insurance||60 years and above||Required to submit the reports of some medical tests issued by the specified diagnostic centre||Coverage offered after 2 years of regular policy renewal||For 30 and 60 days respectively||Rs 1,00,000 and Rs 5,00, 000|
|TATA AIG – MediSenior Health Insurance||61 years and above||Needed and 50% of the incurred tests expenses is reimbursed but only after the acceptance of the proposal||Coverage offered to renew the policy for 4 years||For 30 and 60 days respectively||Rs 2, 00, 000 – Rs 5, 00, 000|
A senior citizen health insurance plan can also be bought by the children of senior citizens if their parents are dependent on them. If a senior citizen is self-dependent, he/she can buy a plan for himself/herself as well.
Here are eligibility criteria to purchase senior citizen plans:
The common inclusions for most of the health insurance plans in India for senior citizens are:
Even though different plans have a different set of exclusions depending upon their terms and conditions, there are common exclusions that are applicable for most of the mediclaim policies for senior citizens:
The common exclusions for most of the health insurance plans in India for senior citizens are:
Apart from cashless hospitalization, pre-existing disease cover, pre and post hospitalization cover, medical insurance for senior citizens in India also provide some other benefits such as:
With the continuous rise in medical inflation, it has become really important for an individual to have health insurance coverage. When it comes to senior citizen health plan, it is a must-have. Anyone above the age of 60 years can opt for a senior citizen policy. In order to choose the best medical insurance in India for senior citizens, one must keep the below-mentioned points in mind:
Let us take an example to understand this.
Shashank is a private banker who earns approximately Rs. 60,000 per month. He is married and has one kid. His wife is a homemaker and he is the only earning member of his family. His parents are over 60 years of age and are dependent on him.
To avoid any medical crisis, Shanshank purchased a senior citizen health insurance plan for his parents. He searched on the internet and found a plan for them. The preliminary tests results were normal, so they got covered in the plan without any issue. He needs to pay a nominal health insurance premium.
Since there are various health insurance plans for senior citizens available online, it can be difficult for anyone to select the best plan. However, comparing health insurance plans on the basis of below parameters can help you to come across the most suitable policy for senior citizens:
Medical insurance for senior citizens allows the policyholder to file a claim against hospitalization or another emergency medical treatment. One can either avail the cashless hospitalization facility at any of the network hospitals of the insurance provider. Additionally, one can opt for reimbursement against incurred treatment expenses at the hospital. However, in both the cases, the policyholder should inform the insurance provider for the same within 24 hours of hospitalization without fail.
In order to file the claim, the policyholder needs to duly fill in the claim form. It can be easily downloaded from the website or can be obtained from the nearest branch of the insurance provider. After duly filling the form, the required documents must be attached sent to the insurance provider’s registered address. For quicker claim processing, it is required to fill the claim form carefully and provide all the required documents.
One can do two things if the insurance provider rejects the health insurance proposal for the senior citizen:
Sometimes the policy buyer isn’t satisfied with the coverage and services provided by the opted senior citizen health insurance plan. In that case, he/she can port the policy from one provider to another. However, this feature is available for the same type of insurance policies. It means a health insurance plan for senior citizens cannot be ported to a family floater health insurance plan/individual health plan of another insurance provider.
Moreover, portability waives off the waiting period for pre-existing diseases with the new insurance provider, if the policyholder has served the waiting period with the previous insurance provider.
Below mentioned are steps for porting senior citizen health insurance plan:
The applicant must select the health insurance plan for senior citizens as per the requirements and fill up the portability form. As per the requirement, the applicant must attach all required documents and submit the form.
The availability of several health insurance plans online makes it difficult for an individual to decide which plan to choose. If an elderly person has to do the same, it could be troublesome for him/her. For such situations, HealthinsurancePlans.in offers a platform where any health insurance buyer can compare different health insurance policies. As per the insurance expectations, an individual can opt for the most suitable one in a matter of a few seconds.
In order to compare various policies, one needs to fill in their insurance requirements in an online form. Upon submitting this form, one gets the quotes for various affordable health insurance plans for senior citizens.
Ans: For most of the people in the golden age (more than 60 years), the cost of medical expenses increases with time. Additionally, the older one gets, the difficult it gets to take a health insurance plan. Therefore, it is advised to buy a health insurance plan for senior citizens to safeguard the financial safety.
Ans: Yes, you need to pay slightly more premium for your senior citizen health insurance plan in comparison to basic health insurance policy. One obvious reason for the same is the old age of the insured. Since increased age leads to more medical issues hence the insured has to pay a higher premium. Moreover, it is essential for the senior citizens to purchase a health insurance plan as it is a cost-effective way to safeguard their finances against any health issues.
Ans: Generally, most of the health insurance providers offer a joint plan for senior citizens so that both the insured and his/her spouse are covered under one policy.
Ans: Until and unless the sum assured is exhausted, you can file claims as per the applicable terms and conditions. If an insured has exhausted the sum assured, the claim will be rejected and he/she will have to bear all the incurred medical expenses.
Ans: The hospitals that are listed in your policy brochure are known as network hospitals and provide added benefits such as cashless hospitalization. However, any other hospital is considered as a non-network hospital and does not provide any such benefits. If you need to undergo treatment in a non-network hospital, you have to pay the bill from your own pocket. After filling out the claim form, you will get the reimbursement.
Ans: A policyholder of senior citizen health plan can avail the tax exemption under section 80D of the Income Tax Act, 1961. One can avail the rebate of Rs. 30, 000 if he/she has a mediclaim policy for his/her elderly parents. Additionally, a rebate of Rs.5, 000 can also be availed for preventive health checkups.
Ans: Below mentioned is the list of documents that one needs to provide while filing a claim for reimbursement:
Ans: Most of the times it depends upon your health insurance provider. However, some basic treatments covered in most of the plans are:
Ans: Any treatment underwent in the network hospital of the insurance provider is eligible for the cashless facility. However, for the treatment underwent in non-network hospitalization, the policyholder can avail reimbursement facility.
Ans: Mostly, all health insurance plans under this category come with a free-look period under which a policyholder can cancel his/her policy and he/she will not have to pay any penalty for the same. Generally, all policies have a free-look period of 15 to 30 days.