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Best Health Insurance Plans From Top Insurers

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Retirement may be called the golden period of a person’s life, but nobody can deny the fact that it means the end of earning period for many unless one chooses to work after that.

For a retired person the most important thing they should think about is making the best use of their retirement corpus that would help keep tax liability at bay and provide a regular stream of income.

Many people get worried when they notice their retirement years are approaching fast to them. Just imagine being at the point of your life where you are about to retire and still haven’t achieved your goals yet. It could be especially worrisome if you don’t have sufficient savings to be able to sustain your lifestyle after you retire. According to a recent national survey, 66 percent of Indians worries about their retirement because of insufficient retirement funds.

Securing retirement by opting the best available health insurance policy is a must if you want to live a comfortable life without your retirement making a much difference in it. Star health insurance is having such schemes that offer senior citizen health insurance to cater to the particular needs of the elderly. The insurance plans by Star health Insurance for senior citizens are not only beneficial for their health but peace of mind as well.  

Features of Senior Citizen Health Insurance

Here are some of the most significant features of health insurance plans for senior citizens in India are:

  • Coverage for hospitalization including medical bills and room charges
  • Cashless facility for hospitalization
  • Daycare expenses which incurred out of technological advancements
  • Coverage of ambulance charges 
  • Coverage for pre-existing diseases based on the insurance provider
  • Based on the insurance provider, no medical test required before availing medical insurance. Coverage for a higher sum insured 
  • Coverage for pre-existing disease
  • Faster and hassle-free settlement

Things To Remember While Buying Health Insurance For Senior Citizens

Here is a list of some of the key points that one needs to follow while purchasing a health insurance policy for senior citizens:

  • Medical History: It will always a wise step not to rely on the senior citizen’s knowledge of their medical history when it comes to opting health insurance. It is possible that they might not be aware of certain ailments or medical conditions that they are suffering from. The applicant is required to provide information about existing health ailments that the senior citizens have to the insurance company. So, regarding the medical history of the senior citizens, it is very important to be thorough with the information the applicant provides 
  • Choosing The Plan:  It is important to be vigilant while choosing the right one, despite the fact that there are several factors that go into choosing the right health insurance policy. It is necessary to consider factors such as cover, cost and exclusions before zeroing in on the final right plan only after comparing the various health insurance plans available in the market. 
  • Filling The Proposal Form: Once the applicant chooses the right policy, (s)he’ll need to fill in the proposal form for the policy. It is so much important and necessary that they provide correct and relevant information while filling in the form. In case the applicant provides incorrect information, it will lead to complications also may result into rejection of the application.
  • Medical Check-Up: A doctor on the panel of the insurance company will go through it will conduct an interview to verify the information on the form regarding the medical conditions mentioned on it, once after applicant submits the proposal form. After this, the next step is a medical check-up, the doctor will conduct about 11-13 tests depending on the health condition of the individual. Some of the tests conducted are blood routine, lipid profile, sugar, urine routine, liver function tests, kidney function tests, serum creatinine, PSA (for men), sonography (for women).

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Exclusions of Senior Citizen Medical Insurance 

Listed below are some of the most frequent clauses, penned down by PolicyX, that are not covered under the senior citizen health insurance plans: 

  • The pre-existing injuries or diseases
  • Diseases that are contracted within 30 days of availing the policy
  • The non-allopathic treatments
  • No coverage for self-inflicted injuries
  • The expenses incurred from drug abuse
  • Except for arising of an accident, no cost of spectacles/lenses and dental treatment are entertained 
  • Medical expenses of treatment of AIDS
  • Few ailments like joint replacement etc. are covered only after 2 years of availing the policy
  • Cosmetic surgery
  • Any injury happened due to war, the act of a foreign army, etc.

Plans By Star Health Insurance For Senior Citizens

Here is a list of plans by Star Health Insurance for senior citizens, penned down by PolicyX: 

Senior Citizens Red Carpet Health Insurance

Providing a lifetime cover to the elderly this lifetime health insurance plan by Star Health insurance secures their life. Mentioned here are a few salient features of Star Health Insurance’s Senior Citizen Red Carpet Health Insurance: 

  • The minimum entry age for availing the insurance policy is 60 years and the maximum is 75 years.
  • This policy guarantees lifelong rewards to senior citizens.
  • Insurance coverage is available for all kinds of pre-existing diseases after 12 months of policy commencement.
  • Coverage for Medical consultations and Out-Patient expenses is provided.

Advantages of the Senior Citizens Red Carpet Health Insurance Policy:

  • Subject to the maximum reach of the amount of Rs. 6,000 per day, the expenses of Boarding, Nursing, and Room will be borne by the insurer are equal to 1 percent of the entire sum insured.
  • The charges of ICU up to per day is 2 percent of the whole insured sum
  • Subjected to the maximum limit of 25 percent of the entire sum insured per hospitalization. the fees of consultation, surgeon, specialist, medical practitioner, and anesthetist are offered.
  • Up to 50 percent of the entire insured amount per hospitalization are the charges of blood, anesthesia, oxygen, pacemaker, operation theatre up to 50 percent of the entire insured amount per hospitalization.
  • Not more than 7 percent of the total sum insured is the in-patient expenses 
  • Subjected to a maximum limit of Rs 5000 for every occurrence, the charges of post-hospitalization including consultation, surgery, medicines, diagnostics, and drugs are offered. However, it should be recommended by a Medical Practitioner only. 
  • With the upper limit of Rs 1200 per policy period, ambulance charges are limited to Rs 600 for every hospitalization. One year is the term period of the policy.

Family Health Optima Insurance Plan

The Family Health Optima Insurance Plan is a complete family health insurance policy that includes all the expenses that are incurred in the hospital. Under the plan, considerable savings can be made in the long run, due to the fact that the whole family is covered in a single plan.  Here are a few of the features of Star Health Insurance’s Family Health Optima Insurance Plan: 

  • The treatment for the family covered broadly if the illness treatment by accidents and illnesses
  • Benefits of insurance coverage that covers the insured before, during, after the hospitalization
  • With a single premium, the whole family gets the insurance coverage 
  • There is no medical screening until the age of 50 years and post that, the medical checkup is conducted at the expense of the company.
  • Pre Existing diseases are covered right after the completion of 48 months of availing a continuous insurance service.

Coverage in Star Family Health Optima Insurance Plan

  • The plan covers in-patient costs including the room rent. The insured must be hospitalized for a minimum duration of 24 hours, in order to avail in-patient benefits, 
  • The expenses of nursing and boarding 
  • Medical specialist, anesthetist, surgeon and/or consultant fees
  • Ambulance or emergency services charges that incurred for the purpose of transportation of the insured patient to the hospital
  • Drugs and medicines expenses
  • Expenses of pre and post hospitalization

Star Comprehensive Insurance Policy

The coverage of delivery of a baby and newborn cover, expenses of ophthalmological and dental treatment, hospital cash benefit and more are offered by Star health comprehensive insurance policy.

Coverage by Star Comprehensive Insurance Policy Includes:

  • Room expense including Ac and a standard room, nursing and boarding expenses
  • Anesthetist, consultants, surgeons, and specialists’ fees
  • Expenses of oxygen, anesthesia, operation theatre, drugs and medicine, surgical appliances, chemotherapy, dialysis, diagnostic, materials, X-ray, pacemaker and radiotherapy
  • The charges of pre-hospitalization incurred due to an illness but only within 30 days prior to the hospitalization.

Medi-Classic Insurance Policy (Individual) 

Though the Medi-Classic Insurance Policy(individual) by Star Health Insurance Company is a policy specifically crafted for senior citizens, the best part of it is that through it non-allopathic medications are covered to some extent.

The coverage that Medi-Classic Insurance Policy (individual) offers:

  • Boarding, nursing, room expenses- but only up to 2 percent of the amount insured. However, it is subjected to the maximum limit of Rs 5000 per day.
  • Anesthetist, consultants,  surgeon and/or specialists fees are covered
  • Oxygen, anesthesia, operation theatre, drugs and medicines, surgical appliances charges
  • Chemotherapy, dialysis, diagnostic materials, x-ray, pacemaker, and  radiotherapy
  • Charges for emergency ambulance service up to Rs 750 per day for every hospitalization and maximum of Rs 1,500 per policy period.
  • Pre-hospitalization expenses within 30 days prior to the hospitalization.
  • In-patient expenses for a minimum of 24 hours.
  • Post-hospitalization costs of up to 7%, subject to a maximum of Rs. 5000

The renewal benefits are also provided by the company. One percent of the average amount insured can be claimed for health check-ups, which is subjected to a maximum limit of  Rs 5000. However, it is for every block of 4 claim-free years. Only for a sum insured of Rs 2 lakh and above this specific benefit is offered. Also, a No Claim Bonus of five percent is also offered but only up to a maximum of 25 percent of the basic sum insured, for every claim-free year.

Add on covers for Medi-Claim Insurance Policy

  • Hospital Cash: For every full day of hospitalization a hospital cash benefit of Rs 1000 will be offered. However, it is subject to a maximum duration of 7 days for every hospitalization and 14 days for a policy period. But, the days that won't be considered under this benefit are the day of admission the day of discharge will. Additionally, it cannot be claimed against hospitalization for any physiotherapy or an epidemic. For the persons who wish to be insured without any capping on the hospital allowance even during old age, this specific benefit is appropriate. 
  • Patient Care: Only if advised by any physician attending the patient, it will take care of the charges incurred in employing an attendant at one’s residence immediately after discharge. At a maximum of 14 days in a year, it can be claimed up to the limit of Rs. 400/- per day for 5 days at once. Also, there will be no payment for the first day.The basic sum insured shall be automatically restored by 200 percent but will be done only once during the entire policy period. This shall be done immediately after the exhaustion of the specified coverage limit. This restored amount can be used only for the purpose of the treatment of diseases or illnesses.

By 200 percent, the basic sum insured shall be automatically restored. However, it will be done only once during the entire policy period. After the exhaustion of the specified coverage limit, This shall be done immediately. The amount can be used only for the purpose of the treatment of diseases or illnesses.

One can now choose a Star Health Insurance and put his/her health-expense-related worries to rest, with all the plans at your disposal.

We all know that there are several myths surrounding health insurance for senior citizens, that are in need to be clarified. Many people do not purchase health insurance for their parents or in case of a senior citizen, for themselves because of certain misconceptions, despite being at such an age. Listed below are some myths about health insurance that need to be broken and the facts that need to be followed while purchasing health insurance for any senior citizens:

  • Group Insurance is Sufficient: About health insurance, this is a very common misconception many people have. They also believe that the mediclaim group insurance offered by the company will provide enough cover for the senior citizens of their family as well. Interestingly, it is said that many employees have been rationalizing the cover in order to reduce the steep premium and some of them have taken a step further to exclude parents from the policy. Hence, it is very important to not rely on just mediclaim policies to offer health coverage to the senior citizens of the family.
  • Pre-existing Conditions: Especially in the case of senior citizens, it is true that most of the health insurance policies do not cover pre-existing ailments. Due to this very reason, many shy away from opting for a health insurance policy as they are under the impression that a pre-existing ailment might make the senior citizens of their family ineligible for a health insurance policy. However, fortunately, a lot of health insurance policies still offer cover if the ailment is not critical or terminal.
  • Insufficient Coverage: As the health insurance policies do not offer cover for certain existing conditions, so many consider health insurance policies to be useless. But this is true, as almost all of the health insurance policies have a waiting period of four years after which existing diseases are covered. But the good news is the senior citizens will still be covered for hospitalization charges in the first four years for other ailments and accidents.
  • Higher Cost: In the case of senior citizens, it is true that health insurance can be slightly more expensive. But that should not be a reason for not purchasing health insurance policies. There exists many senior citizen health insurance policies in the insurance sector that offer adequate health cover to the senior citizens and won’t pinch the pockets even.
  • Healthy And Fit: This might be true that the senior citizens for which the application has been made might be in their best shape and have no existing ailments, unforeseen circumstances such as age-related ailment or a certain illness can hamper their health any time. Still. But, it is equally important to have health insurance for them even if they are fit and healthy.

We agree that securing one's life by keeping beneficial health insurance for senior citizens or people in their 50s, we also suggest that to survey well and get the best suitable plan for your loved ones. We PolicyX, wish you good luck with choosing the best policy. 

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Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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