Health insurance for senior citizens are some of the top-selling plans in India. Our elders require special care which is duly fulfilled by comprehensive health insurance for senior citizens. These plans offer benefits like home care, domiciliary hospitalization, ambulance charges, daycare procedures, OPD, daily hospital cash, and much more.
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This article talks about the importance of health insurance plans for senior citizens, and what you need to know before you decide to purchase.
There are many benefits to getting a health insurance policy if you or your parents are 60 years or above. Here are some of the reasons why you should consider buying the insurance-
Sum Insured - The sum insured for senior citizen health insurance plans ranges between 1 lakh to 25 Lakhs, depending on the plan that you purchase.
Purchasing health insurance for senior citizens has a lot of benefits. It gives mental peace and other benefits which are given below-
Minimum Entry Age | 60 years (Last birthday) |
---|---|
Tenure | 1, 2, and 3 Years |
Sum Insured | 1 lakh to 25 lakhs |
Renewability | Lifelong |
Given below are some of the best health insurance senior citizen plans along with a few details.
Senior Citizen Plans |
Sum Insured (Rs.)
|
Entry Age
|
Policy Type |
Pre- Medical Check-up
|
OPD and Daycare Coverage
|
Co-Payment
|
---|---|---|---|---|---|---|
Star Senior Citizen Red Carpet | 1L, 2L, 3L, 4L, 5L, 7.5L, 10L, 15L, 20L, 25L | 60 - 75 Years | Individual and Family Floater | No | All Day care treatments | 30% per claim |
Care Senior Plan | 3L. 5L, 7L, 10L | 61 Years - Lifelong | Individual and Family Floater | No | 540 Day care treatments | 20% per claim |
ManipalCigna Prime Senior | 3L - 50L | 56 - 75 Years | Individual, Multi-individual and Family Floater | No mandatory check-up | Covered up to the sum insured | 20% per claim |
Niva Bupa Senior First | 5L, 10L, 15L, 20L, 25L | 61 - 75 Years | Individual and Family Floater | No mandatory check-up | Covered up to the sum insured | 50% per claim (Modification Available) |
Aditya Birla Platinum Essential | 5L - 1 Cr | 60 Years - Lifelong | Individual and Family Floater | Depends on Medical History | 586 Daycare Treatments | 20% per claim |
Sum insured is the maximum monetary coverage that a health insurance policy provides you. You should decide your sum insured based on the cost of medical treatments, your health, income, and lifestyle habits.
The age (last birthday) at which you buy an insurance policy is your entry age to that policy. Insurance policies usually come with a minimum and maximum age at entry which means that you must attain a specific age or should be less than the maximum age to buy a policy.
The medical tests that you undertake before buying an insurance policy as asked by the insurer are called pre-medical check-ups.
OPD covers the cost of doctor consultations and prescribed medical tests that may not require hospitalization. Treatments that can be treated in less than 24 hours of hospitalization like blood dialysis, cataracts, etc. come into daycare treatments.
A clause in insurance where the policyholder has to pay a certain part of the hospitalization expenses and the insurance company pays the rest. Co-payment is imposed when you buy an insurance policy in the old age.
Senior citizen plans do not cover the following conditions:
The cost of health insurance may vary from plan to plan. In the following table, you can get an idea about the premiums you need to pay every year to get coverage of approximately Rs 5 lakhs in a metro city.
Senior Citizen Plans | Annual Premium in Rs. (1 Year) | Annual Premium in Rs. (2 Years) | Annual Premium in Rs. (3 Years) |
---|---|---|---|
Star Senior Citizen Red Carpet | 21,240 | 41,094 | 60,664 |
Care Senior Plan | 23,474 | 43,427 | 63,379 |
ManipalCigna Prime Senior Elite | 28,432 | 53,773 | 80,242 |
Aditya Birla Platinum Essential | 21,798 | 41,952 | 63,602 |
* The premiums may vary from person to person and the above table is showcased to give a rough idea of the premiums.
* You can also check the senior citizens premium calculator on PolicyX for a better idea.
There are two ways by which a policyholder can raise a claim. The following are the ways to raise claims, provided the company offers both claim options:
Cashless Claim | Reimbursement Claim | |
---|---|---|
Definition | Cashless claims refer to the treatment where the policyholder gets admitted to a network hospital. The insurance company then settles the claim directly with the network hospital once the claim is raised and approved. | Reimbursement claims are claims that you have to raise after getting treatment at non-network hospitals. In this case, you have to pay for the expenses at first and the insurance company will reimburse the expenses once the claim is approved. |
Step 1 | Intimation - Inform the company about your planned hospitalization before 72 hours. | Intimation - Intimate the insurance company within 7 days of your hospital discharge. |
Step 2 | Submit the documents - Submit the authorization form, medical reports, and other requested documents to the TPA desk at the hospital. | Submit the documents - Collect your hospital invoices, reports and all the requested documents and submit them to the insurer within a month. |
Step 3 | Approval and admission - The hospital will send these documents to the insurance company for approval. Once it's approved, your claim will be settled directly with the hospital. | Verification and Approval - The insurer will verify all the information and process the claim. If approved, you will receive the reimbursement amount in your registered bank account. |
These are the documents you need to keep handy while filing a claim-
There are a few checklists you need to consider while purchasing health insurance for senior citizens. Here are the things you should consider:
PolicyX is the trusted aggregator that can help you with the end-to-end process for your senior citizen health insurance policy. We provide safe, efficient, user-friendly, and time-saving support that can help you with different processes for your policy. You can buy, renew, and claim from the comfort of your homes.
You just need to follow these steps-
Get quotes from top insurers by filling up a form given at the top of this page.
Compare quotes from different insurers and select the desired plan as per your requirements.
Submit all the required details and documents.
Make the online payment and congratulations! Your health is now secured.
Senior citizen's health insurance plans can be an important aspect of any financial planning. So consider getting a health insurance policy for senior citizens of your family, whether it is you or your parents. Trust me, it will give a huge relief in times of emergency. Ageing is a natural process, but having insurance for your health in old age can make this ageing beautiful and mentally peaceful. PolicyX cares for the well-being of society.
You can reach out to us for any kind of senior citizen's health insurance query by calling or emailing. We are there for you, always.
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An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Traveling and writing is her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and solves the reader’s query seamlessly.