Health Insurance Plans for Senior Citizens
A health insurance policy designed specifically for individuals over the age of 60 years is generally known as medical insurance for senior citizens. The plan is designed in a way that is instrumental to senior citizens and covers them against pre-existing diseases, provides preventive health check-ups, covers cashless hospitalization, provides critical illness coverage, and more for efficient and quick healthcare. After the age of 60 years it becomes vital that health care is provided effectively and promptly as with growing age health deteriorates and you become prone to serious medical ailments if not treated timely.
Minimum Entry Age
60 Years and above
Maximum Entry Age
Subject to different policy terms and conditions
Claim Settlement
Cashless Claim Settlement at network hospitals
Renewability
Available with lifetime renewability
Preventive Check-ups
Available
Tax Benefits
Available under section 80D
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There are multiple health insurance plans for senior citizens that are out in the market and it can be confusing to opt for the one suitable for your needs. We have compiled a list of the best health insurance plans for senior citizens for our readers.
A senior citizen plan that offers complete protection such as nursing at home, AYUSH cover, personal health coach, etc.
Unique Benefits
- Avail up to 21% health returns
- Second E-opinion
- Worldwide Emergency Assistance
A plan designed for senior citizens offering cashless benefits or reimbursement for hospitalisation expenses due to illness or accident.
Unique Features
- Avail Hospitalization expenses
- Pre-existing illnesses Cover
- 130 day care procedures
Comprehensive health plan for people above 60 to make their second inning stress-free from health-related financial worries.
Unique Benefits
- No pre-policy Medical Checkup
- Lifelong Renewability
- Automatic SI Recharge
Care Senior Citizen (Pros)
- No pre-policy check-up
- Annual Health Check-up
- 540+ Day Care Treatments
- EMI premium options
- Discounts Available
Care Senior Citizen (Cons)
- Change of Gender Treatments
- Obesity Treatment Unavailable
- Hazardous Activity Not Covered
- HIV/AIDS not covered
- Cosmetic Surgery unavailable
Care Senior Citizen (Other Benefits)
- Organ Donor Cover
- Second Opinion Available
- Affordable Premiums
- Covid-19 Treatment
- Ambulance Cover
Care Senior Citizen (Eligibility Criteria)
- Entry Age - 61 Years
- Max Entry Age - No age limit
- SI - 3 L to 10 L
- Waiting Period - 30 Days
Future Generali Varishta Bima
Specially designed for senior citizens and is available on an individual and family floater basis which includes the insured and their spouse. SI goes up to 10 lacs.
Unique Features
- Avail Road Ambulance
- Free medical check-up available
- Advance Treatments covered
- Affordable Premium
- Daycare Treatment Cover
- Cataract Surgery
- Tax Benefit
- Knee Replacement Cover
- 50% CoPayment On PED
- Alcoholism Unavailable
- No Dental Cover
- 10% Copay On Hospitalization
- Cosmetic Surgery unavailable
Varishta Bima (Other Benefits)
- Ambulance Charge
- Free Annual Medical Checkup
- 10% Long Term Discount
- 10% Family Discount
- Spouse Cover
Varishta Bima (Eligibility Criteria)
- Entry Age - 60 Years
- Max Entry Age - LifeLong
- SI - 2 L to 10 L
- Waiting Period - 30 Days
A plan providing comprehensive protection to senior citizens with multiple coverage options counting from 5 - 25 Lakhs.
Unique Features
- Coverage for modern treatments
- Multiple co-payment options
- Unlimited SI restoration
NivaBupa Senior First (Pros)
- 3 Variant Available
- No pre-issuance medical tests
- Day 1 Health Check-up
- Safeguard (Add-on)
- Day Care Treatment
NivaBupa Senior First (Cons)
- No Critical Illness Cover
- 50% Co-payment
- No Specific Diseases Covered
- No Pre-existing Disease Cover
- Self Inflicted Injuriesnot covered
NivaBupa Senior First (Other Benefits)
- ReAssure Benefit
- Domiciliary Hospitalization
- Organ Donor Benefit
- Ayush Benefit
- Annual Aggregate Deductible
NivaBupa Senior First (Eligibility Criteria)
- Entry Age - 61 Years
- Max Entry Age - 75 Years
- SI - 5 L to 25 L
- Waiting Period - 30 Days
The plan is specially designed for those individuals who are willing to secure their old-age medical needs after their retirement.
Unique Features
- Guaranteed Lifelong renewals
- No Pre-acceptance Medical test
- Availability of Instalment Facility
Senior Citizens Red Carpet Policy (Pros)
- Individual & family floater plan
- Flexible SI
- Road Ambulance Cover
- ICU cover
- Health Check-up cover
Senior Citizens Red Carpet Policy (Cons)
- Obesity Treatment Unavailable
- Hazardous Activity not covered
- HIV/AIDS not covered
- Cosmetic Surgery unavailable
- Congenital Disease Cover
Senior Citizens Red Carpet Policy (Other Benefits)
- Flexible-Premium Payment
- Cataract Treatment available
- Modern treatment cover
- No pre-policy checkup
- OP Consultation
Senior Citizens Red Carpet Policy (Eligibility Criteria)
- Entry Age - 60 Years
- Max Entry Age - 75 Years
- SI - 1 L to 25 L
- Waiting Period - 30 Days
Importance of Best Senior Citizens Health Insurance
Mediclaim for senior citizens is an essential healthcare safety net that provides senior citizens with quick medical care services when required. After the age of 60 individuals are prone to serious illnesses and medical complications where one illness could lead to a multitude of problems without any prior warning. Mediclaim for senior citizens will help families to manage their finances better and medical bills will not dig into your savings. We have listed a few reasons below in order to reflect on why it is important to invest in a good senior citizen health plan:
- Rising Medical Care Costs
It is of utmost importance to note that post-retirement the income value of a household decreases to almost half as compared to when an individual is earning. For government employees, there's a systematic regular pension plan, however, for private organization employees there is no post-retirement support. With rising medical care costs, it is important that individuals invest in a mediclaim policy for senior citizens in order to not drain their savings when undergoing an emergency or planned hospitalization. - Preventive Health Check-Up Facility
Mediclaim Insurance for senior citizens provides annual health check-ups depending on the insurance policy purchased. These regular health check-ups help insurance holders to save their hard-earned money on such expenses with the help of comprehensive health insurance coverage. - Cover against Critical Illnesses
Medical insurance for senior citizens offers coverage against critical illnesses and that allows senior citizens to avail the best medical care for critical illnesses such as heart ailments, brain surgery, cancer treatments and more. Critical illness treatments are expensive to treat and can drain the life savings of a family hence it is essential to invest in a good mediclaim policy for senior citizens.
Benefits of Health Insurance Plans for Senior Citizens
Health Insurance for Senior Citizens is designed in such a way that will provide several benefits keeping in mind the needs of the ederly. With this health insurance, an aged individual can avail of multiple benefits. Some of the crucial ones are mentioned below:
Comprehensive Coverage
With this health insurance plan in your pocket, you don't have to worry about paying for pre & post hospitalization expenses, daycare expenses, ambulance charges, domiciliary hospitalization expenses, among others.
Cashless Treatments
With the availability of cashless facilities,one can easily avail of the cashless medical treatment from any of the network hospitals that are a part of the respective insurer's network.With this, an individual can get the best treatment possible without paying for the expenses (as per the policy).
Life-long Renewability
Many senior citizen health insurance plans come with a lifetime renewability benefit, which offers you the advantage of getting a lifetime cover, without any restrictions or age bar.
Pre Medical Tests
Most insurers don't ask for pre-medical tests in these specially designed senior citizen plans. People who would otherwise opt for a normal health insurance plan at the age of 60+ would most likely have to go through a pre-screening test. This is one very important benefit because in old age, most people have pre-existing diseases and therefore land up not getting any company to offer them a standard plan.
Tax Benefits
Premiums paid under such policies are eligible for tax benefits (Rs.50,000) under Section 80D of the Income Tax Act, 1961. An additional rebate of Rs.5,000/year for preventive health-check is also available.
Coverage to Elderly People
A senior citizen health insrance allows one to avail medical coverage for the senior citizens.With a senior citizen health insurancce, one can secure their healthcare needs even after the age of 60 years.
Who Should Invest in Health Insurance Plans for Senior Citizens
Health Insurance Plans for Senior Citizens offer necessary benefits such as pre and post-hospitalization cover, day-care treatment, annual health check-ups, cashless hospitalization, home care, and more. Health Insurance Plan for Senior Citizens is suitable for people over the age of 60. However, with the constant rise in lifestyle diseases individuals must purchase a health insurance policy for their elderly parents, retired professionals, business owners, etc.
Other Senior Citizens Health insurance companies
Factors To Consider Before Investing in Health Insurance Plans for Senior Citizens
A health insurance policy acts as a legal guardian of your health. You should spend considerable time researching before making a decision. The below-pointers should be a part of your research when you are buying a Health Insurance for aged individuals. Let's learn about them.
Network Hospitals
It's hard to travel when you are old. And it's even harder at the time of a medical emergency. It's convenient to partner with an insurance company whose network hospital is near your residence, so that when a medical emergency arises, you can go to your nearby hospital and avail cashless treatments.
Waiting Period
These plans comes with a waiting period for pre-existing diseases, which means you can avail of coverage for a certain listed illness after a pre-defined number of days. Here, the smart move will be to compare different plans and choose the one that has the lowest waiting period.
Free Medical Check-ups
Old age requires extra prevention and protection in terms of health. And medical check-ups can help you achieve that. If you agree with this statement, then going for an insurance company that offers free medical health check-ups can be a treat for you.
Co-payment
In general terms, co-pay is a predefined amount that the insured promises to pay at the time of a claim. As most of them don't have a regular income, it's not easy to pay up a large claim amount. That's why it is recommended to go for a plan that asks for a small co-pay in return. It puts less pressure on your wallet.
Best Health Insurance for Senior Citizens Tax Benefits
Health Insurance for Senior Citizens in India has a major benefit under the Income Tax Act, section 80D which states that the premiums paid toward any health insurance for senior citizens is eligible for tax exemptions of up to INR 50,000. Under this benefit senior citizens can enjoy the advantage of medical cover along with tax savings.
Inclusions of Health Insurance Plans for Senior Citizens
Health Insurance Plans for Senior Citizens have the following inclusions:
- Hospitalization Expenses : Mediclaim for senior citizens includes hospitalization expenses which translate into access to all hospitalization-related expenses like ICU charges, nursing fees, etc.
- Pre and Post Hospitalization Cover: Medical insurance for senior citizens offers pre and post-hospitalization cover that includes multiple check-ups and consultations based on the terms and conditions of different health insurance plans for senior citizens. A standard 60/90 days pre-hospitalization and 90/180 days post-hospitalization are offered.
- Day-Care Treatments :Health insurance for senior citizens offers day-care treatments that cover advanced medical technology treatments that are done within 24 hours and do not require hospitalization for more than 24 hours.
- Home Health Care :Senior citizen mediclaim policy is designed keeping in mind the comfort of senior citizens and offers home health care in many health insurance plans for senior citizens wherein you can avail treatment and medical care in the comfort of your own home.
- AYUSH Treatment : Senior citizen mediclaim policy offers alternative therapies like Ayurveda, Unani, Siddha, and Homeopathy to ensure that senior citizens can access all treatments for their overall health and recovery.
Exclusions of Health Insurance Plans for Senior Citizens
Health Insurance Plans for Senior Citizens have the following exclusions:
- Self-Inflicted Injuries : The standard norm for all senior citizen mediclaim policy states that insured lives will not be covered under situations where self-harm is inflicted under the influence of any intoxicants or under any circumstances.
- War: Health insurance plans for senior citizens do not cover any claims due to the circumstance of war.
- Treatment of Obesity or Cosmetic Surgery :Health Insurance Plans for Senior Citizens do not cover any treatments related to cosmetic surgery or obesity
- Adventure Sports and Activities :Health insurance for senior citizens in India does not cover any injuries sustained due to extreme adventure sports like bungee jumping, paragliding, skydiving or others.
- STI : Health insurance for senior citizens does not cover venereal and sexually transmitted diseases.
How to Buy Health Insurance For Seniors With PolicyX.com?
With so many insurance buying options available in the market, the risk of fraud also increases. For a safe, quick, and time-saving process, PolicyX.com comes with an easy and user-friendly buying process that allows you to purchase your policy from the comfort of your home.
Step 1
Get quotes from top insurers by filling up a form given on the top of this page.
Step 2
Compare quotes of different insurers and select the desired plan as per your requirements.
Step 3
Submit all the required details and documents.
Step 4
Make the online payment and Congratulations! Your Health is now secured.
How to File a Claim For Health Insurance For Senior Citizens?
Insurance companies allow policyholders to claim for such policies via two means- cashless and reimbursement. Let's discuss both the procedures:
Note: These are general guidelines. It may vary from one insurer to another.
- For availing cashless treatment, you need to get admitted to a network hospital associated with the insurance company.
- Intimate the company about your hospitalization as soon as possible.
- Submit the authorization form along with the photo identity and health card copies at the hospital desk.
- The hospital will send these documents to the insurance company for approval.
- Once it's approved, you can take the treatment and its expenses will be looked after by the insurance company.
Generally, people who get treated in non-network hospitals file for reimbursement. Below is the process-
- Inform the insurance company, avail treatment, settle all the bills and file for reimbursement.
- Do collect and submit all the chemist bills, hospital reports, doctors' prescriptions, pathological reports, etc. to the insurance company.
- The insurer will verify all the information and process the claim.
- If approved, you will receive the reimbursement amount in your registered bank account.
- Policy document (Photocopy).
- Duly filled claim form.
- Attending physician's statement.
- Medical records.
- Others requested by the company.
Wrapping it Up
Health insurance plans for senior citizens are an essential tool to help combat financial burdens caused by medical care for senior citizens. With growing age serious health issues and medical ailments can be more frequent and difficult to combat due to weaker immunity and degeneration of the body. It is an expensive affair to pay out of your pocket for medical treatments for senior citizens. The best health insurance for senior citizens can be selected by looking at multiple factors such as sum insured options, premiums, coverage benefits, and more.
