Senior Citizen Health Insurance

Health Insurance for Senior Citizens

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Senior Citizen Health Insurance Plan

Senior citizen health insurance plan is basically designed to cater the needs of individuals who are of 60 years and above. Senior citizen health insurance plan is more of a necessity and especially in those cases where a person wants to get retire and enjoy the post retirement life with the pension amount and interest that he/she would receive on their savings. Everyone is aware of the fact that a single health crisis can break all the savings.

Senior citizen health insurance plan is basically designed to cater the needs of individuals who are of 60 years and above. Senior citizen health insurance plan is more of a necessity and especially in those cases where a person wants to get retire and enjoy the post retirement life with the pension amount and interest that he/she would receive on their savings. Everyone is aware of the fact that a single health crisis can break all the savings.

When it comes to health insurance for senior citizen then you would get several benefits under the same such as cashless admission, free-of-cost ambulance service, and coverage for critical illnesses, etc. There are multiple health insurance companies that deals in senior citizens health insurance plans, it is really imperative to choose the one that can easily go well with all your needs and can offer an effective health cover for all your ailments.

How do Senior Citizen Health Insurance Plans work?

Let’s take an example to understand the working of a senior citizen health insurance plan.

Anshu is a mid-age professional man who live with his family that includes, his parents, his wife and two children. He owned a corporate healthcare cover and also bought individual health covers for himself, his wife and children, but in such scenario his parents are left with no healthcare benefit. After a while, Anshu’s father suffers from diabetes and his mother also got diagnosed with a few ailments. At that time, Anshu’s realizes the importance of having a senior citizen health insurance plan for his parents.

After comparing so many available health insurance plan in the city, Anshu got satisfy with a comprehensive health insurance plan. After that his parents went for medical examination and got the approval by the insurance company. Anshu chooses the best healthcare plan for his parents and he pay around Rs.8,000 per month for the same.

Now, Anshu’s parents can also avail cashless hospitalisation or can get the reimbursement for hospitalisation expenses from the insurance company in the hour of need.

Why You Should Buy A Senior Citizen Health Insurance Plan?

A senior citizen healthcare plan is designed in a way that can offer multiple benefits to the customers:-

Hospitalisation Cover

It is a fact that your medical needs will increase with the growing age. A senior citizen health insurance plan will be there to assist you on hospitalization expenses as the insurance company will pay for all the medical expenses.

Cashless hospitalisation

One of the best feature of health insurance plans. Under the same, if you are taking treatment in a network hospital then you don’t have to pay for any medical expense from your pocket as the insurer will clear the same at the hospital desk on your behalf. This will help you in saving a lot and focus on the treatment rather than the funds.

Cover for pre- and post-hospitalisation expenses

Almost all insurance companies will provide coverage against pre- and post-hospitalisation expenses.

Tax benefits

The best thing about investing in a senior citizen health insurance plan is that all premiums paid by the policyholder will be liable to get tax benefits under Section 80D of the Income Tax Act, 1961.

Discounts and bonuses

Many insurance companies are providing different types of discounts that would be in the form of lower premium or bonuses for the next policy year.

Features of Senior Citizen Health Insurance Plans

Some of the key features of senior citizen health insurance plans are:

  • The plan is designed to provide the needful cover to the people of age 60 years and above.

  • Pre-existing disease and a few specific diseases would be liable to get cover after a fixed tenure of time.

  • There are many health insurance plans that offer the lifetime renewals

  • Several medical related amenities such as ambulatory services, are covered by most of the senior citizen health insurance policies.

  • It also allows insured person to choose a preferred Sum Insured that would be sufficient for his/her medical needs.

  • Policyholder can go for cashless treatment and even ask for reimbursement of all medical related expenses post the actual hospitalization.

  • There are a few senior citizen health insurance plans that offer coverage to policyholder along with option of enrolling their spouse as well under the same as well.

  • Many insurance policies provides the option of co-pay. Opting for Co pay can lead you towards lower premium and in a few cases it will make you eligible to receive a few discounts as well.

Benefits of Senior Citizen Health Insurance in India

The benefits of choosing the best health insurance plan for senior citizens are as follows:

  • Get the advantage of higher sum insured

  • Avail tax benefits on almost all insurance premiums

  • Enjoy the free look period

  • Day care costs including the use of special equipment while treating procedures such as dialysis and chemotherapy are covered

  • Get the benefit of annual health checkup

  • Cashless hospitalization will be there to assist you in case of more than 24 hours of hospitalization that also includes the doctor fees, medical bills, room charges, etc.

  • Choice to renew policy available

  • Subject to the limit, ambulance expenses for transporting the policyholder shall be borne

  • Pre and Post hospitalization will be liable to get the cover

  • Quick and hassle-free claim settlement

Factors to consider while buying senior citizen health insurance plan

Age When it comes to purchase of senior citizens in India, then you should know that age plays a vital role. The entire decision of providing a plan completely depends upon on the age. Hence, it is advisable for everyone to purchase the same at an earlier age to get the best plan out of all.
Number of Insured Persons It depends upon whether you want to add your spouse in your plan or you want to buy a separate senior citizen health insurance plan for them. You should take this decision on the basis of medical conditions and your budget.
The Sum Insured When comparing different senior citizen health insurance plan then the sum insured plays a vital role in the same. An estimation of the medical charges for the entire year will help you decide the desired sum insured amount.
Premiums It is true that the premiums for senior citizen health insurance policies are higher but with a little bit of planning in your budget you can easily manage the same and don’t forget that it offers much better benefits and actually worth it.
Hospital Network Nothing can beats the benefits of cashless facility. Do enquire about all the network hospitals before finalizing the plan.

Senior Citizen Health Insurance- Myths vs Facts

When it comes to senior citizen health insurance plan, there are multiple myths around the same. There are still many people who do not buy health insurance for their parents or for themselves just because of a few misconception. Below are a few myths that need to be broken and rules that need to be followed while purchasing health insurance for your parents:

Myth-Group insurance is sufficient

It is one of the biggest myths that people have in their minds that a group health insurance plan is sufficient. People who got mediclaim business by their corporate company believes that it would be enough to cover their parents. There are many restrictions with this plan that’s why it is important for everyone to understand this and get a separate plan for their parents as well.

Myth-Pre-existing conditions

It is a fat that there are many health insurance companies that do not cover pre-existing ailments, especially when it comes to senior citizens. Because of this reason there are many people that do not enroll themselves under a health insurance policy as they thinks that a pre-existing disease might make their parents ineligible for a health insurance policy. But there are many health insurance policies that still offer cover if the disease is not critical or terminal.

Myth-Insufficient coverage

There are many people who still think of health insurance as a waste of money. They have the mindset that it would not provide the needful cover in the hour of need. While this is not true, health insurance policies offer wider coverage, there would be some restrictions like waiting period but for specifically pre-existing disease otherwise you would be liable to get the required cover whenever you want it.

Myth-Higher cost

It is a fact that senior citizen health insurance plan would be slightly expensive as compared to basic health plans. However, it should not discourage one from purchasing a health insurance policy. There are many senior citizen health insurance policies in the market that are affordable and can go well with your needs

Myth-Healthy and fit

Though your parents might be healthy and have no existing ailments, unforeseen conditions such as age related illness or a certain illness can spoil their health any time. It is very important invest in a health insurance for your parents even if they are fit and healthy.

How to Select the Best Health Insurance Plan for People Above 60?

Investing in a health insurance plan for aging parents is a process that should be done very carefully as you want to offer the best out of all. Keep the following points in mind while choosing medical insurance for parents above 60 years:

Medical history: It is very important for you to know the medical history of your parents while opting for a health insurance plan. But, in a few cases your parents also don’t know about medical condition that they suffer from. In such scenario, it is very difficult to have complete knowledge of medical history. Before submitting such information, you should always cross check the same.

Compare and Choose Plan: In India, there are many health insurance companies that deals in senior citizen medical insurance plans. It is important to compare between the different available options. By comparing different available senior citizen health insurance plan on the basis of price, features, inclusions, exclusions, etc.

Fill proposal form: While choosing the plan, fill in relevant and correct information. Incorrect data could cause problems and your insurance company will reject the application.

Do a medical check-up: The policyholder would have to go through a medical screening after submitting the proposal form. The doctors who are present on the panel of the insurer would verify the information related to the medical conditions of the policyholder. Depending on the health of the insured, a few medical tests would be conducted by the doctor. Some of the tests include lipid profile, blood routine, sugar, urine routine, kidney and liver function, sonography, etc. Note: There are a few senior citizen medical insurance plans that don’t require pre-policy medical screening.

For Example: Tanveer lives with his wife who is a homemaker, 2 school-going kids and his parents. His income is Rs.50,000 per month and is the only bread-earner of the family. As his parents are aged above 65, he decided to buy a senior citizen medical insurance plan for them. Any medical emergency can leave the whole family financially crippled. That was something Tanveer didn't want.

So, after assessing his parents' medical history by checking all the earlier medical reports, he searched health insurance plans for parents. Their pre-policy medical check-up are normal reports and the insurance company accepted the proposal form. The policy that he chooses for his parents required him to pay just Rs. 6000 per month. This was the one of the best decisions that Tanveer took as it left him and his parents financially secure and happy.

Plan Premium Cover For Plan basic features
Religare care with smart select Rs.2324/per month Two(policyholder and spouse)
  • Sum assured- 5 lacs,
  • No claim bonus-Rs 0.5L per year upto Rs 2.5L,
  • Restoration - Upto Rs 5L.
  • Key Features : 15 days Free-look period, Lifelong Renewability, Auto Recharge if SA exhausts upto 100%, 541 Day Care Treatment, 4500+ Network hospital covered
Aditya Birla Diamond Rs 2754/per month Two(policyholder and spouse)
  • Sum assured- 5 lacs, No claim bonus-Rs 0.5L per year upto Rs 2.5L,
  • Restoration - Upto Rs 7.5L.
  • Key Features : Get upto 30% of Premium as Health Return, Health Coach, 586 Day Care Treatment, International Emergency Assistance Services
HDGC Ergo Health Suraksha Rs.2756/per month Two(policyholder and spouse)
  • Sum assured - 5 lacs,
  • No claim bonus - Rs 0.5L per year upto Rs 2.5L,
  • Restoration – NA. Key Features : A network of more than 4800+ hospitals, No Sub-limits on hospital room rents, Cumulative Bonus on completion of every claimless year
Apollo Munich Optima Restore Rs.3616/per month Two(policyholder and spouse)
  • Sum assured- 5 lacs,
  • No claim bonus-NA,
  • Restoration – upto 5 Lacs.
  • Key Features : 15 days Free-look period, Lifelong Renewability, Restore benefit equal to 100% of basic Sum Insured, All Day Care Treatment covered, 3 years waiting period for pre-existing conditions, No claim based Loading, 4000 Network hospital covered, Multiplier Benefit of 50% per year
Star Senior Citizen Plan Rs.3540/per month Two(policyholder and spouse)
  • Sum Assured- 5 lacs,
  • No Claim Bonus - Not Applicable
  • Restoration - Not Applicable
  • Key Features - No Pre medical test required, Pre Existing disease coverd after 12 month, Renewal gauranteed for lifetime
CignaTTK ProHealth Plus Policy Rs.2928/per month Two(policyholder and spouse)
  • Sum Assured- 5 lacs
  • No Claim Bonus - Rs 0.55L per year upto Rs 5.5L
  • Restoration - Upto Rs 5.5L
  • Key Features : Worldwide Emergency Cover, Health Maintenance Benefit, Restoration of Sum Insured, Cumulative Bonus for No Claims
Tata AIG Medi Senior Rs.2111/per month Individual Sum Insured Plan
  • Sum Assured- 5 lacs
  • Lower accommodation or shared accommodation: 15%
  • co-pay Higher accommodation or single-room accommodation: 30%
  • co-pay Day-care treatments: 15% Specific illnesses, as per the policy document: 30% co-pay
Bajaj Silver Health Plan for Senior Citizens Rs.4780/per month Individual plan
  • Sum assured- Upto 5 lakh- can be extended upto 50 lakh
  • General claims: 30 days
  • Pre-existing conditions: 1 year Specific ailments, as per the policy brochure: 1 year Joint replacement surgery: 4 years
*Age 63 years

FAQ's

1
Why do I need a senior citizen health insurance plan?

We all are aware of the inflation rate in healthcare industry and with the growing age the hospitalization expenses will, also increase. Moreover, the older you become, the less will be the chance to get approval for medical insurance. Hence, it is always advisable to go for a senior citizen health insurance plan as soon as you 60 and don’t forget to renew the same every year for maximum benefits

2
Will a person have to pay more for my senior citizen health insurance plan?

It is true that the premium that you would pay towards a senior citizen health insurance plan will be slightly more, as compared to a basic health insurance plan and this is because of the age difference. Increased age may lead to more medical complications, for which insurers will charge more.

3
Is there any limit to the number of claims I can make per policy year?

No, there is no limit related to the number of claims that you can make during your policy. However, you have to make sure that your claims do not exceed your sum insured. If they cross the sum insured amount, your claim will be rejected, and you have to pay from your own pocket.

4
Can I enroll my spouse under my senior citizen health insurance plan?

Yes, there are many insurance companies that allows you to purchase a joint senior citizen health insurance plan for both you and your spouse. This is a very viable option, since many insurance companies will also give you a family discount for the same.

5
What should a person should look for before availing health insurance for senior citizens?

Here are a few points that a person should keep in mind while buying health insurance for senior citizens –

1. Renewal Age limit

2. Entry-Exit age

3. Co-pay option

4. Domiciliary Treatment Option

6
Documents required for senior citizen health insurance?

1. Pre-policy medical checkup documents

2. Duly-filled proposal form

3. Supporting documents for any pre-existing condition

4. Age proof

7
Do all insurance companies offer cashless hospitalisation ?

We all know that there is a tough competition among all the private, public and standalone health insurance companies in India. Almost all insurance companies provide cashless hospitalization at one of their network hospitals.

8
Do companies offer free annual health checkups in health policies?

Yes, most of the insurance companies provide a free health checkup for every block of claim-free year.

9
What are the things to look out for in a senior citizen health insurance plan?

Entry age, renewability age, sub-limit, pre-existing disease cover, specified illness cover, sum insured, co-payment, and premium are some of the important things that you should check in a senior citizen health insurance plan.

10
What are continuity advantages available in health insurance?

Waiting period for pre-existing disease cover and no-claim bonus are known as the continuity benefits available in health insurance.

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I have used the Universal Sompo General Insurance service two times, first time they provided 100% cashless and the second time it was 80% overall it Read More.. I have used the Universal Sompo General Insurance service two times, first time they provided 100% cashless and the second time it was 80% overall it was good.

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