As a senior citizen, you’re prone to a lot more diseases and ailments than what the case was a decade ago. Hence, it’s wise to secure your health with insurance plans specially designed for individuals above the age of 60 years.
Senior citizen health insurance plans offer coverage for senior citizens aged between 60 and 80 years of age. Senior citizen health insurance policy is a necessity, especially when you are planning to retire or have already retired and don’t have a regular source of income. A sudden medical emergency may result in financial crises for a senior citizen. To avoid such situation, it is prudent to buy a comprehensive health insurance policy.
It is possible to buy health insurance if you are above 60 years of age. You can compare and get health insurance from a wide range of senior citizen health insurance policies at affordable premiums. According to a recent guideline from IRDAI, every health insurance company has to offer coverage to individuals up to 65 years of age. This updated guideline from IRDAI helps people to get comprehensive health cover at later stage of their life. Moreover, senior citizens are allowed to switch from one insurer to another, if they are not satisfied with their current health insurance provider. There is no lack of insurance companies for senior citizens. However, the challenge is to select the right plan and provider.
How can I get the best sum insured under a senior citizen health insurance?
More often than not, health insurance policies for senior citizens come with a set of limitations such as stringent medical check-ups, higher premiums and certain exclusions to the coverage. Hence, it becomes crucial to look out for some variables while buying health insurance for senior citizens, such as:
- Entry and exit age
- The maximum age for renewals
- Waiting period
- Critical illness cover
- Domiciliary hospitalisation
Buying a health insurance policy when you are above 60 years of age can be a bit expensive. However, with the type of coverage these plans offer, the investment is entirely deserving. Hospitalisation can burn to a huge hole in your pocket and drain your savings at this age. A secure and smart way to back your finances and tackle all your medical expenses is to have a comprehensive health insurance plan.
We have handpicked some the best insurance plans for senior citizens which offers the best sum assured.
|Insurance plan||Min age||Max age||Sum insured||Main benefits|
|Senior Citizen Red Carpet Plan||60 years||75 years||Rs. 1 lakh to Rs. 10 lakhs||• No medical check-up required before buying the policy |
• The plan is available with greater sum insured of up to Rs. 10 lakhs
• The plan offers lifetime renewability
|Bajaj Allianz Silver Health Plan||46 years||70 years||Rs. 50,000 to Rs. 1 lakh||• The policy has 1 year of the waiting period for pre-existing diseases |
• The plan does not a limit on room expenses
• The plan covers pre-existing diseases up to 50% of the sum insured
Apart from the plans mentioned above, there are some health insurance plans offered by India’s leading insurance companies, they are:
- Apollo Munich's Optima Senior Health Plan
- Star Health’s Red Carpet
- ICICI Lombard’s iHealth Plan
- National Insurance Varishtha Mediclaim
- New India’s Senior Citizen Mediclaim Policy
Can senior citizens get free healthcare service?
Senior citizens can get proper medical treatment through a decent health insurance plan by paying affordable premiums. The benefit of choosing the right health insurance plan for a senior citizen can help one to save substantial medical costs.
- Enjoy the benefit of higher sum insured
- Get tax benefits on premiums paid towards a health insurance plan
- Enjoy the free-look period on the insurance policy
- Avail benefit of annual health check-ups
- Day-care costs are covered for treatment such as dialysis and chemotherapy.
- You can avail cashless hospitalisation facility if the patient is admitted for more than 24 hours. This includes doctor’s fees, room charges, medical bills, etc.
- You have an option to renew the policy for lifetime.
- The plan covers ambulance charges, subject to certain limitations.
- Pre and post-hospitalisation expenses are covered depending upon the number of days of hospitalisation.
- Pre-existing illnesses are covered right from day 1 or after a certain waiting period, subject to certain terms and conditions mentioned in the policy document.
- The quick and hassle-free process to settle the claim.
What is not covered under health insurance for senior citizens?
Any diseases and illness contracted within 30 days from the date of policy commencement is not covered. Some other exclusions are:
- Non-allopathic treatments are usually not covered
- Expenses related to the treatment of self-inflicted injuries
- Expenses arising out of the abuse of drugs and alcoholism
- Medical expenses during the treatment of HIV/AIDS
- Certain ailments such as joint replacement, are covered only after a certain waiting period
- Cosmetic surgery
- Cost of spectacles, lenses, and dental treatment is not covered (Except arising out of accident)
- Injury due to riots, war, the act of invasion by a foreign army, etc. is not covered
Here are some of the value-added benefits of health insurance for senior citizens:
- You generally don’t require any premedical test before availing the policy
- As a senior citizen, you can avail free health check-ups based on the features of your plan
- Cashless hospitalisation facility is available
- The plan covers medical bills, room charges, doctor's fees, etc. It also covers pre and post-hospitalisation expenses up to certain days as specified in the policy document
- It covers pre-existing diseases and ailments right from day 1 or after a certain waiting period
- You can avail tax benefits of up to Rs. 50,000 for premiums paid towards the policy under Section 80D of the Income Tax Act, 1961
- Many insurance companies offer lifetime renewability
- You can purchase and renew a senior citizen health insurance policy in a minute through the online mode. Most of the insurance companies provide this facility through their website.
Imagine having to arrange money for medical expenses and hospitalisation in a matter of a few hours, especially when medical charges are rapidly increasing. Now, if you have a senior citizen health insurance policy covering you, you won’t have to worry. A senior citizen health insurance policy ensures financial security during your second inning, so that you can enjoy the golden years of your life to the fullest!