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What is a Senior Citizen Health Insurance Policy?

Senior Health insurance in India is offered by different insurance providers to secure those who are aged 60 years and above financially. The health insurance policies for senior citizens are designed to cover medical expenses incurred by the policyholder. Health insurance plan is a well thought out protection tool and is a necessity in today's age. The changing lifestyle and diets have an undesirable effect on our health. This emphasises the need for having adequate health insurance cover.

A senior citizen health insurance policy is a health insurance plan that offers healthcare coverage to individuals between the age group of 60 and 80 years. Cashless hospitalisation, no pre-policy issuance medical tests, pre-existing diseases covered, pre and post hospitalisation cover, are some of the benefits of a health insurance plan for senior citizen individuals.

As per the new guidelines by IRDAI, every health insurer has to offer health coverage to individuals up to 65 years of age. These guidelines help people to avail health cover at later stages of their life. Moreover, they allow policyholders to switch insurers if they are not satisfied with their current health insurance providers. There are plenty of insurance providers for senior citizens.

However, the challenge here is to choose the right one. Hence, it is recommended to make a proper comparison of different senior citizen health insurance plans which are available in the market before availing one. Such a comparison will give you a clear idea on which policy is the best suited for you.

Following are some of the best features of a health insurance plan for senior citizen.

  • People above the age of 60 years can get health coverage under senior citizen health insurance plans.
  • Most of the policies do not require customers to undergo pre-medical screening.
  • Health plans offer a free look period of 15 days.
  • Senior citizen policyholders can avail the benefit of free health check-ups on a yearly basis.
  • Policyholders can avail cashless hospitalisation benefit. This facility covers doctor fees, medical bills, room charges, etc.
  • Pre and post hospitalisation are covered based on the number of days.
  • Most health insurance plan for senior citizen covers pre-existing diseases.
  • Certain healthcare amenities, such as ambulance services are covered by most of the senior citizen health insurance plans.

Following are some of the top senior citizen health insurance plans available in India

  • Bajaj Allianz Silver Health Plan
  • Star Health Senior Citizen Red Carpet Plan
  • Apollo Munich’s Optima Senior Health Plan
  • ICICI Lombard’s iHealth Plan
  • New India’s Senior Citizen Mediclaim Policy
  • National Insurance Varistha Mediclaim

What is covered in a senior citizen health insurance plan?

  • In-patient hospitalisation for treatment of ailment/injury/disease
  • Cashless hospitalisation facility at network hospitals
  • Daycare procedures
  • Pre-existing conditions are covered once the waiting period is over
  • Hospital room rent and ambulance expenses
  • Some insurance companies offer free medical check-ups once a year
  • Pre and post hospitalisation expenses
  • Critical illness rider option
  • Domiciliary expenses
  • Organ donor expenses

    Why is senior citizen health insurance important?

It is crucial to buy health insurance cover for senior citizens due to several reasons

  • Growing age makes you prone to illnesses: After a certain age, people wish to retire and survive on the interest earned from savings or pension fund. However, the growing age also attracts ailments and the contraction of diseases which sometimes require a huge amount of money to cure.
  • Stress-free financial planning with health cover: Though sickness is inevitable with ageing, a health insurance policy will ensure that all your medical expenditures are taken care of in a systematic and hassle-free manner.
  • You can avoid debt crisis: A medical emergency can be a substantial financial blow to your family. If an elderly person doesn't have an adequate health insurance plan, then the breadwinner of the family may have to undergo some serious financial burden to pay off the medical bills, manage household expenditure, and also pay off the loans, if any. You may have to arrange funds at the eleventh hour by taking a loan from a source. Why wait for such circumstances to arise when plenty of insurance companies offer the best health insurance plans for senior citizens?

How to choose the best health insurance plan for senior citizen?

Buying health insurance plan for senior citizen individuals has to be done carefully as you would want them to get the best healthcare treatment. Keep the following points in mind while choosing health insurance cover for parents above 60 years -

  • Know the medical history: While buying a health insurance plan for your senior citizen parents, you should know their medical history. It is possible that they too may be unaware of many prevailing health conditions that they suffer from. In such cases, it would be challenging to depend solely on their knowledge of their medical history. Before proving their medical history to the insurance company, it is always better to cross-verify.
  • Compare and select the suitable policy: There are plenty of senior citizen health insurance plans available in India. It is important to compare different policies online. Comparison between different health insurance plans for senior citizens can be made on factors such as coverage, benefits, price, inclusions and exclusions.
  • Fill proposal form: While selecting the health insurance policy, fill in accurate information. It is important to note that any incorrect information could cause problems, and the insurance company may reject the application.
  • Do a medical check-up: The policyholder would have to undergo a pre-medical test after submitting the policy application. The doctors on the panel of the insurer would verify the information related to the health conditions of the applicant. Depending on the medical condition of the applicant, a few medical tests would be conducted. Some of these tests include blood routine, sugar, urine routine, sonography, kidney and liver routine, etc. However, it is essential to note that some senior citizen health insurance plans don't require pre-medical tests.

Health insurance policies for senior citizens cater to the insurance need of those above 60 years of age—people who are retired and have no regular source of income. With increasing age, the risk of contracting illnesses also increases significantly. This is the primary reason to be financially sound to support medical expenses, and a comprehensive health plan is imperative in that regard.

Recommended Link:Health Insurance for Senior Citizens Above 60 Years