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Best Health Insurance for Senior Citizens plans

Here is a look at some of the best health insurance plans that are available in India for seniors. Considering the increasing percentage of medical increment in India, it has become an absolute necessity to buy health insurance for your loved ones. And if they are your elderly parents, then it is all the more essential to get the medical treatment insurance cover.

Star health's Red Carpet plan:

  • All pre-existing diseases are covered except for diseases for which treatment was recommended by or received during the immediately preceding 12 months.
  • Co-payment clause - 30% for other than claims for pre-existing diseases and 50% for pre-existing diseases.
  • A discount of 10% on the premium is available if lab tests documents are submitted.
  • Enhancement of SA is permitted during renewal time.

Apollo Munich's Optima Senior:

  • Husband and wife can be covered under the policy on an individual sum insured basis and get a 5% discount on the premium
  • Pre-screening medical tests are mandatory. The company would reimburse 50% of these expenses.
  • 140 day-care procedures, which do not require 24 hours hospitalization, are covered
  • Enhancement of SA is permitted during renewal
  • Cumulative Bonus (CB) of 5% for every claim-free policy year
  • Pre-existing diseases are covered after 3 years
  • 2 years waiting period for specific diseases like cataracts, hernia, joint replacement surgeries, etc.
  • Co-payment of 30% applicable on specified illness/surgeries like Cataract (each eye), Hysterectomy, Arthroscopy, etc. Co-payment of 15% shall be applicable to all Day Care Procedures

Niva Bupa's Heartbeat:

  • Reducing co-payment clause. This is a very good feature. After 4 years of continuous renewals, the co-payment percentage will become nil for senior citizens.
  • Free health check-up every year
  • The plan will not cover treatment during the first 90 days of the policy unless the treatment needed is a result of an accident or emergency.
  • All daycare treatments are covered.
  • 10% additional sum assured at each renewal.

ICICI Lombard's iHealth plan:

  • No mandatory sub-limits. However, the customer can get the cashless hospitals to plan offering with a reduced premium by limiting the medical expenses pertaining to a specified medical emergency and surgical procedures.
  • The co-payment clause is voluntary
  • Free health check-up every year
  • Certain lists of diseases or ailments are not covered for the first 2 years.
  • A cumulative bonus of 10% on Sum assured can be accumulated for every claim-free policy year.

National Insurance's Varishtha Mediclaim:

  • The policyholder can either opt for a premium discount of 5% for each claim-free year till it reaches 50% or can select the cumulative bonus option.
  • Mandatory co-payment of 10% and an additional 10% for pre-existing diseases.
  • Sum Assured amounts are fixed at Rs 1Lakh for mediclaim and Rs 2 Lakhs for Critical Illness.

New India's Senior Citizen Mediclaim:

  • Premiums will increase by 10% for renewals between the ages of 81-85 years and 20% for renewals between the age group 86-90 years
  • Reimbursement of Medical Check-up costs once in a block of 4 claim-free years.

United India's Senior Citizen Plan:

  • Free Medical check-up once at the end of every three policy years provided no claims are reported.
  • Family discount of 5% on the total premium if the policy is taken for self and any one or more family members viz. spouse or dependent children.

Bajaj Allianz's Silver Health:

  • Reimbursement of pre-medical tests’ costs.
  • Cumulative bonus of 10% for every claim-free policy year.
  • 20% co-payment is applicable if the policyholder is hospitalized in a non-network hospital.
  • 1 year waiting period for pre-existing diseases. After one year, the company will pay only 50% of the claim amount on these diseases.
  • 130 day-care procedures are covered.

Care Senior - Senior Citizen Health insurance plan above 61 years:

  • Minimum Entry Age: 61 Years
  • Upper age limit for enrolment: No
  • Cover Type: Individual/ Floater
  • Minimum Sum Insured: Rs.3 L & Max Sum Insured: Rs.10 L.
  • Hospitalization: 30 days & Post Hospitalization: 60 days.
  • Day care treatment is covered up to Sum Insured, 541 procedures
  • Room Rent: From 1% Sum insured per day to Single Private AC Room.
  • ICU Charges: Up to 2% of Sum insured to No limit for a higher sum insured plans
  • Organ Donor: Up to Rs. 1 L
  • Second Opinion: Yes
  • Ambulance Cover: Up to Rs.2000 per hospitalization
  • Domiciliary Hospitalization: Up to 10% of Sum Insured covered after 3 days of continuous hospitalization.
  • Annual Health Check-up: Yes, for all members
  • No Claim Bonus: Max up to 50% of Sum Insured for each claim-free year
  • Daily Allowance tax Benefit: Up to Rs.500 per day, max 5 days.
  • Automatic Recharge Of Sum insured if exhausted in a policy year
  • Renewability: Life-Long
  • Renewal Premium: Premium payable on a renewal is subject to change with prior approval from IRDA.
  • OPD Cover: Yes
  • Co-payment: 20% co-pay per claim process for age above 61 years can opt
  • Treatment for Cataract: Up to Rs.30, 000 per eye.
  • Treatment for Total knee replacement: Up to Rs.1.0 L per knee.
  • Treatment for Hernia, Hysterectomy, BPH, Stones: Up to Rs.65, 000
  • Treatment for Cardiovascular disorders, Cancer Surgeries, Renal Complications, Breakage of Bones: Up to Rs.2.5 L
  • Initial Waiting Period: 30 days for any illness except injury
  • Pre-existing waiting period: 4 years
  • Named Ailments Waiting period: 2 years
  • Change in Sum Insured: At the time of renewal
  • Grace Period: 30 days from the date of policy expiry
  • Any diagnosis of diseases/ undergoing of surgery/ occurrence of an event, whose signs or symptoms first occur within 30 days of policy start date.
  • Expenses incurred due to Self-inflicted injury resulting from suicide or attempted suicide.
  • Expenses arising out of or attributable to alcohol or drug misuse/ abuse.
  • Expenses incurred on treatment for pregnancy or childbirth, miscarriage, abortion, etc.
  • Diseases present from birth- Congenital diseases.
  • Expenses incurred on treatment of infertility.
  • War, Riot, Strike, Nuclear weapons induced hospitalization.
  • Any OPD Treatment

Why Best Senior Citizen Health Insurance Plan is Important?

Nowadays people become more exposed to certain illnesses and medical terms and conditions as they grow older. This increased sickness leads to frequent hospital visits, which can result in huge medical bills. Besides, if your elderly parents are diagnosed with a lifestyle or critical disease, they may require long-term treatment leading to a financial burden. But if you buy the best senior citizen health insurance policy for your parents, their medical history expenses will be covered extensively without you having to worry about paying the bills.

You must buy senior citizen health insurance even if you have a group health insurance policy from your employer that covers your elderly parents. This is because a mediclaim policy alone might not be enough to cover the health risks of your entire family, including your parents. Therefore, it is sensible to buy the right senior citizen health insurance policy that provides adequate coverage for your parents’ health needs at a pocket-friendly price.

We have handpicked the best health insurance plans for senior citizens and how you should go about picking the right health insurance plan to ensure adequate coverage.

Human life goes through several different stages, from a toddler to youth, to middle age, and finally, old age.

Each stage has its own pros and cons. But the toughest stage of a person's life is supposedly old age, a time of your life when you might have to go through health degradations, loss of physical strength, and worst of all, dependency on others both financially or physically. Especially, when you are physically weak or suffering from various illnesses, the dependency factor might not always prove to be a sweet one.

This is when a Health Insurance Policy can come to your aid and help you pay for your sicknesses by yourself. Getting a medical policy at a young age is easy but if you are planning for a mediclaim health insurance policy at an older age, the process gets a lot more stringent with more restrictions.

Old age is a time of your life when your income is almost negligible while expenditures over health issues are manifold. Health insurance India at this stage offers you financial support. You might not understand the importance of medical insurance when you are young; its importance is greatly felt in the latter part of your life due to the following:

  • Ever-increasing medical expenditure
  • Decreasing earnings or zero revenue
  • Reduction of saved money due to daily expenditures
  • Unforeseen emergencies might cost you a lot of money.

Points to note to get the best health policy

Health insurance policy is very valuable for a senior citizen and should be scrutinized on all its clauses before buying so that during an emergency, the mediclaim health policy provides all the coverages that are required.

  • Maximum renewal age: Choose a medical policy that gives an extended renewal age so that you don’t have to worry about renewing the mediclaim policy every year and can renew it only after the maximum renewal period is reached.
  • Maximum Coverage: Buy the best health insurance for the elderly that gives maximum coverage, including cover for critical illnesses or pre-existing diseases, at affordable rates.
  • Pre-existing diseases coverage with least period: Try to get the best health policy that offers a shorter waiting period for getting benefits for pre-existing diseases, as that will be more beneficial for the elderly person.
  • Maximum sum insured: The best health policy is one that offers a higher sum insured.
  • Minimum exclusions: look for a policy with minimum exclusions as that will enhance the coverage. Exclusions are those diseases that are not covered under the medical policy.

Many eminent health insurance companies in India provide some of the best health insurance policies for the aged. Two of these insurers are Star Health Insurance Company and Bajaj Allianz Health Insurance who offer very good senior citizen health insurance policies. The perfect way you can get the best health policy is by comparing medical policies being offered by various insurers through an online aggregator like PolicyBachat. In case of queries, you can also call insurance experts at 1800 123 4006 / 1800 123 4003.

To summarize, if you understand the importance of a health insurance policy is looking to get the best health insurance in India, then keep the above points in mind and read through the policy nicely before purchasing it.

Why do you need a Health Insurance Cover for Senior Citizens?

While you may think the savings accumulated over the entire career may be enough to take care of your medical needs. The corpus may run out earlier than you think. Health insurance for senior citizens is a crucial tool to safeguard your life savings. It will help you take care of your health needs even in an era of rising medical costs.

  • health insurance covers medical expenses
  • cost of hospitalization
  • Quality Medical Attention
  • ICU charges
  • Preventive Health Check-up
  • ambulance cost covered in health Insurance Beats inflation
  • daycare procedures covered in health insurance
  • Save Tax & Peace of Mind

Benefits of a Health Insurance Policy For Senior Citizens

Health insurance for senior citizens is an agreement where the insurance company agrees to take a guarantee of compensation for medical expenses in case you, as an insured, fall ill or meet with an accident, that leads to hospitalization.

In today’s times, health insurance has become a necessity. It is important for you and your family to be covered under a reliable health insurance policy mainly because of expensive medical care, especially in the private sector. So, a health insurance policy can prove to be a savior in case of an emergency, especially if the breadwinner of the family is on the bed. It would reduce your stress in case of medical emergencies.

A health insurance policy covers expenses incurred due to doctor visits, consultation fees, costs incurred due to medical tests, hospitalization expenses, etc. To learn about senior citizen health insurance benefits in detail, read below:

Comprehensive Coverage:

Buying a policy online will help you tackle health-related issues and avail the best possible medical treatment without worrying about expenses. Mostly, health insurance plans cover you for the following healthcare expenses:

  • In-Patient Hospitalisation Expenses: These are the expenses incurred during hospitalization of at least 24 hours. Most health insurance plans cover you for in-patient hospitalization expenses which include room rent, nursing, boarding expenses, cost of medicines, ICU/ICCU expenses, etc.
  • Pre-Hospitalisation and Post-Hospitalization Expenses: Pre-hospitalisation and post-hospitalization expenses are the expenses incurred a specific number of days before and after the hospitalization. These generally include expenses related to doctor’s visits, x-rays, medical reports, etc.
  • Ambulance Expenses: Health insurance for senior citizen plans often cover you for ambulance expenses arising due to transportation of the patient to the nearest hospital. Generally, there is a limit on cover for ambulance expenses, which can be checked with the insurance company.
  • Daycare Expenses: Daycare expenses are those which do not require hospitalization of at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, rhinoplasty, etc. health insurance plans cover you for a specific number of daycare procedures, as mentioned in the policy document.

  • Domiciliary Hospitalisation Expenses: Domiciliary hospitalization expenses are the expenses that incur due to treatment of an illness availed at home, which otherwise would have required hospitalization. Most health insurance plans cover you for these expenses, the terms and conditions for which can be found in the policy document.

Cashless Treatment:

Generally, insurance companies have tie-ups with hospitals, known as network hospitals that offer cashless treatment to the insured in case of hospitalization. These hospitals reimburse the expenses related to treatment availed by the insured.

This means, you can avail of treatment at these hospitals without paying anything for the medical expenses incurred, and the insurance company will reimburse you for the same later when you make a claim. Note that the claim will be approved if it is made in accordance with the terms and conditions mentioned under the policy.

Portability Benefits:

Health insurance portability allows the policyholders to transfer their existing health insurance policy to new health insurance for senior citizen providers. It safeguards customers from being taken for granted by the insurance companies, thereby giving them flexibility and offering them better options in case they are not satisfied with their existing health insurance plans.

Financial Security Against Rising Medical Costs:

Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time. The policy not only offers you wide coverage but also protects you from hospitalization expenses in case of emergency even during inflation. It not only keeps you stress-free but also takes care of your health.

Tax Benefits Under Section 80D of the Income Tax Act, 1961:

The government promotes health insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961. To know more about tax benefits under health insurance plans, refer to the table below:

No Claim Bonus:

Insurance companies offer a No Claim Bonus (NCB) as a reward to the policyholders for not making any claim during the policy year. Also known as a cumulative bonus, the No Claim Bonus is applicable to both individual health insurance plans as well as family floater health insurance plans. However, note that there is a limit of coverage that you can extend through the No Claim Bonus.

Lifetime Renewability Benefit:

Lifetime renewability benefit allows the policyholder to renew their health insurance policy without any age limit or upper restriction. Especially for senior citizens and parents, the lifetime renewability benefit takes off the financial pressure in case of a medical emergency. The Insurance Regulatory and Development Authority of India (IRDAI) has given guidelines to the insurance providers to offer this benefit under the health insurance plans for seniors citizen that they offer.

Please visit our portal to compare health insurance for senior citizen's policies and select the best health insurance policy which fits all your requirements.

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