Senior Citizen Health Insurance on Your Mind? Here's Some Help
Updated On Nov 25, 2020
Old age makes one wise. However, it makes them weak as well.
Needless to say, when an individual reaches old age, they become physically and mentally exhausted, thereby becoming prone to numerous ailments. In order to keep them from getting further stressed due to illnesses or lack of treatment and care, it is best to be prepared with senior citizen health insurance.
Financial stability, be it at a young age or in the senior years, is instrumental. Ensuring financial security beforehand not only helps one keep their hard-earned savings intact at the time of an emergency, but also provides them with the much-desired peace of mind, even when in a critical situation.
That being said, are you yet to invest in the best health insurance for senior citizens in your home? Do so right away! Rest assured, choosing the best senior citizen health insurance now will prevent you or them from encountering financial crisis as well as falling even more sick in their hour of need.
Want to know what else apart from financial protection and mental satisfaction, health insurance for parents offers? Here’s a list of all that’s covered!
Features & Benefits:
- Cashless hospitalisation
- Hospitalisation cover including medical bills and room charges
- Higher sum insured coverage
- Coverage of pre-existing diseases based on the insurance provider.
- Ambulance charges.
- Day care expenses arising out of technological advancements
- Tax benefits
- Faster and hassle-free settlement
- Option of policy renewal
- Free-look period
- No medical test before availing of medical insurance (based on the insurance provider)
Exclusions:
- Diseases contracted within 30 days of availing of the policy
- Pre-existing injuries/diseases
- Non-allopathic treatment
- Expenses related injuries caused by self
- Medical expenses incurred for treatment of AIDS
- Expenses as a result of drug abuse
- Cost of lenses/spectacles and dental treatment (except arising out of an accident)
- Cosmetic surgery
- Injury due to war, the act of foreign army
- Joint replacement and ailments like such (covered only after 2 years of availing of the policy)
Are you ready to make the best possible investment in health insurance for senior citizens on behalf of your parents?
Do you know how to select the best senior citizen health insurance for people above 60? In case, you don’t know which points to keep in mind while choosing health insurance for parents above 60 years, go through the elementary aspects mentioned below.
Key Points to Consider While Choosing Health Insurance for Parents Above 60 Years
- AGE
When it comes to age, there are two prime factors that one should consider before making a choice. First, being the entry age and the other being the age of renewal. That being said, note that it is important for one to focus on the entry age and choose a plan with an entry age of 60 to 80 years so that they can buy health insurance for parents even after they have crossed 60. As far as the renewal age is concerned, there are many plans that come with renewal only till 80 years of age. Since the renewal age varies between companies, it is best to choose a plan with maximum renewal age.
- MEDICAL HISTORY
It is important to be aware of your parents’ medical history so that any prevailing medical conditions can be identified. Cross-verification is a must before providing such information to the insurance company.
- SUM INSURED
Since health risks increase with the advancing age, it is better to go with senior citizen health insurance plans that provide higher health cover protection. It is prominent for you to know that the higher the face value, the higher the final coverage offered. Moreover, most people go with the higher sum assured so that it largely covers the individual against medical emergencies.
- COVERAGE
It is important for senior citizen health insurance to cover a vast array of illnesses, specifically critical illnesses since the chances of incidents like such increase with progressing age. Therefore, remember that it would be a must for you to ensure that the health insurance policy you choose covers a large number of illnesses including diabetes, hypertension, and numerous others.
- PRE-EXISTING MEDICAL CONDITIONS
For pre-existing medical conditions generally, a waiting period is defined in a health insurance policy before a claim can be made. This is a significant aspect to consider because the threat of illness as well as resultant hospitalisation, owing to a pre-existing medical condition enhances with age.
- INSURANCE PREMIUM
Senior citizen health insurance policy rates vary depending on age. Other aspects that play a major role in affecting the rates of policies like such include overall health, lifestyle, family history, and others. Note that since senior citizens are at higher risk levels, health insurance companies charge higher premiums.
You may also like to read Top 5 health insurance plans available at low premiums
- NETWORK HOSPITALS
Make it a point to choose an insurer that has a high number of network hospitals, specifically in your location. A broad hospital network will help you in times of medical emergencies.
- CO-PAYMENT CLAUSE
Copayment clause generally varies from insurer to insurer in a health insurance policy. Under co-payment clause, the insured individual has to share a part of the medical expenses from his/her own pocket.
Now that you have gained knowledge of the key aspects to consider while making a choice of senior citizen health insurance, make it a point to finalize your choice only after you:
- Compare different features of different plans
- Choose a higher sum assured
- Make a note of the waiting period
- Buy separate policies for parents
- Consider co-payment
You may also like to read Top health insurance plans without co-payment feature
Popular Senior Citizen Health Insurance Policies You can Rely on
- Senior Citizen Red Carpet - STAR Health
|
Sum insured |
Rs.1Lakh to Rs.7.5Lakh
|
|
Entry age |
60 to 75 years
|
|
Co-payment |
30-50%
|
|
Critical Illness cover |
Available
|
|
Renewability |
Lifetime
|
|
Waiting period for pre-existing disease cover |
1 year |
- iHealth Plan - ICICI Lombard General Insurance Ltd.
|
Sum insured |
Rs.3Lakh to Rs.10Lakh
|
|
Entry age |
No maximum entry age limit
|
|
Co-payment |
Voluntary payment
|
|
Critical Illness cover |
Available
|
|
Renewability |
Lifetime
|
|
Waiting period for pre-existing disease cover |
2 or 4 years |
|
Sum insured |
Rs.1Lakh or Rs.1.5 Lakhs
|
|
Entry age |
60 to 80 years
|
|
Co-payment |
10%
|
|
Critical Illness cover |
Available |
|
Renewability |
Up to 90 years |
|
Waiting period for pre-existing disease cover |
18 months |
|
Sum insured |
Rs.1Lakh to Rs.2Lakh
|
|
Entry age |
60 to 80 years
|
|
Co-payment |
10%
|
|
Critical Illness cover |
Available
|
|
Renewability |
Up to 90 years
|
|
Waiting period for pre-existing disease cover |
1 year |
So, go with senior citizen health insurance plans that provide higher health cover protection. It is prominent for you to know that the higher the face value, the higher the final coverage offered. Moreover, most people go with a higher sum assured so that it largely covers the individual against medical emergencies.
Want to explore more about senior citizen health insurance plans in India?
Get started with your online search right away! Make sure you keep the above-mentioned elements in mind so as to make a worthy investment as per your health, budget, and other requirements.
