Top Three Options for Retirees to Stay Covered

After retirement, you reach an age where all you need to do is sit back and relax while you see the most peaceful years of your life unfold. One expects to spend a stress-free life with family and other loved ones on turning 60. But does retirement always go as planned?

Turning 60 may also demand extra care when it comes to health, for obvious reasons. Health risks increase, and so do health care expenses. But what you can do to make the most of old age without worrying much is what we are here to discuss. 

Three options to stay covered after retirement

1. The first option is to continue seeking group insurance cover from the previous employer. Yes, it is possible to continue with your existing plan even after retirement by paying off the complete premium. 

It is the best option as you get to continue with the accumulated benefits. Also, there is no waiting period for pre-existing diseases in this scenario. But one must refer to the policy terms and conditions thoroughly before continuing with the existing health insurance. The claim settlement process becomes smoother in this case. 

2. The second option is to shift to an individual health insurance plan from a group insurance plan from the same insurer offering a group insurance plan. This is possible as per the IRDAI but health insurance premiums will be a little higher in this case. Pre-existing diseases are also covered after serving a waiting period. 
 
3. The third option is to purchase an individual health insurance plan from any insurer for which the insured shall have to go through medical check-ups, and also must check co-payments, loading and sub-limits. The premium depends on the benefits you chose to keep under your plan. Higher the number of benefits, higher the premium will be. 
What you must look for in a senior citizen health insurance plan? 

The best health insurance plans for senior citizens usually have the following features-

• The entry age for senior citizen health insurance plans in India is 60 years. 
• In most cases, pre-medical screening is not required
• A Freelook period of 15 days is offered
• Free health check-ups can be availed by senior citizens annually 
• If the patient is admitted for more than 25 hours in the hospital, then he/she can avail of cashless hospitalization treatment which will cover hospital bills, room rent charges, Doctor’s fees, etc.  
• Cover for pre-existing diseases is included in most health insurance plans for senior citizens
• Pre and post-hospitalization expenses 
• Ambulance services

Best senior citizen health insurance plans in India

Backing up their old age with a relevant senior citizen health insurance plan has become a necessity for the senior citizens in India due to many reasons. The high cost of health care, financial security, are a few to name. 

But to make it easy for you to pick the most suitable health insurance plan for yourself, InsuranceDekho suggests the best ones from the pool of options in the market-

• Star Health Red Carpet Plan
• National Insurance Varishtha Mediclaim Policy 
• Bajaj Allianz Silver Health 
• New India Senior Citizen Mediclaim Policy 
• Universal Sompo Senior Citizen Health Insurance 
• TATA AIG MediSenior 

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Conclusion

It is recommended that proper comparison should be made between different health insurance plans available in the market before selecting one for senior citizens. Online comparisons are easy with Insurancedekho. All you need to do is visit the website to find the plans that suit your requirement and compare them on the most crucial features like coverage benefits, sum insured options, premium amount, age, and family members to be covered. You can also fill in your details online in the lead form so that you get the most suitable health insurance plans as per your requirements. You will also receive a call from the knowledgeable customer care executives at Insurancedekho who will help you in the process. Stay healthy, stay Insured!