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Best Senior Citizen Health Insurance Plans To Buy in 2024

Having health insurance is crucial for everyone. However, it becomes even more critical when senior citizens are involved. Senior citizens are prone to illnesses and autoimmune diseases because of the age factor. Old age increases chances for medical assistance and multiple problems from minor pains to surgical procedures. For a quality life and to be more independent, having health insurance is of utmost importance. Health insurance acts as a helping hand for senior citizens relieving them of any financial or mental worry. Health insurance shields the happy and golden retirement years of senior citizens.[1]

Best Senior Citizen Health Insurance Plans To Buy in 2024

Benefits of having a Health Insurance as a senior citizen

The benefits of senior citizens health insurance in the golden years are manifold. A few of those benefits are listed below:-

  • Financial Security:- These health insurances listed below provide maximum financial coverage making it easier for senior citizens while they receive treatments. Having maximum coverage helps them to focus on their health rather than worrying about their finances.
  • Wide Coverage:- These plans have wide coverage as they provide financial security with hospitalization, pre and post-op, health checkups, outpatient care, domiciliary expenses, etc. making it easier during emergencies. Health insurance becomes more critical for senior citizens with their depreciating health.
  • No Medical Tests Required:- Many health insurance plans also make it effortless for the elders as they don't require medical tests while purchasing a new plan. Personal document verification is sufficient. If necessary, all the details can be verified by InsuranceDekho and its advisors on phone calls.
  • No claim bonus:- Many insurers offer a no-claim bonus - if no claim is made in a year the beneficiary gets a bonus on the renewal of the policy. Future premiums are lesser with the availability of this benefit increasing coverage.
  • Cashless Treatments:- Another benefit of having health insurance is getting cashless treatments making it convenient for members. Having a policy will make the beneficiary’s life stress-free and they can focus solely on getting better rather than diverging their focus to money-related problems.  
  • Availability of Tax Benefits:- Tax benefits are provided in many health insurance policies which also conveys how important it is to have health insurance. A senior citizen can claim 20K+ under Section 80D of the Income Tax Act 1961.
  • Additional Benefits:- There are a few additional benefits provided under health insurance for senior citizens, shielding them from many hassles, like ambulances, home care facilities, covering pre-existing diseases with a specified waiting period, etc.  

Top 5 Health Insurances for Senior Citizens

The insurances listed are a few of the best health insurances available for senior citizens:-

1. Niva Bupa Health Companion

This Niva Bupa Health Insurance is one of the best plans for senior citizens as it provides various benefits. There are certain waiting periods for a minimum of 30 days initially, 36 months for pre-existing diseases, and 24 months for a specific disease. There are many benefits to this policy which can be explained in detail when you contact any InsuranceDekho advisor. A few of those benefits are:-

  • Annual Aggregate:- A certain amount is paid by the beneficiary only after which the company will pay the claim, however, this gets the member a discount on the premium.
  • Tenure Discount:- A certain discount is provided to the member if they pay for 2 or more years of premium together.
  • Family Discount:- If the member has an individual plan they are offered a family discount of 10% on 2 or more members.
  • Doctor Discount:- An additional discount of 5% is offered to registered medical practitioner members.
  • Standing Instruction Discount:- A standing instruction discount is provided to members when they renew their policy on time a discount on their premium is allowed.
  • Air Ambulance:- In case of an emergency the policy also covers the costs of air support Hospitalization:- It covers the cost of hospitalization starting from  2  hours, unlike any other plan that requires a minimum of 24 hours of hospitalisation.
  • Additional Benefits:- Other benefits like, room rent allowance, no-claim bonus, refill benefits, safeguard add-ons, etc can also be availed. These benefits together make this policy one of the best ones for senior citizens.[2]

2. Care Supreme

This Care health insurance policy is one of the leading policies that offer multiple benefits. Waiting periods for this policy differ for every cause, like, a named ailment has a waiting period of 24 months, the initial waiting period is 30 days, and for pre-existing diseases, it is 48 months. A few benefits of this insurance are listed below:-

  • E-Consultation:- There is an unlimited e-consultation provided for members under this policy.
  • Cumulative Bonus:- A bonus of  50% of the Sum Insured per year, max up to 100% of the sum insured is provided to beneficiaries.
  • Air Ambulance:- Emergency cases where air support is required are covered by this insurance.
  • Instant Cover:- An initial waiting period is required for a few critical concerns like hypertension, diabetes, asthma, and hyperlipidemia.
  • Claim Shield:- Claim coverage of 68 non-payable items during hospitalization is included in this policy.
  • Modification of PED Wait Period:- The waiting period for PEDs or pre-existing diseases will be modified to 1,2 or more years as opted in the policy.[3]

3. ManipalCigna Prime Senior Elite

ManipalCigna’s Prime Senior Elite provides a standing instruction discount of 3%, a family discount of 10%, and a long-term discount for 2 years for 7.5%, and if 3 years it is 10%. These benefits make it a policy to consider. The waiting period of this policy is, an initial  30 days, for specified diseases 24 months, and for pre-existing diseases 24 months. A few other important benefits of this health insurance are:-

  • Cumulative Bonus:- 10% to 100% of the cumulative bonus is offered under this policy.
  • Tele-Consultation:- The members of this policy can consult doctors through calls and texts. InsuranceDekho advisors help a member connect with company-approved doctors.
  • Air Ambulance:- Benefits of air ambulance are available to members under the elite plan of this insurance.
  • Daily Cash for Shared Accommodation:- If a member has a shared accommodation for 24 hours or more during their hospitalization they get a cash benefit for every 24 hours of hospitalization. This benefit is available only under the elite plan.
  • Unlimited Restoration:- 100% restoration of the sum insured is available for all related or unrelated illnesses or injuries available in this plan after the 2nd claim.
  • Domestic Second Opinion:- A second opinion is available for listening to 36 critical illnesses available once every year under the elite plan of this health insurance.
  • Room Upgrade:- The member under this plan can upgrade their room on a comfort basis and it will be covered under this policy.
  • Reduction in PED Waiting Period:- Under this benefit, you can reduce the waiting period of PEDs to 90 days only.[4]

4. Star Assure

This Star health insurance is one of the plans where the coverage is extensive as it not only covers senior citizens but also helps you in your youth. A member can purchase this plan in their youth and continue it till their old age. It covers many benefits such as ambulance cost, hospitalization, pre and post-op, etc. The waiting period for surgeries and treatments is 24 months, the initial waiting period is 30 days, etc. This plan is the best for women, senior citizens, and the youth as it covers people from 18 years to 75 years of age. A few other benefits of this plan are:-

  • Modern Treatments:- All modern treatments like radiology are also covered in this plan.
  • Domiciliary Care:- Members have an availability of home care which makes it easier for senior citizens to recuperate.
  • Outpatient Consultation:- Members are given outpatient consultation which makes it easier for them as they can get their problems resolved without any hospitalization.
  • Annual Health Check-ups:- Health check-ups are covered under this plan. Members do not have to pay out of pocket for any health check-ups in this health insurance.
  • Floater Basis:- This plan covers not only the member but also their legal spouse, children, adopted children, and dependent parents. This benefit makes it reliable.

5. Aditya Birla Activ One

Health insurance for senior citizens by Aditya Birla, Activ One is a beneficial insurance plan. It has wide coverage as it covers health returns, health credits, super credit, super reload of the sum insured, optional claim protection, modern treatments, in-patient hospitalization, daycare treatment, etc. The waiting period for this policy differs in every concern, such as pre-existing diseases have 4 years, specific diseases have 2 years and the initial waiting period is 30 days. A few other benefits are listed below:-

  • Go Premium Free with Renewal:- If the member burns 300 calories and walks 10,000 steps daily then they have access to this benefit.

  • 100% Hospital Bills Covered:- This is an optional benefit for members under the Activ One NXT plan. All the hospital bills during the hospitalization under the plan are covered in this policy.

  • No Limit on Hospitalisation Expenses:- Every hospitalisation expense from room upgrades, ICU, surgeries, consultations, check-ups, etc. is covered under this plan. 
  • Coverage and Sum Insured:- There is a 2X sum insured from day 1 and unlimited times refill up to 100% of the base sum insured from the 2nd claim itself for all subsequent claims in a policy year. 
  • Chronic Coverage:- There is no waiting period for chronic diseases such as asthma, obesity, hypertension, hyperlipidemia, diabetes mellitus, COPD, coronary artery disease, etc.
  • Coverage Irrespective of Claim:- When the renewal of the policy is done a 100% enhancement is done on your coverage and up to 500% of the base sum is insured irrespective of claims. However, this is an optional benefit for members of Activ One NXT.[6]

Conclusion

Health insurance for senior citizens is very critical because of the ever-increasing health risks. These policies are some of the best insurance plans for senior citizens as they can shield their happy and golden years from unnecessary burdens. InsuranceDekho helps you with the selection of the best plan according to your needs.

References

  • [1] https://www.insurancedekho.com/health-insurance/news/best-senior-citizen-health-insurance-plans-to-buy-in-2021-3029
  • [2] https://www.nivabupa.com/content/dam/nivabupa/PDF/Health-Companion/Health%20Companion_Brochure.pdf
  • [3] https://cms.careinsurance.com/cms/public/uploads/download_center/care-supreme---brochure.pdf?rv=0.13803300%201708326803
  • [4] https://mail.google.com/mail/u/0/#inbox/FMfcgzGxSRGdzKcwzRMWBSvTpxGjkLrN?projector=1&messagePartId=0.2
  • [5] https://mail.google.com/mail/u/0/#inbox/FMfcgzGxSRGdzKcwzRMWBSvTpxGjkLrN?projector=1&messagePartId=0.3
  • [6]https://www.adityabirlacapital.com/healthinsurance/campaign/activ-one-nxt

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