Senior Citizen Health Insurance
A Senior Citizen Health Insurance policy is a type of health insurance plan that covers individuals above the age of 60 years. The plan is designed to reduce the financial and physical stress of senior citizens in the event of illness and hospitalization. This type of plan offers financial aid for medical treatments to elderly persons and can be bought on an individual or family floater basis.
Best Senior Citizen Health Insurance Plans in India for April 2021
There are many senior citizen insurance plans in the market because of which it may be difficult for you to shortlist the most suitable one.
To help you with the same, we have shortlisted 5 senior citizen health insurance plans that offer you several benefits.
Health Insurance Company
Health Insurance Plans
Star Health And Allied Insurance
United India Insurance
Senior Citizen Health Insurance Policy
New India Assurance
Senior Citizen Mediclaim Policy
Care Health Insurance
Universal Sompo General Insurance
Senior Citizen Health Insurance
Features of Senior Citizen Health insurance Plans
Listed below are some features of senior citizen health insurance plans:
- Senior citizen health insurance plans come with higher sum insured options to offer adequate health insurance coverage to the senior citizens during the golden years of their lives.
- There are many senior citizen health insurance plans in the market that offer lifetime renewability benefits. This means that the policy can be renewed as many times as the insured individual wants, provided he/she timely pays the required premium.
- Senior citizen health insurance plans offer wide coverage benefits. These include cover for emergency ambulance, cover for specific illnesses, etc.
- Cover for pre-existing diseases is provided after a specific waiting period. Note that the waiting period may differ from one insurance company to another.
- Under a senior citizen health insurance policy, the insured can avail cashless treatment or reimbursement treatment as per their convenience in case of hospitalisation.
- There are some senior citizen health insurance plans that offer cover to senior citizens as well as their spouse under the single policy. This keeps the insured individuals at ease.
- Generally, there is an option of co-payment under senior citizen health insurance policies. If you opt for co-payment, then you can enjoy paying lesser health insurance premiums.
Why Should You Buy A Senior Citizen Insurance Plan?
Health insurance is designed in a way that offers several benefits to the insured senior citizen. Some of them include:
Benefits of Senior Citizen Health Insurance Plans
- Pre-Medical Screening: Under most health insurance policies, it is not mandatory to undergo pre-medical screening.
- Cover for Domiciliary Treatment Expenses: Most senior citizen health insurance plans offer coverage for domiciliary treatment expenses. This is when the treatment is taken at home which otherwise would have required hospitalisation.
- Choice of Second Opinion: Typically, people look for a second opinion in case of an illness. Senior citizen health insurance policies offer a second opinion (usually one) in a year.
- No Claim Bonus: No Claim Bonus is an amount that the insured gets as a reward for not making a claim during a year. In most senior citizen health insurance plans, you can avail No Claim Bonus ranging between 20%-100%.
- Cover for Hospitalisation Expenses: Senior citizen health insurance plans not only cover you for in-patient hospitalisation expenses, but also for pre-hospitalisation and post-hospitalisation expenses for a specific number of days. This may vary from plan to plan.
- Tax Benefits: Premiums paid for senior citizen health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
How Many Members Can Be Covered Under the Senior Citizen Insurance Plan?
The number of members covered under a senior citizen health insurance plan varies as per the type of the plan as well as from health insurance company to company.
Some health insurers may offer cover to Self and Spouse on an individual basis, whereas some may also include other family members (Self, Spouse, Father, Mother) on a family floater basis. The premium in the latter is based on the age of the eldest member of the family.
How To Buy the Best Senior Citizen Insurance Plan?
With a pool of senior citizen health insurance plans in the market, it can be tedious to shortlist the best one for yourself or your parents. To simplify the process, you can consider the following points before purchasing a senior citizen health insurance plan:
1. Entry Age
While shortlisting a senior citizen plan, go for the one that allows the maximum ages above 60 years.
2. Renewal Age
Check the maximum age until which the plan can be renewed. Choose a plan with maximum renewal age.
Coverage is the essence of the plan. Do check if the plan covers all your requirements such as cover for pre-existing diseases, OPD treatment, critical illness cover.
4. Sum Insured Options
Public insurance companies offer a higher range of sum insured options. A plan with a higher sum insured is preferred as it offers greater coverage.
The premium of the plan is also one of the features to consider while buying a senior citizen's health insurance plan. Make sure the plan is worth the premium.
6. Network Hospitals
Choose a plan with the maximum number of network hospitals, preferably in your locality.
7. Co-Payment Clause
Co-payment is a clause that requires the insured to pay a share of the claim amount from their own pocket. When choosing a senior citizen health insurance policy, you must take care of two things related to this clause, these include checking if the insurance policy comes with a co-payment clause or not, and second if there is any waiting period linked to the co-payment clause under the policy. Note that if the waiting period is less, the part of co-payment will rise, and vice versa. Usually, the percentage of co-payment ranges between 10% and 30% under senior citizen health insurance plans.
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Health Insurance Senior Citizen FAQs
Does senior citizen health insurance policy cover pre-existing conditions?
Generally, senior citizen health insurance plans cover pre-existing conditions. But to avail the benefit, the insured is required to complete a specific waiting period, which may differ from plan to plan.
What are senior citizen health insurance plans?
As the name suggests, senior citizen health insurance plans offer medical coverage to senior citizens aged between 60 years and 70 years. Senior citizen insurance plans offer several benefits to the insured and can be purchased on individual as well as floater basis.
What are the benefits of senior citizen health insurance in India?
Senior citizen health insurance plans offer the insured several benefits. These include cashless treatment, cover for medical expenses, high sum insured range, tax benefits under Section 80D of the Income Tax Act, No Claim Bonus, cover for in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare expenses, pre-existing diseases, etc.
What is the eligibility criteria for senior citizen health insurance plans?
The eligibility criteria for senior citizen health insurance plans vary from plan to plan. Generally, the minimum and maximum age limit is 60 years and 75 years respectively.
Why is medical insurance coverage required for senior citizens?
Senior citizen health insurance plans are more vulnerable to health issues and may have less or no income to avail treatment in the old age. Therefore, it is important for them to have adequate health insurance coverage that covers them at all times.
What is the maximum age to seek cover under a senior citizen health insurance policy?
Maximum age to be covered under senior citizen health insurance policy varies from plan to plan. Many senior citizen insurance plans have 75 or 80 years as the maximum age limit while others have no restriction at all.
Can I get a senior citizen insurance policy if I am aged above 65 years?
Yes. You can purchase a senior citizen insurance policy online at InsuranceDekho If you are aged more than 65 years. But, the maximum age limit differs in different plans which must be considered to meet the eligibility criteria.
How can I calculate senior citizen health insurance premium?
To calculate senior citizen medical insurance premium, you can use the health insurance premium calculator available at InsuranceDekho. It is a free of cost tool that gives you an estimate of the health insurance premium you are required to pay for a specific health insurance policy.
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