Old age makes you prone to diseases & medical ailments. The cost of treatment of such old age ailments is also quite expensive. Purchasing a senior citizen health insurance policy from coverfox.com will ensure that the insurance company will take care of all of your old age medical expenses.
Aging makes you prone to illnesses & various medical ailments. Aged people always wind up bearing a higher medical cost. Additionally, some elderly people have pension money & some only have little savings. As a result, paying for the expensive medical treatments with the limited income gets quite difficult to manage. This could increase the burden on your wallet. That's why buying a comprehensive senior citizen health insurance policy becomes extremely important.
It covers for your old age medical treatment costs without harming your savings or pension money. A Senior citizen health insurance provides financial support for:
A senior citizen health insurance policy offers a wide range of benefits to older people. Here are some key benefits of purchasing a senior citizen health insurance policy in India.
Besides the above features, almost all other features of the senior citizen health insurance plan are similar to those present in normal health plans. Though many companies have policies which cover senior citizens, here we have chosen 4 insurance companies that offer specially designed senior citizen plans. Let us take a look:
1. New India Assurance Senior Citizen Mediclaim Policy:
A policy which can be availed by individuals aged 60-80 years and which can be continued till the individual reaches 90 years of age if the plan is continuously renewed with the company. The basic coverage includes pre and post hospitalization cost, ambulance charges, hospitalization expenses for illnesses and injuries to name a few.
2. Star Health Senior Citizens Red Carpet Policy
A plan which you can avail if you are aged 60 years and above and till 75 years. The plan can be renewed continuously for the entire lifetime. The coverage includes hospitalization expenses including pre and post hospitalization, ICU charges, surgeon’s fees, etc.
3. Apollo Munich Optima Senior Plan
A plan designed for individuals aged 61 years and above. Among the list of coverage provided, the basic ones include in-patient treatment, pre and post hospitalization, day-care procedures, ambulance charges, etc.
4. Care Health Insurance Care Senior plan
Care Health Insurance provides the Care Senior Health Insurance Policy specifically for senior citizens. It is quite an affordable health plan for senior citizens. This plan is available as an individual health policy as well as a floater health policy. It offers coverage options of Rs. 3 Lakh & Rs. 5 Lakh, 7 Lakhs & 10 Lakhs. The plan offers a tremendous benefit of up to 150% increase in your cover or sum assured with no-claim bonus & no-claim bonus super options. The no-claim bonus super is a cover that is optional. This plan doesn't require you to go for a pre-policy medical check-up in order to buy the policy.
The plan provides optional covers of Out Patient Department (OPD) care of up to 5000/- per policy year. This covers pharmacy expenses, diagnostics & even doctor consultations. Under this plan, you can also drop the option of choosing the SMART SELECT benefit, which increases the premium by 15%. Read below to understand more in detail about the benefits of this plan.
5. Max Bupa Senior First Plan
Max Bupa offers the Senior First plan which is a health plan customized as per the medical needs of the elderly. It provides unconditional support to senior citizens during their golden years. The coverage options are up to Rs. 25 lakhs. The plan does not have any sub limits on health check-ups conducted from day 1 & common health conditions. It has a hassle free claims process.
6. Aditya Birla's Activ Care plan
Aditya Birla's Activ Care plan for senior citizens is a comprehensive health insurance policy. This plan not only provides cover for diseases or accidents but it attends to the overall medical needs of old people. Additionally, this plan requires the elderly policy holder to go through medical screening which includes a fitness test. As per the assessment and score of this test he or she can win Health Returns based on their healthy heart score. The individual can utilize these Health Returns while playing the premium at the time of policy renewal.
7. Senior Citizens Red Carpet
Star Health Senior Citizens Red Carpet Health Insurance Policy is a plan especially for senior citizens. It offers coverage to individuals from the age of 60 & allows admissions to hospitals, right up to the age of 75. You can extend the coverage till lifetime. Read below to understand more in detail about the benefits of this plan.
| Top Health Insurance Plans | Sum Insured | Tax Benefits Section 80D | Renewability | Co-Payment | Medical Checkup |
|---|---|---|---|---|---|
| Bajaj Allianz Silver Health Plan | 50K to 5 Lakh | Yes | Lifelong Renewability | 20% | Pre - medical tests are mandatory for every proposal |
| Star Health – Senior Citizen Red Carpet Policy | 1 Lakh to 25 Lakhs | Yes | Lifelong Renewability | 30% - 50% | None |
| Apollo Munich's Optima Senior Health Plan | 2 Lakh to 5 Lakhs | Yes | Lifelong Renewability | 15% - 30% | Yes | ICICI Lombard's iHealth Plan | 3 Lakh to 50 Lakh | Yes | Lifelong Renewability | NA | Free at selected centres |
| New India's Senior Citizen Mediclaim Policy | 1 lakh & 1.5 lakhs | Yes | Lifelong Renewability | 10% | Yes |
| National Insurance Varistha Mediclaim | 1 Lakh & 2 Lakhs | Yes | Lifelong Renewability | 10% - 20% | Yes |
Buying health insurance for aging parents has to be done carefully as you would want them to deserve the best. Keep the following points in mind while choosing medical insurance for parents above 60 years:
Note: There are certain senior citizen medical insurance plans that don’t require pre-policy medical screening tests.
For Example: Mayur lives with his wife who is a homemaker, 2 school-going kids and his parents. He earns around 50,000 per month and is the only bread-earner of the family. Since his parents are aged above 65, he decided to purchase a senior citizen medical insurance plan for them. Sudden medical crisis could leave the whole family financially crippled. That was something Mayur didn’t want.
So, after assessing his parents' medical history by going through all their earlier medical reports, he browsed the web and searched health insurance plans for parents. Their pre-policy medical check-up showed normal reports and the insurance company accepted the proposal form. The policy that Mayur chose for his parents required him to pay just Rs. 6000 per month. This was the best decision that Mayur took as it left him and his parents financially secure and happy.
If you want to compare senior citizen medical insurance in India, you need to remember that the type of policy a person wishes to avail depends primarily on:
While doing a comparison on health insurance plans for senior citizens in India, consider the following parameters:
Waiting Period:
The following table shows the basic specifications of most health insurance plans for senior citizens in India.
| Category | Specifications |
|---|---|
The following documents are required to raise a claim under a mediclaim policy for senior citizens
For a Death Claim:
Medical Natural Death:
Accidental Unnatural Death:
You might feel that your lifetime savings will be sufficient to manage any of your medical expenses in your old age. However, many cases show that this doesn't happen. There are countless cases where elder people exhaust their lifetime savings & are unable to attend to their medical needs in old age.
Hence, a health insurance plan for a senior citizen is of prime importance. It takes care of the elderly person's high medical expenses without exhausting their lifetime savings or pension money. The senior citizen health insurance takes care of the rising medical expenses. Here are few important reasons why you should buy Senior Citizen Health insurance Plan online from Coverfox.com
IRDAI or Insurance Regulatory and Development Authority of India have been authorized with the responsibility to monitor the provisions of government-backed health insurance policies that are customized for senior citizens, among various other tasks. It keeps a close tab of the features and benefits offered through senior citizen health insurance plans and regulate them at frequent intervals to ensure their welfare.
Here are some of the regulatory activities undertaken by IRDAI in the recent past:
Imagine having to arrange for hospitalization and medical expenses in a matter of a few hours. More so, when you consider the exorbitant medical charges that are rapidly rising. Now, consider how it would have been had you been insured by a senior citizen health insurance plan. Wouldn’t that be convenient and ease your financial burden when such a situation arises, irrespective of whether it is a planned hospitalization or an unforeseen emergency? A senior citizen health insurance plan assures you the financial security during your post-retirement years when you probably would not have a high monthly income.
