Know about 5 Best Health Insurance Plans for Senior Citizens in India

Dev Ashish once said that health insurance is like an umbrella; something that you don’t need every day; but when it pours, it saves the day for you. You should always save something for a rainy day. While it is upsetting that health insurance is difficult to get at an age when you need it the most, it might not necessarily be so. We are bringing to you the five best health insurance policies for senior citizens, after filtering them from an array of available choices, because choosing the right health insurance can prove to be just as important as perhaps, choosing a life partner! No one policy is perfect; its perfection depends on your needs and how it is customized. 

List of 5 Best Health Insurance Plans for Senior Citizens in India for 2021

Here we have listed the 5 best health insurance plans for senior citizens provided by different insurance companies as mentioned below:-

1. Senior Citizen Red Carpet Health Insurance Policy – Star Health
2. Care Health Care Insurance
3. Max Bupa Health Insurance
4. HDFC ERGO Health Insurance
5. Tata AIG Medicare Health Insurance

1. Senior Citizen Red Carpet Health Insurance Policy – Star Health

This is one of the unique policies for senior citizens out there; genuinely made by an altruistic heart! This policy is exceptional because it covers pre-existing ailments from the second year onwards. You can avail the policy if you are between 60 and 75 and you can even get a lifelong cover. The sum insured ranges from Rs.1 lakh to Rs.25 lakhs. With a daily hospitalization allowance, special ambulance allowance and portability benefits, this policy might fit many senior citizens’ needs like a glove. 

Benefits:

• A pre-insurance medical check-up is not required
• All sorts of daycare procedures are covered, along with nursing and room charges. 
• Even hospitalization and ICU charges are covered
• Helps with tax deductions under Section 80D of the Income Tax Act

Limitations

• Twenty-four months waiting period for particular diseases like Cataract, Gall Bladder and Pancreatic Diseases and many more. 
• One has to wait for 30 days before making any claim for the amount. 
• Maximum capping on claims of diseases like cancer and injuries like broken bones
• No claim of death due to suicide will be entertained. 

2. Care Health Care Insurance

Care Health Insurance is definitely out in the market to deliver what it promises. Its claim settlement ratio has been at an impressive 93 percent. Just as their name says, they do care! You can sit back and relax because this insurance policy covers as many as 7400 leading hospitals across India as well as the cost of getting an opinion of doctors abroad if you choose a small add-on. So, wander around with no worries if you love to travel because this health insurance seems to cover the entire planet! This insurance has indeed brought a sense of security for its broad client base. 

Benefits:

• Easy to claim and easy premium payment options.
• Covers the cost of organ transplant as well.
• Not satisfied with the first doctor? Don’t fret because the cost of consulting a second doctor is covered as well.

Limitations:

• The ambulance cover has a maximum cap of INR 1,000, which might prove to be small for some customers. who do not live close to hospitals covered in the policy. 
• Suicide and injuries due to social conditions like riots or war are not covered.
• Only one free health care per year is permittable.

3. Max Bupa Health Insurance

Max Bupa health insurance is a result of an international collaboration between leading healthcare group Max and UK’s Bupa Financial PLC. The claim settlement ratio is at an unprecedented high of 96 percent, showing that Max Bupa takes its job of serving its clients very seriously! Covering a wide range of more than 4500 hospitals and with lifelong renewability, Max Bupa has made it to the list of best life insurances in the country. You’ve got nothing to worry about as long as Max Bupa covers you!

Benefits:

• Even the costs of Ayurvedic and Unani treatments are included in the policy.
• Medical treatment at home of the elderly is also insured.
• Fifteen days free-look period for cancellation of the policy.
• No room rent maximum caps under this policy.
• All ages are welcome.

Limitations:

• Robotic-Assisted Surgery, Light Amplification by Stimulated Emission of Radiation (LASER) & Light-based Treatment are not covered in the policy.
• OPD treatment is not included for a wide range of injuries. 
• The policy will only reimburse for medical treatment taken at home if the doctor advises or if the beds at the hospital have run out. 
• Hospital suites and superior categories are not included. 

4. HDFC ERGO Health Insurance

HDFC ERGO Health Insurance is another example of an international collaboration that has worked well for Indians, especially senior citizens. This insurance is truly one of a kind because it does not differentiate between diseases, meaning that there are no sub-limits on costs of treating a particular disease, as many insurance companies have been doing. No cash? No problem, because this insurance policy will allow a cashless treatment in its network of hospitals! What’s more is that it even provides you with compensation for pre and post-hospitalization expenses for up to a period of 60 to 90 days, depending on the policy you take. 

Benefits:

• Tax deductions under Section 80D, flexible payment options, and a high no-claim-bonus. 
• An easy claims process with no unnecessary hassles!
• Ayurvedic and homeopathy treatments are also included.
• Even the transportation charges of the organ donor are covered!
• 89.07 percent claim settlement ratio for 2019, which is average. 

Limitations:

• A health screening test is required for people above the age of 60
• A long waiting period of 3 years for pre-existing ailments 
• Claim settlement ratio for previous years has been lower at around 77 percent. 
• A two-year waiting period is mandatory for specific diseases like cataract, etc. 

5. Tata AIG Medicare Health Insurance

Tata AIG Health Insurance policy is ideal for senior citizens from the age of 61, and it has no upper age limit cap. Tata is known for his customer focus and ensuring to put the clients first. It has multiple charitable schools and libraries running in its name. This reputation has helped the Tata group continue its name in the fields of insurance too. With almost two decades of experience, The Tata AIG health insurance is surely a force to reckon with.

Benefits:

• Covers medical as well as surgical expenses of organ donors in cases where organ transplant is required. 
• No maximum cap on room rent.
• Covers post-hospitalization charges for 90 days after discharge.
• Easy portability to other insurers.
• Dental treatments are included in the case of accidents.

Limitation: 

• The maximum entry age is 65; thus, it might not prove to be ideal for the senior citizens who wish to take long-term policies. 
• Does not include psychiatric and mental health disorders. 
• Pre-existing ailments have a waiting period of 3 years. 
• Costs of treatment of obesity are not included in the policy.
• Charges incurred at a Hospital primarily for diagnostic tests, such as X-ray or laboratory examinations not consistent with or incidental to the diagnosis will not be covered.

Concluding Remarks:

Health insurance is not perfect. Each insurance policy is unique and has its own set of benefits and limitations. To choose the ideal policy for yourself, you must observe and check if the benefits cover what’s more probable for you. 

Let us assume that you are a senior citizen with a family history of kidney problems. In that case, you must keep in mind that this fact makes you more vulnerable to kidney problems and hence, you must search for a policy that covers costs of kidney transplants, dialysis, etc. Choosing the right policy is an art, and selecting the right one can make all the difference.