Best Health Insurance Policies For Senior Citizens Above 60 Years In India

Raman’s father retired from a private reputed company. His father is now no longer covered under the corporate health insurance policy. So, Raman wants to purchase health insurance for senior citizens that will cater to all healthcare requirements of his father. Earlier, it was an arduous job to find Senior Citizen Mediclaim Policy plans in India. After his research, Raman came to know that these days many health insurers are offering Mediclaim for senior citizens so that these people can also lead a stress-free and disease-free life.

Here we are going to mention some of the health insurance policies for senior citizens so that people like Raman can purchase the best medical insurance for parents above 60 years.

A senior citizen health insurance policy is a typical policy plan that is specially designed for people above 60 years. These meticulously designed plans will certainly minimize the financial stress of senior citizens in case of emergency hospitalization or injuries. These plans embrace senior citizens with financial aid for their medical treatments. Anyone can purchase these plans either on an individual or family floater basis.

Some Intriguing Features of the Best Health Insurance for Seniors

• Senior citizen health insurance plans provide an adequate sum insured amount and also, offer a wide range of coverage so that these people can enjoy their post-retirement life wholeheartedly.
• These days, the markets are thronged with multifarious senior citizen health insurance plans that come up with renewability benefits. This implies you can renew the plans as many times as you want, provided you need to pay the premium amounts on time.
• Senior citizen health insurance plans welcome policyholders with an array of coverage benefits. These plans offer coverage for an emergency ambulance cost, specific illnesses treatments cost etc.
• After completing the waiting period, you will be eligible for coverage of pre-existing diseases. This specific waiting period may differ from one insurer to another.
• A senior citizen health insurance policy also offers both cashless treatment and reimbursement treatment. In case of hospitalization, a person is free to choose any of them.
• Some senior citizen plans also cover the spouse of the senior citizen under the same policy plan.
• Most senior citizen health insurance plans come up with a co-payment clause. If you choose this option, then your premium will be on the lesser side.
• For a senior citizen plan, a person needs to go for a mandatory health check-up before enjoying the benefits of the policy. Insurance companies usually prefer this step to analyze the overall risks of the individuals before issuing the policy. The cost of the examination will either be sponsored by the company or the insurer needs to perform the tests from their side.
• Most senior citizen plans offer a limited sum insured amount (Rs.1 lakh to Rs.3 lakh). Since senior citizens belong to the category of higher-risk individuals, hence insurers cap the maximum amount.

Some of the Health Insurance Plans for Senior Citizens

1. Star Health Senior Citizen Red Carpet Policy

• The entry age is between 65-70 years
• The plan offers a range of sums insured between Rs. 1 lakh to Rs. 10 lakh
• The Co-payment ratio is 30%
• The plan offers coverage for ICU expenses, OPD costs, ambulance charges, hospitalization expenses, and so on
• No medical examination is required for this health plan
• The plan comes up with a lifetime renewability option

2. TATA AIG Medisenior Plan

• The entry age is 61 years and above
• The plan offers a range of sums insured between Rs. 2 lakh to Rs. 5 lakh
• The Co-payment ratio is between 15%-30%
• The plan offers coverage for pre-and post-hospitalization expenses, domiciliary treatment, ambulance charges, organ donor expenses, daycare procedures, etc.
• A medical examination is required for this plan and 50% of the cost is provided by the insurer

3. Apollo Munich Optima Health Store

• The entry age is 61 years and above
• The plan offers variable sum insured (Rs. 2 lakh, Rs. 3 Lakh, and Rs. 5 lakh)
• The Co-payment ratio is between 15%-30%
• The plan offers coverage for pre-and post-hospitalization expenses, domiciliary treatment, ambulance charges, organ donor expenses, daycare procedures, etc.
• A medical examination is required for this plan and 50% of the cost is provided by the insurer
• The plan offers a lifelong renewability option

4. United India Senior Citizens Health Plan

• The entry age is between 61 to 80 years
• The plan offers a range of sums insured between Rs.1 lakh to Rs. 3 lakh
• The Co-payment ratio is between 20%
• The plan offers coverage for pre-and post-hospitalization expenses, domiciliary treatment, ambulance charges, organ donor expenses, daycare procedures, etc.
• A medical examination is required for this plan and 50% of the cost is provided by the insurer
• The plan offers a lifelong renewability option

The Benefits of Senior Citizen Health Insurance Plans

• Pre-health care screening: Though healthcare screening is mandatory for most senior citizens’ health insurance plans, still for some healthcare plans, you don’t need to perform pre-medical screening.
• Cover for domiciliary treatment expenditures: Most senior citizens prefer to stay at home for their treatments. Thus, senior citizen healthcare plans cover the costs of domiciliary treatment expenses.
• Choice of the second opinion: The health condition is delicate for senior citizens and thus, they often need a second opinion for their illnesses. Senior health insurance policies offer a second opinion once a year.
• No Claim Bonus: For most senior citizen healthcare plans, you can enjoy a No Claim Bonus ranging between 20%-100%.
• Cover for hospitalization expenses: Most senior citizen health plan offers you not only hospitalization expenses but also pre-hospitalization and post-hospitalization along with other facilities for a specific number of days.
• Tax Benefits: You can enjoy the tax benefit (Under Section 80D of the Income Tax Act, 1961) against the premiums paid for senior citizen health insurance policies

Conclusion

Health insurance plans are necessary for all; the senior citizens are also not exceptional. These days, many health insurance companies are offering intriguing senior citizens plans so that everyone can stay protected against various diseases and may lead a stress-free life.