Old age brings multiple illnesses that are expensive to treat. Many insurance companies offer health insurance plans for senior citizens. These health insurance plans cover many types of medical expenses incurred by the policyholders.
A senior citizen health insurance policy offers medical coverage to individuals above 60 years of age. Some of the unique benefits of senior citizen health insurance are cashless hospitalisation, cover for pre-existing conditions, daycare expenses, no medical test required and a higher sum insured is available.
With increasing age comes the risk of contracting ailments and falling sick. Since the later years of our lives are physically more challenging and monetarily less sound, having a health insurance policy to take care of medical emergency is a clever move.
Health insurance policies for senior citizens offer various features such as critical illness cover, cashless hospitalisation, specific cover for diseases like stroke, cancer, and so on. Let's read why senior citizen health insurance is important.
Features of Senior Citizen Health Insurance
In various unforeseen medical emergencies, a senior citizen health insurance policy will help you cope up with the situation. Following are a few critical features which explain why senior citizen health insurance is important.
People above 60 years of age can get health insurance cover under senior citizen health insurance plans.
Most of the policies do not require pre-medical screening.
Most of the senior citizen health insurance plans offer a free-look period of 15 days to review the policy terms.
Policyholders can avail free medical check-up on a yearly basis.
Most senior citizen health insurance plans cover pre-existing ailments.
Benefits of Senior Citizen Health Insurance
The key benefits of senior citizen health insurance are:
A smooth, convenient and hassle-free claim settlement process
Cashless hospitalisation facility is available when the policyholder is admitted for more than 24 hours
Includes coverage for doctor’s fees, room charges, medical bills, in-patient hospitalisation expenses, etc.
Most of the plans offer lifelong renewal option
Emergency ambulance expenses are covered
Pre and post hospitalisation expenses are covered
Pre-existing ailments are covered subject to terms mentioned in the policy document.
How to Select The Best Senior Citizen Health Insurance Policy?
Buying a health insurance policy for senior citizens should be carefully done as you would want them to give maximum coverage possible for their increased healthcare requirements. Keep the following points in mind while selecting a health insurance policy for senior citizens.
Know the medical history: While buying a health plan for your senior citizen parents or grandparents, it is crucial to know their medical history. However, it is possible that they too are unaware of prevailing medical conditions that they suffer from. In such cases, you should not rely solely on their knowledge of their health. It is always advisable to cross-verify their medical history before providing such details to the insurance company.
Compare and select a plan: In India, several health insurance companies offer numerous health insurance plans, specially designed for senior citizens. It is recommended to check some top health insurance plans and compare them side by side before making a final decision. Such comparison can be made on factors such as price, coverage, inclusions, exclusions, waiting period and riders.
Provide correct details: While buying senior citizen health insurance policy, fill in the relevant and right information. Incorrect information could cause a problem, and your policy application and claim might get rejected.
Do a medical check-up: The policyholder may have to undergo a pre-medical test after submitting the proposal form. The insurance company will then verify the information provided in the policy application form and the medical condition of the applicant. Depending on the health of the applicant, a few medical tests may be conducted by the doctors. These tests may include sugar, urinal test, blood test, kidney and liver function, etc. It is important to note that not all insurance companies require a pre-medical screening of applicants.
Top health insurance plans for senior citizens in India
Bajaj Allianz Silver Health Plan
Bajaj Allianz Silver Health Plan
- Entry age is from 46 years to 70 years
- Pre and post hospitalisation expenses are covered up to 60 and 90 days, respectively.
- Cover pre-existing conditions until one year after purchasing the plan.
- The pre-medical test is mandatory.
- The policy offers lifetime renewability option.
Waiting period:
- One year waiting period for any pre-existing conditions.
- 4 years of exclusion for joint replacement surgery
- 30 days waiting period is mandatory from the date of policy issue for any disease/illness except accidental bodily injury.
What is covered?
- All pre and post hospitalisation expenses are covered after one year.
- Ambulance charges up to a certain limit
- 130 daycare procedures are covered
- In-patient hospitalisation expenses are covered
Star Health Senior Citizen Red Carpet Plan
Star Health Senior Citizen Red Carpet Plan
- Entry age is between 60 and 75 years of age
- Pre-hospitalisation expenses are covered up to 30 days. Post-hospitalisation expenses are covered equal to 7% of the hospitalisation expenses.
- Pre-existing diseases are covered after 12 and 24 months from the date of policy inception
- A medical check-up is not required
- he policy offers lifetime renewability option.
Waiting period:
- 30 days waiting period is mandatory from the date of policy issue for any disease/illness.
- For specified illness/diseases/ailments – 24 months
- Pre-existing conditions – 12 and 24 months
What is covered?
- Hospitalisation cover
- ICU charges
- Pre and post hospitalisation expenses
- Ambulance expenses
- One free health check-up in a year
- Out-patient consultant in network hospitals.
Apollo Munich’s Optima Senior Health Plan
Apollo Munich’s Optima Senior Health Plan
- Entry age is 61 years onwards
- Pre and post hospitalisation expenses are covered up to 30 and 60 days, respectively.
- Any pre-existing conditions will be covered after a waiting period of 3 years.
- A medical check-up is required
- The policy offers lifetime renewability option.
Waiting period:
- Any pre-existing conditions will be covered after a waiting period of 3 years.
- 30 days waiting period is mandatory from the date of policy issue for any disease/illness.
What is covered?
- In-patient treatment
- Daycare procedures
- Pre and post hospitalisation expenses
- Ambulance expenses
- Domiciliary treatment
- Organ donor
- E-opinion
With the steady rise in medical costs, it is difficult for senior citizens to pay for their medical bills. Over recent years, the life expectancy of an average Indian citizen has increased with advanced healthcare facilities. Senior citizens who don’t have regular income may not be able to afford quality medical treatment. This is why senior citizen health insurance is required to get timely medical treatment for planned as well as emergency hospitalisation.
Recommended Link: Best Senior Citizen Health Insurance Policies in India
