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Best Health Insurance Plan For Senior Citizens

When it comes to a health insurance plan it is more than a necessity in today’s times. As we know and will even agree that any eventuality does not come with prior notice or information.

In any case, the health of any senior citizen should not be ignored or avoided at any cost. When we talk about growing people and that too old age, it does bring in weakness and ailments. Therefore, it becomes important to opt for the correct health insurance plan for senior citizens.

The health insurance plan for senior citizens are specifically designed by the insurance companies in India for those who are aged between 60 to 65 and above and often cater to the specific needs of senior citizens that most likely general health insurance policies do not cover.

The health insurance plans for senior citizen are designed in a way to reduce the stress both physical as well as emotional in regards to any of the chronic illness or any developing health-related issues or ailments. Most of these health insurance plans for senior citizen offer benefits such as cashless hospitalisation, coverage for pre-existing ailments, or critical illness cover.

Features and Benefits of the Best Health Insurance Plan For Senior Citizens

 Senior Citizen Health Insurance Plan

The key benefits of the best health insurance plan for senior citizens are listed below:

  • It brings about less physical and emotional stress as everyone is assured that medical emergencies can be handled.
  • In the case of pre-existing illnesses, many routine procedures that would otherwise be very costly can be manageable.
  • For regularly renewed policies, a no-claims bonus would ensure that a reasonable extra benefit is received by the insured person.
  • The issues and medical problems brought on by old age can be paid for at a reasonable cost if the insured person has a medical plan.

How to Opt For the Best Health Insurance Plan For Senior Citizens?

Before you choose the best health insurance plan for senior citizens, it is prudent to acknowledge, which factors these plans should ideally cover.

Senior citizens are often physically challenged in several ways, and have a higher chance of contracting ailments or disabilities, as well as finding it more challenging to recover from illnesses.

With the best health insurance plan for senior citizens, such issues should be addressed and taken into immediate consideration and should not be neglected at any cost.

Listed below are some of the factors that should be considered before choosing the health insurance plan for senior citizens in India:

Cover for Illnesses:

If someone has a pre-existing ailment such as diabetes, which may bring complications or if there is a family history of heart problems or any other disease. They should choose a health insurance plan that would cover the pre-existing diseases or one that does not require medical testing.

Hassle-Free Process:

As medical problems can be stressful in themselves, it is important to have health insurance plans that do not involve a lot of paperwork and ahs the minimal admission process.

Medical Expenses:

Along with the extras, it is important to analyse what exactly is covered by the medical insurance: how many days of hospitalisation, under what diseases, etc. otherwise you may end up paying extra for things not included in your policy document. It is better to opt for a comprehensive health plan for senior citizen, which provides the maximum cover for in-patient expenses, pre and post hospitalization expenses, diagnostic expenses, etc.

Important Aspects To Be Considered When Buying Health Insurance Plan for Senior Citizens

Listed below are some of the important aspects that should be given a thought before one zero downs the health insurance plan for senior citizens:

Waiting Periods:

For pre-existing illnesses, many will have waiting periods of months or a year. For senior citizens, a very long waiting period could render the plan useless for their needs.

Choose the plan that minimises the time spent waiting to be covered for a pre-existing ailment. Long waiting periods for severe pre-existing illnesses will render the policy useless for certain people who may need the policy exactly to cover their pre-existing illnesses.

Claims Process:

The claims process should be clear and simple, and the percentage of claims that are processed and allowed should also be high. This will reduce the chances of a last-minute mistake or the likelihood that the health insurance plan will not come through.

Pre-hospitalisation Costs:

Not all health insurance plans for senior citizen will cover costs before hospitalisation, including diagnostic costs. Therefore the insured person needs to choose a plan that will cover important factors in pre-hospitalisation costs and not leave that to be paid entirely out of the insured person’s pocket.

Lifetime Renewability:

Health insurance plan that covers the insured person for an extended period is essential; as otherwise, the entry age on most insurance plans may cause senior citizens to be unable to take health insurance.

Hospital network:

During emergencies, having to shift hospitals because the nearest hospital does not accept your insurance can be traumatic or damaging. Therefore, it is best to choose a respected insurer with a vast network of hospitals so that there is easy access to a nearby network hospital. A small hospital network, or one that is not extensive where the insured person lives, may mean that there is an unacceptably high time between the insured person having a medical emergency and them reaching a network hospital.

Co-payment:

Most health insurance plans for senior citizens have co-pays, which require the insured person to pay some percentage of the costs of healthcare and hospitalisation. These can quickly pile up and make a real hole in the pocket for those who have a significant illness. Plans with minimal co-payment usually have higher premiums. It is best to do a cost and benefit calculation of likely healthcare costs and whether a higher premium or higher co-pay would be costlier.

Premium Amount:

The premiums for medical insurance for senior citizens in India are relatively high, corresponding to the high degree of risk attached to insuring the elderly.

No-Claims Bonus:

Policies with no-claims bonuses can be additionally beneficial as long as the other factors are also acceptable for the insured person.

Along with these policy-related factors, one should also consider personal factors, such as:

  • Whether a family plan that covers many members or a separate Senior Citizens Plan would be more suitable.
  • If there is any existing insurance held by any of the family members, there could be a preference for staying with one particular company.
  • Whether online policy renewal or having an agent, or what method of communication would be most convenient.
  • The customer support available for those who are trying to fill up their claims forms, or who are having trouble with cashless hospitalisation.

List of Best Health Insurance Plans For Senior Citizen

In the below table, is a list of the best medical insurance plans for senior citizens offered by different health insurance companies in India:

Insurance Provider

Plan Name

Age Limit (Minimum to Maximum)

Cover For Pre-existing Disease

Medical Check-up

Aditya Birla Health Insurance

Activ Care Senior Citizen Health Insurance

55 years – 80 years

Required

From 2nd year

Bajaj Allianz Health Insurance

Silver Health Plan for Senior Citizens

46 years – 70 years

Not Required

From 2nd year

Bharti AXA Health Insurance

Senior Citizens Health Insurance

18 years – 65 years

Required

From 2nd year

Cholamandalam Health Insurance

Cholamandalam Individual Healthline Plan

Max 65 years of age

After 46 years

-

Edelweiss Health Insurance

Health Insurance Platinum Plan

Any age

After 55 years

-

Future Generali Health Insurance

Future Health Suraksha Individual Plan

70 years  with lifetime renewal

-

From 2nd year

HDFC Ergo Health Insurance

Health Optima Senior

61 years of age and above

After 46 years

From 3rd year

IFFCO Tokio Health Insurance

Individual Medishield Plan

3 months to 80 years

Required. Only half of cost reimburse

From 3rd year

Kotak Mahindra Health Insurance

Family Health Plan

Max 65 years of age

After 60 years

From 2nd year

Liberty Health Insurance

Liberty Health Insurance

Max 65 years of age with lifetime renewal

-

From 2nd year

ManipalCigna Health Insurance

Lifestyle Protection Accident Care

Max 65 years of age

After 55 years

-

Max Bupa Health Insurance

Max Bupa Heartbeat Plan

Max 65 years of age

Required. Only half of the cost reimbursed.

From 2nd year

National Health Insurance

Varishtha Mediclaim Policy for Senior Citizens

60 years – 80 years with lifetime renewal until 90 years

-

From 2nd year

New India Health Insurance

New India Assurance Senior Citizen Mediclaim Policy

60 years- 80 years with lifetime renewal until 90 yrs

-

From 1.5 years

Oriental Health Insurance

Senior Citizen HOPE Health Insurance

60 years of age and above

Required

From 2nd year

Raheja QBE Health Insurance

Raheja QBE Health Insurance

Max 65 years of age

Required

-

Reliance Health Insurance

HealthGain Health   Insurance

Max 65 years of age

From 3rd year

Required

Religare Health Insurance

Care Freedom Health Insurance (Religare)

46 years of age and above

Required and specified diagnostic centres

From 2nd year

SBI Health Insurance

Arogya Top Up Policy

Max 65 years of age

-

From 4th year

Star Health Insurance

Senior Citizen Red Carpet Health Insurance Plan

60 years – 75 years

Required

From 2nd year

TATA AIG Health Insurance

MediSenior Health Insurance

61 years of age and above

After 55 years

From 4th year

United India Health Insurance

Senior Citizen Mediclaim Policy

61 years – 80 years

Required. Only half of cost reimburse

From 4th year

Universal Sompo Health Insurance

Universal Senior Citizen Health Insurance Plan

60 years of age and above

Required

From 3rd year

Disclaimer: *Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

How to Apply for Best Health Insurance Plan For Senior Citizens?

There are multiple documents required to apply for a health insurance plan smoothly. Therefore, for ideal applications, please have all of your ID documents, address proof, medical health documents handy before applying.

The list of probable documents needed to apply for health insurance is:

Age Proof:

This is particularly important for health insurance for senior citizens, as the entry age barriers may restrict some people from getting insured. Some of the probable documents for this include your birth certificate, the mark sheet of your final school exam or a board exam, a passport, Aadhar card, a voting ID, Driving license, PAN card.

Personal Identity Documents:

Some of the documents in this section are also acceptable as age proof and thus can simply be submitted twice. These include Aadhaar card, the valid passport of the person to be insured, Voter ID, driving license, and PAN card.

Address Proof:

The permanent address submitted in your documentation will have to be attested to with address proof. Possible documents for this include a service bill such as an electricity bill or telephone bill, a Ration card, Passport, Aadhaar card, driver’s license, Voter ID, etc.

You would also be required to submit recent passport size photos.

For health insurance plans, which require testing before insurance is put through; the medical reports of these tests would also have to be submitted with these documents. Additionally, business rules might require other documents, although online health insurance policies nowadays proceed fairly smoothly.

Based on the documentation and the company’s process, it should not take very long for your policy to become active.

How Is Health Insurance Plan For Senior Citizens Different From Other Health Insurance Plans?

Medical insurance for senior citizens has some definite rules and regulations that are not entirely the same as other insurance types, even other health insurance types. Some of the rules governing health insurance for senior citizens are as follows. The government constituted a Committee on Senior Citizens Health Insurance to decide what new rules were required.

The Insurance Regulatory and Development Authority of India:

  • Has instructed that the upper age limit for entry into health insurance must be at least 65 years old.
  • Has notified that if any proposal for senior citizen’s health insurance is rejected, a valid reason in writing should be provided.
  • Has instructed that any senior citizen who is already insured must be allowed to change their TPS or Third Party Administrator if it is possible.
  • Has notified that, if the insurance company has already accepted the risk, then a minimum of 50% of the pre-insurance medical investigation cost is possibly reimbursable.
  • Has instructed that renewal of any health insurance cannot be declined unless and until the company finds moral hazard, fraud or misrepresentation on the part of the insured person.

Frequently Asked Questions (FAQ)

Written By: Paisawiki - Updated: 30 June 2020

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