Does Health Insurance for a 60-year-old Person Cost Much?
Growing old is natural. Old age may have its own limitations and challenges, but despite them, the later years of a person can become the most rewarding and fulfilling time of their life.
When one grows old, some ailments and sickness come along with it. The older a person gets, the more physical and mental stress over finances. Hence, they should bear the ability to afford proper health care services time-to-time.
Anyone of over 60 years of age would like to lead a carefree life without worrying about finances and medical costs that come inevitably during these years. For this, one needs health insurance. No doubt, buying health insurance at an old age has its own implications of challenges as well.
Though health insurance is essential to anyone above 60 years, the basic premise of health insurance that the health cover keeps increasing with the increasing age is very intimidating. But it surely gives them financial protection towards medical expenses despite diminishing regular income.
Does it Cost More than a Regular Health Cover?
Many factors determine the health insurance rates and premiums, its coverage and list of exclusions etc. Also, it depends on a person's health and earning potentials. Not only the choice but also the ability to qualify for specific health insurance plans from the several options available become difficult.
Keeping this in mind, a person often wonders how much the health insurance cost for a 60-year-old person is.
Well, yes! Considering the risk factor associated with the old age, the insurance providers are quite persistent about offering health insurance coverage at a higher rate of interest. Considering this, here are certain things that one should keep in mind while buying a plan.
Things to be Kept in Mind While Buying a Health Insurance Policy for Senior Citizens
The following points should be looked for while selecting the best health insurance plan in India for people over 60 years of age –
- Comparison between the Features of Various Plans- The health insurance plan must cover a person-specific health requirement like dialysis, chemotherapy, or organ donation. One must check out the rent of the room and the consultation charges and the co-pay terms of the insurance company. A thorough comparison on the basis of the features offered under a plan should be done here.
- Choosing a High Sum Insured- With the exorbitant cost of medical expenses and the uncertainty of the expenses, one should choose the sum insured, which will be enough to cover the expenses.
- Checking out the Waiting Period- The lower the waiting period for the coverage of pre-existing diseases, the better it is. So, one should choose a health insurance plan with the lower waiting period considering the senior citizens' age so, that it comes handy in case of emergencies.
- Separate Policies for Senior Member in the Family- It is good to have a separate policy for the senior citizens and not include them in the family floater plan. The calculation of premium is according to the age of the eldest member of the family. Also, the renewability of the policy depends on the age of the eldest member. In case of floater plan, the entire family shares the sum insured, while in an individual senior citizen health insurance plan, it can be utilized by the senior citizens only during the claim.
- The Co-payment Terms– Many insurance companies offer Co-payment options in their senior citizen plans, which are the best health insurance plan in India. Which means that the policyholder has to initially bear a part of the medical expenses. The co-payment is usually a minimum of 20% of the total claim amount. However, there are chances that some insurance companies offer a reduction in this percentage with every renewal.
How to Select the Best Senior Citizen Health Insurance Plan?
In addition to the above checkpoints, considering other things is necessary before buying health products or services for senior citizens. The following is a guide to select the best health insurance plan in India:
- Age of Entry- Try to choose the health insurance plan with an entry age of 60 to 80 years so that it helps provide the health cover for senior citizens who have crossed 60 years of age.
- Age of Renewal- Try choosing a health insurance policy with the maximum renewal age so that the benefits of the policy can be available for a more extended period.
- The Insurance Coverage– Try to make sure that the chosen health insurance policy offers maximum coverage towards many of the pre-existing diseases with the lower waiting and also including medical conditions like diabetes, cancer, etc.
- The Network of Hospitals- Try to choose a policy or an insurance company with an extensive network of hospitals under them, especially in the policyholder or nearby to it. It will prove to be helpful in case of any medical emergency and also in the availability of cashless treatment.
- The Insurance Premium Amount- As the policy's premium amount depends on the age of the, it is naturally going to be high. However, one can still compare different policies regarding the premium amount and choose an individual health plan instead of getting included in a family floater plan.
Key Features of Senior Citizen Health Insurance Plans
Typically, the best health insurance in India should offer plans with maximum features and benefits for the senior citizens of and above 60 years of age. These features will enable them to consider buying a health insurance plan which best suits them. The following are the most significant features of the best health insurance plan in India for senior citizens -
- Cashless hospitalization
- Coverage of hospitalization including medical bills and room charges
- Coverage of ambulance charges
- Any day care expenses arising out of advancements in technology
- Any pre-existing diseases which are under the coverage according to the terms of the insurance company
- Coverage of higher sum insured
- A fast and hassle-free claim settlement process
Advantages of the Best Health Insurance in India for Senior Citizens
The following are some of the best advantages a health insurance plan can offer to the senior citizens in India:
- To enjoy cashless treatment along with a daily allowance for the daily expenditure towards hospitalization or medicines
- Lifelong renewability option
- A free look to enable to change their insurance provider
- Domestic or residential hospitalization coverage
- Availability of treatment and medical facilities in a network of hospitals across the nation
- Tax exemption of the medical insurance premium
- Availability of yearly health check-ups
- Reloading of the sum insured
Exclusions of Health Insurance Plans for Senior Citizens
What is not covered in the senior citizen medical or health insurance? Let's go through them:
- Any pre-existing diseases or injuries. A specific waiting period has to be served
- Any diseases which are contactable within 30 days of the commencement of the policy
- Any treatment which is not allopathic
- Any expenses which are related to self-inflicted injuries
- Any expenses which are a result of drug abuse
- Any cosmetic surgery
- Any medical costs which are a result of the treatment of aids
- Any surgery towards joint replacement, etc. The coverage of which is available only after two years from the date of commencement of the policy
- Any expenses towards buying spectacles or lenses or dental treatment (except caused due to an accident)
- Any injury which is the result of war or an act of foreign army, etc.
In a Nutshell!
Covering the senior people in the family with a health insurance policy is imperative, considering the ever-soaring health insurance expenses. As health related issues can grow faster at this age and leading to the frequent medical visits, ensuring their health with the right health insurance cover is necessary. In this regard, the aforementioned tips can go in the long run in availing a perfect policy.
Ans. Yes, the premium depends on the age of the policyholder at the time of purchasing health insurance. Therefore, the more the age, the more is the premium
Ans. Yes, an individual buying a health insurance plan is about 60 years of age then he or she needs to undergo a medical check-up. However, if any individual is around under the age of 60, he or she doesn't require a medical check-up before buying the best health insurance plan in India.
Ans. The documents one needs for buying a health insurance plan for senior citizens –
- Pre-policy documents of medical check-up
- A filled up the proposal form
- Any supporting medical documents for pre-existing diseases or health condition
- Proof of age
Written By: Paisawiki - Updated: 05 November 2020