*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
With old age, health-related issues tend to increase. This leads to frequent medical visits and indirectly affect one’s savings. At this point of age, when there is no steady flow of income, these expenses could cost someone a bomb.
Financial instability or burden in old age can be challenging to cope with, although this scenario can be avoided with a simple Health Insurance plan, specifically Health Insurance for Senior Citizens. This Insurance plan can come in handy for those who are old and have financial requirements for medical treatments.
Senior Citizen Health Insurance is medical insurance for senior citizens in the form of a policy or plan. Age groups that are offered medical coverage through a medical insurance policy differ from insurer to insurer.
On average, the medical requirements of individuals within the age group 60 to 85 years are covered through this policy. It is designed such that it covers all categories of healthcare needs and expenses that are to be incurred by a potential policyholder.
Due to a survey that was conducted on people belonging to different age groups in India, it was found that individuals belonging to 22 to 26 age bracket were the least insured. 72% of individuals belonging to 46 to 54 age bracket and 68% of 55 to 60 age category had health insurance.
Thus, it can be concluded that Indians gain awareness or get concerned about their health, as in purchasing a Health Insurance plan late in their lives, which necessitates the availability of Senior Citizen Health Insurance plans
Also, according to the new IRDA (Insurance Regulatory and Development Authority) guidelines, every medical insurance provider has to offer healthcare coverage up to 65 years of age, which is the minimum age limit for the exit age category. This helps individuals to secure healthcare coverage at later stages of their lives.
There are several Insurance agencies and companies that offer Health Insurance for Senior Citizens in India with attractive premium rates, interests, and returns. The new IRDA guidelines allow the policyholder to switch insurance providers if they are not satisfied with the services that they are currently provided.
Old age always brings with itself several illnesses and ailments that are often expensive to treat. The older one gets, the more their physical and mental stress over the ability and the required finances to afford quality healthcare in their hour of need.
Countless points can be considered while thinking about the reason to get a Senior Citizen Health Insurance plan, some of which have been mentioned below:
The key features of senior citizens’ medical policy are as follows:
The benefits of medical policy for senior citizens that a policyholder can enjoy are mentioned below:
These policies entitle the policyholder to avail tax exemption or deduction, in addition to providing healthcare coverage and other health benefits, which is laid out by Section 80D of the Income Tax Act, 1961. According to this section, a policyholder is eligible for a rebate on income tax, if he/she holds a Senior Citizen Health Insurance, of up to an amount of INR 30,000. An additional rebate of an amount of INR 5,000 can also be availed in case of annual preventive medical check-ups
All of the medical expenses incurred by the policyholder during hospitalization is borne by the insurance provider, including cashless hospitalization, as well as treatment if the patient is hospitalized for more than 24 hours. This includes various medical bills, nursing fees, doctor fees, drugs and cost of medicines, charges of the room, etc.
Coverage for all the expenses incurred by the policyholder for post and prior hospitalization is offered by the insurer, which depends on the number of days
Medical insurance for senior citizens also covers the cost of ambulance or emergency ambulance services
Day-care expenses incurred by the policyholder that arise due to the use of advanced medical procedures or pieces of equipment
Many insurers provide coverage for specific (pre-defined) pre-existing ailments and diseases, which is usually available after the waiting period of the policy
Almost all of the insurance providers offer free annual or semi-annual health check-ups
Many insurers provide the option of lifetime renewal on health insurance plans for senior citizens which is advantageous for those who do not wish to take a break between their policy terms.
These policies entitle the policyholder to avail tax exemption or deduction, in addition to providing healthcare coverage and other health benefits, which is laid out by Section 80D of the Income Tax Act, 1961. According to this section, a policyholder is eligible for a rebate on income tax premium, u up Rs. 50,000, which was 30,000 earlier.
Some of the popular mediclaim policies for senior citizens are as follows:
|Name of the Insurer||Name of the plan||Age criteria||Sum insured||Waiting Period for Pre-existing Diseases|
|Min Age (years)||Max Age (years)||Min Amount (INR)||Max Amount ( INR)|
|Aditya Birla Health Insurance||Activ Care||55||80||10 lakh||25 lakh||After 2 years|
|Bajaj Allianz Health Insurance||Silver Health plan||46||70||50,000||5 lakh||After 2 years|
|Care Health Insurance (formerly known as Religare Health Insurance)||Care Senior||61||Lifelong||3 lakh||10 lakh||After 4 years|
|Cholamandalam Health Insurance||Healthline Plan||-||65||3 lakh||10 lakh||-|
|Edelweiss Health Insurance||Platinum Plan||No age bar||No age bar||5 lakh||1 Crore||-|
|Future Generali Health Insurance||Health Suraksha Plan||55||70||5 lakh||10 lakh||After 2 years|
|HDFC ERGO Health Insurance||Health Optima Senior plan||61||No upper age limit||2 Lakh||5 lakh||After 3 years|
|IFFCO Tokio Health Insurance||Individual Medishield Plan||-||65||50,000||5 lakh||After 3 years|
|Kotak Mahindra Health Insurance||Family Health Plan||-||65||2 lakh||1 Crore||After 2 years|
|Liberty Health Insurance||Liberty Health Insurance Plan||-||65||2 lakh||15 lakh||After 2 years|
|Max Bupa Health Insurance||Heartbeat Plan||-||65||5 lakh||1 Crore||After 2 years of the policy term|
|National Health Insurance||VARISHTHA Mediclaim Policy||60||80||-||Mediclaim-1 lakh & Critical illness- 2 lakh||After 1 year|
|New India Assurance Health Insurance||Senior Citizen Mediclaim Policy||60||80||1 lakh||1.5 lakh||After 18 months|
|Oriental Health Insurance||Senior Citizen HOPE||60||-||1 lakh||5 lakh||After 2 years|
|Reliance Health Insurance||Health Gain Plan||46||65||3 lakh||18 lakh||After 3 years|
|SBI Health Insurance||Arogya Sanjeevani Plan||45 or above||Lifelong||1 lakh||5 lakh||After 4 years|
|Star Health Insurance||Senior Citizen Red Carpet plan||60||75||1 lakh||25 lakh||After 2 years|
|Tata AIG Health Insurance||Medi Senior Health plan||61||No upper age limit||2 lakh||5 lakh||After 4 years|
|Universal Health Insurance||Senior Citizen Health Plan||60||70||1 lakh||5 lakh||After 2 years|
|United India Health Insurance||Senior Citizen Mediclaim Policy||61||80||1 lakh||3 lakh||After 4 years|
With Bajaj Allianz Silver Health Insurance one can secure his/her retirement days with ease. It is a complete mediclaim policy that offers comprehensive coverage for elderly people.
Policy coverage is as follows:
HDFC ERGO Health Optima offers 360-degree insurance coverage for senior citizens. Policy coverage is as follows:
Senior Citizen health insurance from New India Assurance can be a good pick for anyone looking to securing their old age. The policy offers
Policy coverage is as follows:
Star Health Insurance Company is one of the first insurance companies in India to introduce a medical insurance plan specifically designed for senior citizens. Star Red Carpet provides insurance coverage to anyone between the age 60 to 75 years.
Policy coverage is as follows:
Tata AIG Health Insurance offers great health insurance plans for senior citizens, out of which, possibly, the best is the Medi Senior Health plan.
Policy coverage is as follows:
Medical insurance for senior citizens can be categorized into different types based on the following factors:
Some policies have a maximum age limit, while some do not have any age limit.
There are mediclaim policies that offer lifetime renewal options, while some have an age limit associated with the policy renewal process.
All mediclaim policies for senior citizens are divided into those that offer co-payment and those that don’t.
Most of the insurance providers offer coverage for the treatment of pre-existing diseases and ailments, but some insurers do not provide coverage for it.
An applicant applying for health insurance for senior citizens is required to have the following documents and submit them during the application and documentation process:
The eligibility criteria of all the health insurance policies for senior citizens revolve around the following two factors:
For most of the medical insurance policies, the minimum entry age of the policyholder should be 60 years, while for some others, it is 45 years. The maximum entry age should be between 75 to 80 years.
Some of the healthcare policies need the policyholder to undergo medical screening. This is done by the insurers to check whether if the policyholder has any pre-existing diseases, disorders, or ailments. Some of the insurers tolerate and provide coverage for pre-existing diseases while some others do not.
The inclusions of the senior citizen health insurance plans are mentioned below:
The policy exclusions of health insurance for senior citizens are as follows:
Mediclaim for senior citizens is the process that allows them to file a medical insurance claim on their policy when they have financial requirements on the grounds of medical expenses. The medical expenses include hospitalization charges (ideally at one of the hospitals in the hospital network of the insurer), cost of emergency medical treatment, etc.
In case the policyholder or the insured requires medical coverage or expense reimbursement after undergoing medical treatment or getting discharged from the hospital, he/she is required to file a claim and inform the insurer about the same within 24 hours.
Insurers offer a hassle-free claim process with minimal documentation to provide for the policyholder in the minimum time.
The policyholder has to file a mediclaim in the form of a claims form, which can be obtained at the nearest branch office or the official website of the insurer. This has to be duly filled-in and submitted with the insurer, with original policy documents in some cases, to raise a claim.
The renewal process refers to the renewal of the policy term after its maturity. In case the policyholder wants to renew his/her policy. He/she has to fill up a renewal form that can be collected from the nearest branch office or downloaded from the official website of the insurer and submit with the same.
The policyholder also has to submit original policy documents as well as ID proof while renewing the policy.
Some of the insurance companies have an age limit for the renewal process, but most of them offer lifetime renewal; that is, the policyholder can renew his/her policy as many times as he/she wishes until they reach their exit age.
Individuals looking to purchase a Senior Citizen Health Insurance plan can do so by 2 ways:
Offline – This is the relatively hard method to buy a health insurance plan. One has to go to the nearest branch office of the insurance company that they want to buy the policy from. They can then check the policy's details and, if satisfied, ask for an application form that they have to submit with the insurer. This is often a bothersome way.
Online – Nowadays, almost every insurance provider has a website. One can simply open the website on their browser, check the details of the policy, and purchase the one that suits their needs. This is a hassle-free way where an individual can buy a policy from their home with the click of a button.
Choosing a Health Insurance plan is often a tiring or tricky task if the person who is about to purchase one does not understand the factors it entails.
Therefore, it is essential to check out the factors involved and other things to keep in mind while comparing or choosing a mediclaim policy.
The factors are as follows:
The individual applying for medical insurance for senior citizens should ascertain the medical requirements of the potential policyholder and accordingly select a plan that covers those requirements.
Let’s say a son wants to get a medical insurance plan for his father and mother, then before purchasing the plan, he should first check out the medical requirements of his parents, as in what sort of medical attention do they require.
After confirming this, he should then focus his concentration on the plans available in the market that meet his parents’ needs.
Regarding coverage provided by a medical insurance policy, some of the medical charges, which are a fixed amount, have to be paid by the policyholder. This amount is known as the Co-pay of a medical insurance policy, which the policyholder pays for from his pocket for corresponding covered services.
Almost all senior citizens’ mediclaim policies come with a pre-defined co-payment clause, which specifies the amount that the policyholder has to pay. This depends on the required medication and treatment.
Thus, it is favourable to choose a plan that levies a lesser percentage of co-payment.
It is mandatory for an individual, planning on purchasing a senior citizen's mediclaim policy, to have some knowledge about the policy’s waiting period.
This is the period in which the insured has to wait to claim on medical grounds unless the listed illnesses in the policy have coverage. During this, one cannot file a claim for any such illnesses. Though, many of the insurers offer coverage to pre-existing ailments and illnesses for extra premium payment.
Like co-payments, almost all insurance companies have a waiting period clause. Thus, it is recommended to choose a plan with a relatively minimal waiting period.
In case a policyholder wants to end an on-going medical insurance plan without penalties or paying extra charges, he/she can do so during the free-look period.
Most insurers provide a15 day duration to the policyholder to decide whether to extend the tenure of the policy or end the contract without any payment. Individuals should look for policies that have the maximum duration of the free-look period (comparatively).
Many plans have a cut-off renewal age; that is, the terms and conditions involving those plans restrict a policyholder to renew it after reaching a certain age (cut-off renewal age).
Timely renewal is an essential aspect of continuing to enjoy having a medical insurance policy and not having unnecessary stress.
Therefore, it is wise to make mediclaim for senior citizens keeping the cut-off renewal age in mind. One should go for those plans that offer lifetime renewal for their policies.
Individuals who suffer from persisting or pre-existing diseases before purchasing a medical insurance plan should consider the fact that some insurance providers do not cover treatments and check-ups for these diseases while some do.
Also, among those companies that cover these diseases or illnesses, some offer coverage for a short duration while some for a longer duration. All medical policies have a pre-existing clause, and it is favourable to choose a policy that has a relatively minimal pre-existing disease clause.
Also, most of the policies come with extensive exclusions and limited coverage, which places the policyholder in a tough spot in some conditions. Therefore, an individual needs to look out for the factors that define a plan's quality. Some of these have been mentioned below:
This results in aged people having to require more medical treatments and check-ups that makes their healthcare costs higher. So, to avoid unpleasant and harsh circumstances, it is better to have a healthcare insurance plan that can take care of medical expenses. Also, some of the other reasons to buy insurance for senior citizens are as follows:
This is done as for insurance companies old aged people are a more insecure deal, as they are more prone to getting sick or terminally ill. In some cases, the insurer may not even provide medical insurance if the applicant or the insured has a long history of illnesses or is suffering from an incurable disease.
Therefore, it is mandatory for life insured to go through the company's recommended medical screening process to purchase a medical insurance policy.
A policyholder gains the continuity advantages by remaining under uninterrupted healthcare coverage for a certain period (in years or months, the period varies from insurer to insurer). This advantage plays a crucial role when at some later stage, the policyholder wants to add a clause to the existing policy after porting.
For example, let a policyholder port his/her insurance policy from one insurance provider to another and wants to add an illness clause to the existing policy. Then, the continuity advantage allows him/her to do so.
This also is applicable for time-bound exclusions. Time-bound exclusions refer to certain healthcare services that are no longer covered by medical insurance after a certain period.
For example, most policies exclude surgeries like joint replacement surgeries after a certain period (mostly after 2 years). But, the continuity of the policy would be applicable for this scenario at the time of portability.