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About Senior Citizen Health Insurance

Senior Citizen Health Insurance Comparison

Compare and Buy Senior Citizen Health Insurance Plan

Senior citizen health insurance plan is a necessity, especially when you are planning to retire and live on pension or interest income from savings. A sudden medical emergency can result in a financial crisis. To avoid this, it is prudent to take a comprehensive senior citizen mediclaim insurance policy. These senior citizen health insurance policies are for people aged between 65 years and 80 years.

 

Senior Citizen Health Insurance QuotesSenior Citizen Health Insurance: Cashless Hospitalization PolicyBazaar offers a wide range of senior citizen health insurance policy at affordable premiums.

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According to the new guidelines by IRDA, every health insurance provider has to offer coverage to individuals,' up to 65 years of age. These new guidelines will not only help individuals get coverage at a later stages of their life but will also allow them to shift insurers in case they are not satisfied with their current health insurance provider. There is no dearth of insurance providers for senior citizens. However, the challenge is to choose the right one.

Thus, we strongly recommended that you make proper comparison of different senior citizen health mediclaim plans which are available in the market before buying. The online comparison is the right move to find and pick the best health insurance plan. Such a comparison will give you a fair idea on which is the best suited policy for you.

Senior Citizen Mediclaim Insurance

5 Factors to Consider While Comparing Senior Citizen Mediclaim

  • Cover
  • Co-Payment
  • Maximum age at renewability
  • Coverage of specific diseases
  • Waiting periods

best senior citizen health insurance plans

Popular Senior Citizen Health Insurance Plans Available in India

General insurance companies offer medical insurance for senior citizens in India and have niche products to cater to this segment in our society. These senior citizen mediclaim policies ensure that you are financially protected during your golden years and are able to keep pace with sky rocketing medical costs.

  • Silver Health from Bajaj Allianz
  • Varistha Mediclaim offered by National Insurance
  • Red Carpet Health Insurance from Star Health Insurance
  • Optima Restore from Apollo Munich
  • Complete from ICICI Lombard
  • Gold from Max Bupa

medical insurance benefits

Plan Benefits

A senior citizen mediclaim insurance plan covers the following:

  • Hospitalization Cover: Expenses incurred on a patient if the hospitalization is more than 24 hrs. The expenses include room charges, doctor fees, nursing fees, cost of medicine and drugs, etc.
  • Day care expenseswhich arise from use of special equipments or procedures like chemotherapy, dialysis, etc.
  • Medical expenses prior and post hospitalization. However, the number of days will vary across insurers.
  • Ambulance charges for transporting the insured, subject to maximum limit.
  • Pre existing diseases are also covered, subject to terms and conditions of the insurer.

Tax Benefits

A senior citizen health policy not only safeguards your health but it also earns tax benefits. In this year budget, Finance Minister Mr. Arun Jaitley has increased deduction available under Section 80DDB to Rs 20,000 from Rs 30,000 for senior citizens.

senior citizen health plan benefits

Benefits of Buying Policy from PolicyBazaar

Are you a senior citizen stuck in a health insurance crisis? PolicyBazaar is you savior. As a senior citizen, you may find yourself in a crisis-no longer covered under employer’s health insurance policy but needing medical policy more than you ever did before.

Backed with a team of experts, we at PolicyBazaar facilitate a quick and easy comparison of available policies and thus, helps in saving your time and money. There are various companies offering insurance plans to senior citizen and thus, an online comparison will ensure that you only fall to the right plan.

All you need to do is fill a simple form with information about yourself and your insurance requirements. Once you submit it, you will soon get quotes for affordable senior citizen health plans. The best part is that our insurance experts are standing by to talk with you and answer your query, if any.

FAQ's

Documents Required For Senior Citizen Health Insurance?

Ans:

 

  • Age Proof
  • Identity Proof
  • Address Proof
  • Income Proof
  • Duly Filled Proposal Form
  • Pre-Insurance Medical Tests

 

 

What should I look out for in a Senior Citizen insurance?

Ans:

Health insurance for senior citizens come with stringent medical check-ups, limited coverage and extensive exclusions. One should look out for the following parameters while buying it.

  • Entry-Exit age.
  • Maximum renewal age.
  • Co-pay.
  • Domiciliary treatment

Why insurance for Senior Citizen?

Ans:

The reason is quite obvious. With increasing age, the frequency and severity of illness increases too. Thus, aged people have higher healthcare costs to bear. But more often than not, the people in this age group have no regular source of income apart from the pension. That is the reason, getting a health insurance at this age becomes all the more important.

What is Senior Citizen Health Insurance?

Ans:

It becomes increasingly difficulty to get a decent health cover as one ages. Health insurance designed to specifically fulfill the healthcare needs of the old aged is termed as Senior Citizen Health Insurance. It is a bit more pricey than regular health insurance.

Whom should I submit claims- TPA or insurance company?

Ans:

Claims should be submitted to the TPA except in cases where there is no TPA and the insurance company is doing in-house claim settlement.

Do all insurance companies offer cashless hospitalization?

Ans:

Yes, every good insurance company offers cashless hospitalization.

What are continuity benefits available in health insurance?

Ans:

When you port your insurance policy from one insurer to another, you are allowed to carry forward your continuity benefits which you have gained by being under continuous health coverage for certain number of years. It plays an important role when at a later stage you want to add pre-existing diseases clause in your policy.

 

The continuity would also be applicable on time-bound exclusions, for example, most of the insurance policies exclude joint replacement surgeries for a period of 2  years. But at the time of portability, the continuity would be considered for these conditions also.

 

For instance, Mr. Vijay Sharma decided to port his ten-year-old health insurance policy from New India Assurance to Apollo Munich health plan. As Mr. Sharma had spent enough time with New India Assurance, therefore, he doesn’t need to serve the waiting period to cover pre-existing illnesses. He also earned cumulative bonus (it is a bonus given to policyholders who do not make a single claim in a year) in his first policy which is added to the sum insured by the new insurer. In this case, waive off waiting period and carry forwarding of bonus are called continuity benefits.

Who will bear the cost of pre-insurance medical checkup and where it will be conducted?

Ans:

Usually, the applicant has to bear costs of medical test held prior of taking policy. Insurance companies arrange the appointment with their empanelled hospitals.

Do companies offer free annual health checkups in health policies?

Ans:

  • There are some insurers which offer this benefit to their policyholders once in a block of four claim-free years. Also there are some insurance companies which are offering this facility every year, even if you have applied for a claim. So it is best to read your policy wordings to get clear idea.
  • To initiate the process, call up the insurer’s toll free number or visit the nearest branch office of the company. If tests are done at an empanelled center, the customer is not asked to pay any amount as the insurer pays the center as per agreed rates. However, if the policyholder gets the test done at a nearby lab then he has to pay charges which he can later reimburse from the company.

What are the things to look out for in a senior citizen plan?

Ans:

Health insurance for senior citizens comes with a limited coverage and extensive exclusions. One should look out for below parameters while buying senior citizen health plan-

  • Co-payment= It is the part of the eligible claim that a policyholder has to pay, while the remaining portion will be paid by the insurance company. Usually, this ration varies from 10-25%. It means, for every claim of Rs 100, a policyholder has to shell out Rs 25 before the company contributes Rs 75. For a policyholder, main benefit comes in the form of low premium rates.

 

  • Maximum renewability age= Always look for a product which offers maximum renewability age. A product which ceases renewal when you need it most, especially after 60 years, is not a right plan.

 

  • Waiting period for pre-existing illnesses= As your age increases, so is the list of pre-existing diseases. You should look for the insurance plan that has low waiting period for pre-existing ailments.

 

  • Check terms and conditions related to medical check-ups= Most of the insurance companies insist on health checkup of the proposer before issuing policy. Some insurers may ask you to bear check-up expenses. So you should look for a plan that asks for limited medical tests and also bears some part of test expenses.

What are the common exclusions of a senior citizen health insurance?

Ans:

Usually health insurance companies do not cover following expenses:

  • Any pre-existing disease that was diagnosed 48 months prior to policy issuance
  • Expenses incurred on self-inflicted injury, including attempted suicide
  • Expenses arise due to drink & drive
  • Cost of spectacles/contact lenses, dental treatment
  • Medical expenditure on the treatment of AIDS.
  • Non allopathic treatment
  • Cosmetic or aesthetic treatment
  • Congenital diseases

Do I need to go through medical screening before buying a senior citizen health plan?

Ans:

Yes, you need to go through medical screening before buying a senior citizen health plan. As an old aged individual you are a riskier deal for the insurance company. Hence, most of the insurance companies need the applicant to go through medical screening.

What is senior citizen health insurance? Why do I need it?

Ans:

Health insurance that specifically caters to divergent healthcare needs of older people is known as senior citizen health insurance. Buying a senior citizen health plan has become necessity. As we age, there are high chances of suffering from severe ailments. Moreover, the income post-retirement proves to be insufficient to cover hefty medical expenditure. A sudden medical emergency can result into a serious financial loss. With the right senior citizen health insurance plan, it is possible to keep all medical woes at bay. A senior citizen health plan offers following coverage-

  • Hospitalization coverage
  • Day care expenses
  • Ambulance charges
  • Pre-existing ailments

In this year budget, the basic exemption limit for senior citizen has been increased from Rs 20,000 to Rs 30,000 under Section 80D.  Moreover, if you buy health insurance for your parents, you also become eligible to get tax deductions under Section 80D.

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