*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
A Senior Citizen Health Insurance plan is a medical insurance policy that offers medical coverage to individual between the age group of 60 to 75 years. Some of the unique benefits of senior citizen medical insurance include cashless hospitalization, pre-existing diseases, no medical test and day care expense.
According to the new guidelines by IRDA, every health insurance provider has to offer coverage to individuals, up to 65 years of age. These updated guidelines help individuals to get coverage at later stages of their life. Moreover, they allow them to switch insurers if they’re not satisfied with their current insurance provider. There is no dearth of insurance providers for elderly people. However, the challenge is to choose the right one.
Thus, we strongly recommended that you make proper comparison of different health insurance plans for senior citizens which are available in the market before purchasing. 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.
In various unforeseen circumstances, senior citizen health insurance plans will help you cope with your difficulties. These plans come with various salient features. They are as follows:
Certain medical amenities such as ambulatory services are also covered by most of the senior citizen health insurance plans.
|Senior Citizen Health Insurance Plans Name||Insurer Name||Entry Age||Sum Assured||Pre-existing Diseases Covered||Medical Check-up|
|Activ Care Senior Citizen Health Insurance||Aditya Birla||55 - 80 years||
Standard: up to 10 lakhs
Classic: up to 10 lakhsPremier: up to 25 lakhs
|From the 2nd year||Required|
|Silver Health Plan for Senior Citizens||Bajaj Allianz||46 - 70 years||50, 000 - 5 lakh||From the 2nd year||After 46 years of age|
|Bharti Axa Senior Citizen
|Bharti AXA||18-65 years||5lakhs-1 Crore||From the 2nd year||-|
|Individual Healthline Plan||Cholamandalam||Up to 65 years||2-25 lakhs||-||Not required up to 55 years of age|
|Digit Health Insurance||Digit||N/A||N/A||N/A||N/A|
|Health Insurance Platinum Plan||Edelweiss||Any age||15 lakhs- 1 Crore||-||Required|
|Health Suraksha Individual Plan||Future||Upto70 years with lifetime renewal||5-10 lakhs||From the 2nd year||46 years of age and above|
|Health Optima Senior (formerly known as Apollo Munich Health Optima Senior)||HDFC ERGO Health||61 and above||2- 5 lakhs||From the 3rd year||Required and reimbursed only 50%|
|my:health Medisure Classic Insurance||HDFC ERGO||No upper age limit||2-5 lakhs||From the 3rd year||Not Required|
|Individual Medishield Plan||IFFCO Tokio||3 months- 80 years||50,000- 5 lakhs||From the 3rd year||After 60 years|
|Kotak Mahindra Family Health Plan||Kotak Mahindra||Up to 65 years||2-100 lakhs||From the 2nd year||-|
|Liberty Health Insurance||Liberty||Up to 65 years with lifetime renewal||2-15 lakhs||from the 2nd year||Required after 55 years of age|
|Heartbeat Plan||Max Bupa||entry age up to 65 years||2-50 lakhs||From the 2nd year||Based on the age of the insurer|
|Lifestyle Protection Accident Care||ManipalCigna||entry age up to 65 years||50,000- 10 Crores||-||-|
|Varishtha Mediclaim Policy for Senior Citizens||National Insurance||60 - 80 years (renewable up to 90 years of age||Mediclaim - 1, 00,000; Critical illness - 2, 00,000||From the 2nd year||Required|
|New India Assurance Senior Citizen Mediclaim Policy||New India||60 - 80 years (renewable up to 90 years of age||1, 00,000 - 1, 50,000||after 18 months||Required|
|Senior Citizen HOPE Health Insurance Policy||Oriental||60 years and above||1- 5 lakhs||From the 2nd year||Required from specific diagnostic centers|
|Religare Care Freedom Health Plan||Religare||46 years and above||3-10 lakhs||From the 2nd year||Required ( as per the case)|
|Raheja QuBE Health Insurance Policy||Raheja||Up to 65 years||1- 50 lakhs||-||-|
|Lifeline Elite Plan||Royal Sundaram||No Age bar||25 lakhs-1.5 Crores||From the 2nd year||-|
|Health Gain Insurance Plan||Reliance||Entry up to 65 years||3-18 lakhs||From the 3rd year||Required as per the age|
|Senior Citizen Red Carpet Health Insurance Plan||Star Health||60 - 75 years||1-10 lakhs||Coverage from the 2nd years of the policy||No pre-acceptance medical test required|
|Arogya Top Up Policy||SBI||Entry up to 65 years||1-5 lakhs;
1- 10 lakhs (with deductibles)
|From the 4th year||After 55 years of age|
|MediSenior Health Insurance||Tata AIG||61 and above||2- 5 lakhs||From the 4th year||Required and reimbursed only 50%|
|United India - Senior Citizen Mediclaim Policy||United India||61 - 80 years||1 - 3 lakhs||From the 4th year||Required and reimbursed only 50%|
|Senior Citizen Health Insurance Plan||Universal Sompo||60 years and above||1 - 5 lakhs||24 months||Required|
Firstly, ascertain your medical requirements, your health concerns and your spouse’s health concerns, age factor and other issues that might affect your health insurance premium.Take into consideration various health factors like your medical history, financial conditions etc. Check if the plan has sub-limits, co-payment clause, and room rent capping. Select a plan that offers maximum coverage and comes with minimum limitations.
It has been overriding aggressively with the regulatory actions like:
Scores of young individuals are on pins and needles when talked about the health requirements of their parents, peculiarly when their parents are the senior citizens. A few employers cater to provide cover their employees’ parents under the group health insurance plans. This provides some breathing space to the youthful individuals seeking some solutions to the health issues of their senior citizen parents. Nevertheless, not all have the privilege to avail this sort of protection for their parents. The ones who have no access to such an arrangement, they have to buy senior citizen mediclaim policy for their parents. Moreover, the one who is covered under the group health insurance plan offered by the employer may not find it sufficient and might want to get another one.
No matter what the case is, purchasing a health insurance plan for the senior citizen is a chore and for a lot of young individuals, it is cumbersome to choose one for their elderly loved ones. Let us endure the significant factors, which a young individual should keep in mind while buying senior citizen health insurance.
Claim settlement ratio and claim settlement time should be the two most significant factors taken into consideration. Faster the claim settlement time and higher the claim settlement ratio usually means that the insurer is doing a great job with candid and authentic claims.
Many of the health insurance policies do not cover Day-care methods. Also, in order to make a mediclaim, hospitalisation is mandatory for at least duration of 24 hours. However, you must be grateful to several modernisations, today; many methods do not need any hospitalisation. Therefore, it is better to choose a plan covering the highest number of day-care techniques.
Check out the catalogue of network hospitals around you and check whether they include the services that you often come across. It is also a vital factor that is to be considered if you are travelling or moving cities, as your health insurance must travel along with you. Moreover, you can avail your cashless facilities in network hospitals.
A lot of insurance companies provide a no-claim discount or a no-claim bonus if no claim is lodged by the policyholder. In such a case, either the premium decreases or the sum insured increases or both.
Hospitalisation expenses are the medical expenses that are incurred before and/or after hospitalisation. For the period of hospitalisation, a few parts of the treatment extend further than the hospitalisation. Visiting the doctors regularly for follow-ups, medication to be taken or follow-up examinations to be made comes under the post-hospitalisation expenses. The expenses that are relevant to the treatment for which the individual has been admitted to the hospital must be considered under the Pre-hospitalisation and post-hospitalisation expenses.
If an individual is purchasing a mediclaim for their parents, who have attained an age of 60 years or above, then he should not include them in their family health insurance plan. They should purchase an individual health plan. This is because the premium under family floater scheme basis the eldest member who is covered in the plan. Even the highest renewal age is fully dependent on the covered eldest member's age. Hence, if and when the age is fissured, all the members of the family will lose the cover.
The senior citizen health insurance policy's premium is very high due to the risk associated with age is high too. Despite the plan's basic premium, you might have to make an extra payment for pre-existing diseases.
Hunt for a health insurance plan that allows the policyholders to medical check-up for free. The check-up or tests have no impact on the premium while the policy comes up for the renewal.
A senior citizen mediclaim policy is just another type of health insurance, specifically drafted for senior citizen in our families. Such a mediclaim policy requires a person to be at least 60 years old to avail the coverage and benefits associated with the policy. Below are primary benefits of a mediclaim policy for senior citizens:
Although a health insurance policy covers most of the health hazards when diagnosed, there are times when mediclaim cover for a senior citizen is denied. Below is a list of common exclusion of a senior citizen health insurance policy:
Mediclaim for senior citizens allows the policyholders to file a health insurance claim when they get hospitalized or have to avail emergency medical treatment. These policies facilitate raising a mediclaim to avail cashless treatment at a network hospital or for expense reimbursement post discharging from the hospital. In any case, the policyholder must inform their insurer about the same within 24 hours of hospitalization without failure.
In order to file mediclaim, fill out the claim form obtained online from the respective insurer's website or obtained from the insurer's office, and then submit it back to the insurer. Attach the medical bills and reports given by the doctor/hospital as the supporting documents. Make sure to meet all the requirements for faster claim processing.
This health policy not only provides you with an assurance for health benefits when you might actually need them but also entitles you to avail tax exemption under section 80D of the Income Tax Act, 1961. You are eligible for an income tax rebate of Rs. 30,000 if you hold a mediclaim policy for senior citizens for your elderly parents. You can also avail am additional rebate of Rs. 5,000 for preventive health checkups annually.
If you're still earning and also paying health insurance premium on behalf of your son or daughter, then you can avail an additional income tax rebate of Rs. 25,000. This means that you can avail tax deduction of max up to Rs. 60,000 under section 80D.
*Tax benefit is subject to changes in tax laws
Taking into consideration the way Coronavirus is permeating in India, buying health insurance for coronavirus is the need of the hour. And like everyone knows the worst affected by COVID-19 are the elderly people and those with weaker immunity. For this reason, senior citizens are also considered to be at a higher risk.
As per the data nearly 95% of deaths have been in people above the age of 60 years. So, it makes sense to secure your elderly parents with a senior citizen health insurance plan that would cover up the treatment cost as it is not a pre-existing condition. However, the sum assured and coverage limit pertaining to the medical tests, quarantine expenses, waiting period, etc. can vary from one insurer to another.
Are you an older person stuck in a health insurance crisis? PolicyBazaar is you savior. If you're an elderly person, you may find yourself in a crisis-no longer covered under employer's health insurance policy but needing medical policy for senior citizens more than you ever did before.
Backed with a team of experts, we at PolicyBazaar facilitate a quick and easy comparison of available health insurance mediclaim policies and thus, help in saving your time and money. There are various IRDAI approved companies offering senior citizen health insurance plans to old people 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 these senior citizens health insurance plans. The best part is that our insurance experts are standing by to talk with you and answer your query, if any.