Best Health Insurance Plans for Senior Citizens in 2020

14. National Insurance - VARISHTHA Mediclaim Policy for Senior Citizens

National Insurance is the oldest and one of the biggest players in the insurance sector. The name holds repute among customers and the insurance fraternity for its innovative plans and hassle-free claim settlement. Varistha Mediclaim available for senior citizens in terms of coverage as well as premium.

Policy Coverage Benefits and Features:

• Hospitalization expenses including room and boarding expenses, nursing expenses, ICU expenses, surgeon's fees, anaesthetist’s fees, consultant's fees, cost of drugs and diagnostic tests, etc.
• Pre and post-hospitalization expenses
• Domiciliary hospitalization
• Optional critical illness cover
• Organ's donor expenses
• Diabetes and hypertension, even pre-existing diseases are covered right from the inception of the policy (at a 10% additional premium)
• Sum insured increased by 5% for each claim-free year
• Reimbursement of cost of health check-up once in every 3 years

Limitations:

• Pre-existing diseases are covered after 1 claim-free year
• 30 days initial waiting period, before which no coverage is given and for critical illness, it is 90 days
• 76-80 age band will have to bear 10% loading charges up to 85 years
• 20% loading charges for renewal at 85-90 age bracket
• Pre acceptance medical check-up for fresh entrants           
• The insured must make 10% co-payment in all claims. Plus, if it's a case of pre-existing disease, an additional 10% co-pay must be borne by the insured

15. New India Assurance Senior Citizen Mediclaim Policy

New India Assurance Senior Citizen Mediclaim Policy offers a standard coverage at the lowest premium among all the health insurance plans available for senior citizens in the market.

Policy Coverage Benefits and Features:

• Hospitalization expenses incurred for the treatment of illness/injury
• Pre and post hospitalization expenses up to 30 and 60 days respectively
• Ambulance charges
• Limited cover for hospitalizations in government and /or registered Ayurvedic/Homeopathic and Unani hospitals
• Reimbursement of cost of health check-up once in every 4 claim-free years

Limitations:

• Waiting periods - Pre-existing diseases covered only after 18 months from the inception of the policy
• There is a 30 days initial waiting period, before which no coverage is given
• 10% loading charges for renewal between the age of 81-85 years
• 20% loading charges for renewal between the age of 86- 90 years
• Additional premium to cover pre-existing conditions like hypertension, diabetes mellitus, from the inception of the policy

Pre-acceptance health check-up required for new entrants. However, the health check is waived for those who are already insured with the insurer

16. Oriental - Senior Citizen HOPE Health Insurance

HOPE comes from Oriental Insurance, is the most popular health insurer among customers not just for its products but also for its high claim settlement and high incurred claim ratios. HOPE offers coverage for specified diseases at an optimum premium.

Policy Coverage Benefits and Features:

• Hospitalization expenses including room, boarding and nursing expenses, ICU expenses, surgeon fees, medical practitioner fees, anaesthesiology, chemotherapy, radiotherapy, artificial limbs, prosthetic devices implanted during surgical procedure like pacemaker, relevant diagnostic test, x-ray, etc.
• Diseases covered - Accidental injury, knee replacement, cardiovascular diseases, chronic renal failure, cancer, hepato-biliary disorders, chronic obstructive lung diseases, stroke, benign prostrate, orthopaedic ailments, ophthalmic diseases
• Domiciliary hospitalization expenses
• Ayurvedic/ Homeopathic/ Unani treatment covered

Limitations:

• Waiting period - 30 days initial waiting period, before which no coverage is given (except in case of accidental injury)
• 2 years waiting period for pre-existing diseases
• Compulsory co-payment of 20% on admissible claim amount
• Loading for new entrants
• Pre-acceptance medical screening is required and expenses of which must be borne by the insured

17. Religare Care Freedom Health Insurance

Religare has designed this plan for people above the age of 46 years. It makes a perfect health plan for senior citizens as there is no upper age bar. Here are some of the plan coverage, benefits and limitations:

Coverage Benefits and Features

• Sum insured option - 3 lakhs, 5 lakhs and 7/10 lakhs
• Policy tenure can be 1 to 3 years
• Annual health check-ups including - blood tests, lipid profile, LFT, KFT etc.
• Lump sum payment of consumable allowance on a daily basis after 3 days of hospitalization for a maximum of 7 days)
• Coverage is provided up to a maximum of 6 members
• Dialysis cover
• Companion benefits for hospitalization exceedingly more than 10 days
• 100% reinstatement of sum insured on exhaustion of sum assured

Limitations:

• Sub-limits applicable
• Pre-existing diseases can only be covered after 2 years
• OPD expenses are not covered in this policy

18. Raheja QuBE Health Insurance

Raheja QuBE Health Insurance policy can be purchased for individuals up to the of 65 years. This health insurance scheme is available in 4 variants i.e. That is basic, comprehensive, super and A-LA-CARTE. Let's check out some of the benefits and limitations of this medical insurance plan:

Policy Coverage, Benefits and Features:

• The policy is available on both individual and family floater basis
• It offers a wide sum assured options ranging from Rs. 1 lakh to Rs. 50 lakhs
• The policy is renewable for a lifetime, which makes it a relevant choice for elderly people who need insurance cover
• In some plan variants, specific non-medical Are also covered

Limitations:

• Some plan variants have a 20% co-payment clause

19. Royal Sundaram Lifeline Elite Plan

Royal Sundaram Lifeline Elite plan is a comprehensive insurance policy that offers an all-inclusive health cover to the insured members without any bar on the upper age limit. This health scheme is suitable for senior citizens because of its wide coverage amount and extensive coverage benefits. Check out some of the policy features and limitations as given below:

Policy Coverage, Benefits and Features:

• Royal Sundaram Lifeline Elite plan offers worldwide emergency cover to the policyholder
• The minimum sum insured in this policy is Rs. 25,00,000 and the maximum coverage amount is Rs. 1.5 crores
• It also offers international treatment cover for 11 listed critical illnesses along with return flight tickets
• the insured person can also claim expenses incurred on organ donor treatment, day care procedures, ambulance charges, and OPD treatment
• By paying additional premium the coverage is extendable to USA and Canada as well

     Limitations:

• Pre-existing diseases can only be covered after a waiting period of 2 years
• There is an initial waiting period of 30 days
• Critical illnesses can only be covered after a waiting period of 90 days

20. Reliance Health Gain Insurance Plan

Reliance Health Gain Insurance policy offers coverage to individuals up to the age of 65 years. Moreover, there are no restrictions on the policy renewal. Checkout some of the policy benefits and features here:

Policy Coverage, Benefits and Features:

• Reliance health gain insurance plan offers a minimum sum assured of Rs. 1 lakh and the maximum coverage amount of Rs. 18 lakhs
• The policy is available on both individual and family floater basis
• This plan covers day care procedures, offers cashless medical treatment and various other add-ons to enhance the coverage

Limitations:

• Pre-existing diseases can only be covered after a waiting period of 3 years

21. Star Health – Red Carpet or Senior Citizen Red Carpet Health Insurance Plan

Star Health was one of the first insurers in India to design and introduce a health insurance plan pertaining to the selective needs of senior citizens. It was also the first plan that increased the maximum entry cap from 69 years to 75 years. Star Health Red Carpet has made it to our list because of the extensive coverage it offers.

Policy Coverage Benefits and Features:

• In-patient hospitalization expenses covered including ICU expenses, nursing expenses, surgeon's fees, consultant's fees, anaesthetist's fees etc.
• Pre and post hospitalization expenses covered (up to a maximum of 7% of the hospitalization expenses) Emergency ambulance charges covered

• Domiciliary treatment and Day care procedures are covered
• A pre-existing disease starts getting covered right from the first year (except those for which treatment was received/recommended during the preceding 12 months from proposal date)
• No medical screening is required

Limitations:

• 30 days initial waiting period, before which no coverage is given
• 2 years waiting period for specific diseases like cataract, knee replacement surgery etc.
• 1 year waiting period for specific diseases like hernia, piles etc.
• Treatments currently availed or availed during the preceding 12 months from the proposal date are excluded
• 50% co-payment of the claim amount, for pre-existing diseases
• 30% co-payment of the claim amount, for all other claims

22. SBI - Arogya Top Up Policy

Elderly people who have not crossed the benchmark of 65 years of age can consider getting coverage under this top-up plan. And the benefits that a policyholder can avail are given below:

Policy Coverage, Benefits and Features:

• Coverage is provided for 142-day care procedures
• Pre-hospitalization expenses are covered for 60 days and post-hospitalization expenses are covered for 90 days
• In-hospitalization expenses - ICU charges, medical practitioner fees, room rent, nursing and boarding expenses, cost of medicines, drugs, diagnostic procedures, radiotherapy treatment, chemotherapy, blood, oxygen, dressing, operation theatre, x-ray, dialysis, cost of the pacemaker, and any other medical expenses as part of treatment
• Physiotherapy expenses as part of inpatient care
• There is 9 months waiting period for maternity expenses

Limitations:

• Reinstatement of sum assured is provided by paying an extra premium amount
• Pre-existing illnesses are covered after 4-years of the policy term
• Requires pre-medical screening for senior citizens

23. Tata AIG - MediSenior Health Insurance

Tata AIG - MediSenior is a health insurance policy for senior citizens above the age of 61 years. The benefits and limitations for the policyholders under this policy are given below:

Policy Coverage, Benefits and Features:

• Policy sum assured ranges from Rs. 2 lakhs to Rs. 5 lakhs
• This senior citizen medical insurance policy covers inpatient hospitalization expenses such as room rent charges, ICU charges, doctor and surgery fees etc.
• The policy also covers organ donor expenses, kidney transplants, and treatment taken at home
• 140-day care procedures are covered too

Limitations:

• Congenital anomalies are not covered

24. United India - Senior Citizen Mediclaim Policy

United India Senior Citizen Health Insurance is a policy for people who are aged between 61 and 80 years. The plan offerings and limitations are mentioned below:

Policy Coverage, Benefits and Features:

• Both allopathic and Ayush treatments are covered in this plan
• The sum assured amount ranges from Rs. 1 lakh to Rs. 3 lakhs
• In-patient, pre and post hospitalization expenses are covered
• Room rent charges, nursing expenses, ICU charges are recompensed
• Fees charged by the medical practitioner, surgeon, consultants, anaesthetist, and specialists
• Other expenses include- the cost of surgical appliances, blood, anaesthesia, medicines, operation theatre charges etc.

Limitations:

• Pre-existing illnesses are covered after 2-years of the continuous policy term

25. Universal Senior Citizen Health Insurance Plan

Universal Senior Citizen health insurance plan has been designed for individuals above the age of 60 years. Usually, it is difficult to find health cover as you age but this one is especially designed for senior citizens. Mentioned below are some of the advantages of buying this health policy:

Policy Coverage, Benefits and Features:

• The sum assured amount ranges from Rs. 1 lakh to Rs. 5 lakhs
• This plan for senior citizens also covered specific critical illnesses
• Universal Sompo senior citizen health insurance plan also offers lifetime renewability option

Limitations:

• The policy does not recompense the cost of medical treatment undertaken overseas
• Pre-existing diseases are not covered until the completion of the waiting period

The above stated plans are some of the leading health plans available in the market for senior citizens. Someone who relied on employer health policy for all his life and now post retirement left without health coverage, can bank on these insurance options.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.