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4 Best Healthcare Plans for Senior Citizen Parents

When a child is born, he is totally dependent on his parents. He can’t do a single thing on his own. When human beings touch the milestone of old age, they become children again. They need somebody to look after them, as they are unable to take care of themselves. We all know that old age is hard on human beings, but thanks to senior citizen health insurance policies that old age has become a little easier to survive.

After you are born, your parents are by your side all the time. They proudly see you reaching your development milestones over the years. They guide you in the important aspects of your life. You know that you have their support with you all the time. They love you more than anybody ever can. However, no amount of money can pay off the debt of your parents’ love and care. Yet, it is your duty to pay back them in every possible way you can.

Most of the parents are self-sufficient even after their retirement. Those who are not, their illness as a result of old age makes them dependent on their children. They are not happy about it. During the uncertain times of job insecurity and jaw-dropping medical inflation, a senior citizen health insurance policy acts a savior.

Here is a List of the Best Insurance Plans for the Senior Citizens.

S. No.

Insurance

Provider

Plan

Maximum age limit

(years)

Maximum sum insured (Rs. Lakhs)

Specific Exclusions

Co-payment

Requirement of Pre-medical test

1.

Star Health

Red carpet

69

1-5

Diseases that have been treated 1 year prior the issuance of the plan.

Pre-existing illness includes 4 months waiting time, 30 days waiting time for any illness since the issuance of the plan.

50 percent for pre-existing diseases only.

Not required

 

2.

Bajaj Allianz

Silver plan

75 (renewable till 80)

0.5 - 5

4 years of waiting span for pre-existing disease(s).

1 month of waiting time for any diseases(s) since the issuance of the plan.

2 years of waiting time for specified diseases, etc.

Offers 2 conditions: 1- 10% co-payment for treatment underwent in other hospitals than the network hospitals, 20% co-payment if the insured person is 56 years old and above.

2- For 56 years and above people, purchasing silver health policy for the very first time ever, 20 percent co-payment option is applicable.

Not specified (in the literature)

3.

Apollo Munich

Easy health

Sum insured is 1-2 Lakh and the highest age of entry is 65 years. For other insured persons, the highest age of entry is 60 years.

1 - 10

Any critical disease(s) within 3 months of the starting of the plan.

Any specific disease diagnosed within 1 month of issuance of the plan is not covered, but accidental injuries are covered.

The pre-existing disease(s) would be covered after waiting the time of 3 years.

Not applicable, it provides the cashless option.

Not specified (in the literature)

4.

ICICI Lombard General Insurance

Rishtey

70

2-3

Any disease that is diagnosed within 1 month of issuance of the plan is not covered, but an accidental injury is covered.

There is waiting time of 2 years for specific diseases such as cataract etc.

The pre-existing illness is covered after 4 years of regular cover.

Not applicable, as it provides the cashless option.

Not mentioned (in the literature)


Points to Keep in Mind at the Time of Buying Mediclaim for Senior Citizens

  • Do not club your parents’ insurance in your family floater plan.
  • You are eligible to claim additional tax benefit under section 80D, based on the premium paid on behalf of your parents.
  • If you want to cover your parents-in-law under a mediclaim policy, let your spouse pay the premium, as it will make him/her eligible to claim the tax deduction.
You may like to Read: Health Insurance for Parents
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