Government Health Insurance Plans for Senior Citizens

A senior citizen health insurance policy is designed for people above the age of 60 years. As they age, senior citizens tend to become more and more dependent on their family and their medical expenses usually rise as well. Without a proper medical insurance plan, their medical expenses can become a real burden on the family. We all know that the market is flooded with a lot of options for a health insurance policy but the choice tends to become quite limited when it comes to senior citizen health insurance plans. This is primarily due to the age of senior citizens due to which a lot of limitations are imposed on medical insurance plans. Several factors need to be considered including the age limit of the plan, waiting period for the pre-existing condition, plan renewal age, and requirement of going for a medical check-up before one can be insured by the health plan.

These terms and conditions even carry on for the family floater plans where they are imposed on other family members too. So, what is the point of talking about all this?

Basically, we are here with an objective to help you select one of the most suitable senior citizen health insurance plans that are provided by the Public health insurers for people above the age of 60 years.

Here is a quick rundown of the senior citizen health insurance plans that are provided by government or public sector insurance companies. 

Senior Citizen Health Insurance Schemes by Public Health Insurers

National Varishtha Mediclaim Policy

National Health Insurance Company offers Varishtha Mediclaim policy that offers medical insurance coverage to senior citizens between the age group of years and 80 years. The policy period is only of a year but the renewal of the plan can be made up to the age of 90 years. Some of the features of this health insurance plan are mentioned below:

• The policy covers the cost of medicines, drugs, blood, oxygen, diagnosis charges, etc.
• The policy covers 8 critical illnesses as well
• The sum insured limit for hospitalization and domiciliary hospitalization is Rs 1 Lakh and Rs 2 Lakh for critical illnesses
• Up to Rs 1000 for emergency ambulance charges
• Treatment of critical medical problems like benign prostatic hyperplasia, cataract ad organ transplant etc. are covered but only up to a pre-specified amount.
• It pays for the fees charged by surgeons, consultants, specialists, medical practitioners etc.
• Coverage for illnesses like cancer, multiple sclerosis, stroke etc. is provided even without hospitalization.
• Under section 80D of the Income Tax Act, the premiums of uptoRs.15,000 are allowed as deductions.

National Senior Citizen Mediclaim Policy

National senior citizen mediclaim policy offers a higher sum insured up to Rs 10 Lakh and can be purchased by people within the age group of 60 and 80 years. You can cover your spouse as well on a family floater basis. Below mentioned are the coverage benefits that are provided by the National Senior Citizen Mediclaim policy:

• The policy pays for the fees charged by a physician, surgeon, anaesthetist fees along with room charges, transfusion and injection charges
• The policy covers ambulance charges and organ donor expenses
• A waiting period is 24 months for pre-existing conditions
• It also offers HIV and mental illness cover
• Ayurveda and homeopathy treatments are also covered
• Cashless treatment facilities is available at network hospitals
• Tax benefits under section 80D are available on the premiums paid.

New India Assurance Senior Citizen Mediclaim Policy

New India Assurance Health insurance has designed this Senior Citizen Mediclaim Policy for people between the age group of 60 and 80 years. The policy features are listed below:

• In this plan, the insured senior citizen can opt for a sum insured amount between Rs 1 Lakh and Rs 1.5 Lakh
• It covers pre-existing diseases after a waiting period of 18 months
• It coves pre and post hospitalization expenses for 30 and 60 days respectively
• 10% discount on premium is provided if the spouse is covered
• After payment of additional premium certain pre-existing ailments like diabetes, hypertension, and related complications can be covered after completion of 18 months

Oriental Senior Citizen Hope Health Insurance

Oriental Health insurance has designed this Senior Citizen health insurance plan for people above the age of 60 years. The policy features are listed below:

• In this plan the insured senior citizen can opt for a sum insured amount between Rs 1 Lakh and Rs 5 Lakh
• It covers pre-existing diseases after a waiting period of 24 months
• The policy pays for the fees charged by a physician, surgeon, anaesthetist fees, etc
• It also covers the cost of ICU unit, ambulance, chemotherapy, dialysis radiotherapy etc.

United India Senior Citizen Mediclaim Policy

United India Health insurance has designed this Senior Citizen Mediclaim plan for people between the age group of 61 years and 80 years. The policy features are listed below:

• In this plan, the insured senior citizen can opt for a sum insured amount between Rs 1 Lakh and Rs 3 Lakh
• It covers pre-existing diseases after a waiting period of 48 months
• The policy covers fees charged by a physician, surgeon, anaesthetist fees etc
• It also covers the cost of hospitalization expenses including blood, medicines, drugs, anaesthesia etc.

Importance of a Health Insurance Plan for Senior Citizen

Check out the benefits that are offered by various senior citizen health insurance plans, and how they help in reducing the out-of-pocket medical expenses:

With old Age Comes a Range of Medical Problems

Even with a very healthy lifestyle, it is very difficult to escape certain medical problems that come only with old age. Medical insurance can prove to be a great support for both the sufferer and the family. Usually, senior citizen health insurance policies are designed for elderly people who are more vulnerable to health risks. Individuals, who are above 45 years and approaching 60 years of age, should have a health insurance handy due to increasing health issues and retiring age with no regular source of income. As health insurance policy provides cover for major critical illnesses including organ donor expenses, cancer, heart failure, etc, it ensures the best possible treatment in some of the best hospitals with minimal out-of-pocket expenses.

A Health Plan Makes you Financially Independent

It provides peace of mind in case of unforeseen illness or hospitalization. A senior citizen health insurance policy is designed to take care of the medical expenses without being dependent on other family members. You can avail cashless hospitalization in network hospitals and reduce the out-of-pocket expenses.

You Don’t Need to Drain Your Savings

We saved this one for the last because some of you might be thinking all this while that they can easily take care of all the medical expenses and not even become dependent on their family too because they have huge savings for them that they have accumulated since a long time. Let us assume that you have enough savings, even more than what most plans provide cover for.

But don’t you think that the money would be better invested in someplace else and there are for sure better places where your money can be used like to be used in financial crisis, paying off large debts or even if no such situations arrive where it can be used, you can give it to your family as a legacy. The total cost of a health plan including all the premiums is way less and if you really have savings, then you can easily afford a health plan without making a big dent on your savings and if not anything, you can use this money to buy your dream car or go on a luxurious holiday.

Conclusion

Adequate insurance cover would help to ward off financial worries related to medical treatments and hospitalization expenses. There are several policies from different insurance companies, you can pick the most suitable one, to keep yourself and your parents protected from any unforeseen healthcare emergencies.