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*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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.
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:
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:
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:
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:
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:
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:
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.
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.
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.
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.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.