Health Insurance Plans For Senior Citizen

Health insurance is something which is required by people of every age. Phew! No more of worries related to high medical bills, emergency treatments or day care procedures as medical insurance has come like a savior for all. Health insurance for senior citizen is one of the essentials which are must for their secured and stress free future. Today, there are numerous insurance companies which provide health insurance for seniors and all the policies come with different pros and cons. Selecting a good plan from the sea of such health policies might sound a bit tricky,

and actually, this step should be taken after a thorough R&D. An individual should check the cover and decide on the things he/she needs in future.

Also, one should check the premium rates along with riders and benefits available. Well, the premium is likely to be higher because of the age factor, but it is undoubtedly a great investment for seniors. An elderly person does not need to agonize about financial condition in case of unforeseen medical emergencies and can easily go for free health check-ups with a good health insurance plan.

When finalizing a policy, an individual must take care of certain parameters like- premium rates, cover or benefits, features, exclusions and terms & conditions.

You may also like to Read: Tax Benefits under Section 80C

Health Insurance Comparison Chart

Analyzing the following points, Below is a comparison chart of some of the popular health insurance policies on the major features.

	Bajaj Silver -55 yrs & above	Star Medical Classic- 2 to 80 yrs	Star Red Carpet- 60 to 69 yrs	National Varishtha -60 yrs& above
Max. entry age	70	75	69	70
Max. exit age	75	80	Life long	90
Pre-existing waiting period	1st year for 50% S.A	4 years	2nd yr with 50% co-payment	1st claim free year
Non network hospital treatment	Co-payment of 20%	No charges	No charges	No charges
Room Rent	No room rent	2% of S.A up to Rs. 4000/-	1% of S.A	1% of S.A
Family Discount	5%	Nil	Nil	Nil
Buying policy process	Too many medical test and inflexible process	Abundant restrictions, many test but, simple issuing	Easy to buy and no medical tests	Easy issuing but lower cover
Special exclusion	No joint replacement surgery for 4 yrs
Premium for 1 lac	Rs. 8056	Rs. 3372	Rs. 5000	Rs. 5166

 

Apart from these plans, one can check out various other policies and compare the benefits provided. This process helps to select the policy which best meets your requirement.

You may also like to Read: Deduction under Section 80D for AY 2016-17

 

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