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Health Insurance Plans for Parents Above 55-60 Years

Are you planning to buy health insurance for your parents? Well, the Indian Insurance market is currently flooded with healthcare plans specifically designed for senior citizens or elderly parents above 60 years. And many insurance providers also offer family floater healthcare plans specifically designed for families consisting of senior citizens. However, the options tend to limit down if the age of your parents is more than 50 years. Also, purchasing a family floater mediclaim policy that covers your parents would mean a higher premium depending on the age of the eldest parent. The primary reason is the age vs. health risk metrics. As the age of the parent increases, the risk factor and the probability of filing a claim also rises.

The good news is that many companies are now coming up with mediclaim plans specifically designed for senior citizens. For example, Star Health Senior Citizen Red Carpet Plan, Bajaj Allianz Silver Plan, etc.

The Star Health Senior Citizen Red Carpet policy covers elderly people in the age group of 60-69 years. Although there is a co-payment of 50%, no medical tests are required at the time of policy purchase. Similarly, Bajaj Allianz Silver Plan covers people as old as 75 years and the policy can be renewed until the applicant is 80 years. And the sum insured options start from Rs. 50,000 to Rs. 5 lakh.

If you are looking to buy health insurance for your family from a government-backed insurance provider then you can consider the Varistha Mediclaim policy by National Insurance Company. It requires no medical tests if your parents are already insured under a health plan. It also provides No-Claim-Bonus and covers pre-existing diseases after one year of policy purchase date. Similarly, Oriental Hope Senior Citizen health insurance plan comes with no upper age limit and covers 11 specified critical illnesses like Accidental Injury, Knee Replacement, Cardio Vascular Diseases, Chronic Renal Failure, Cancer, Hepato-Biliary Disorders, Chronic Obstructive Lung Diseases, etc.

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As there are a number of health insurance plans that are available in the market, it is important to compare and then zero down on the best mediclaim policy for parents.

Below are some of the best health insurance plans that you can consider for your elderly parents:

Insurer name Entry Age Criteria Sum Insured (in Rs.) Co-pay Pre-medical tests Inclusions Exclusions
Religare Care Senior Citizen Health Insurance Plan
  • Min: 46 yrs.
  • Max: Lifelong
Min: 3 LMax: 10 L 20% for 61 years and above Not required
  • In-patient hospitalization expenses
  • Ambulance cover
  • Second Opinion
  • Domiciliary hospitalization
  • Optional OPD care
  • Day Care Treatment
  • Alternative treatments
 
  • 48 months waiting period for pre-existing illnesses  
  • 24 months for specific illnesses
  • Any claim made within the first 30 days from the policy inception date
  • Any OPD treatment
  • Self-inflicted injury
  • HIV/AIDS
  • Congenital illness Infertility related treatment
  • Pregnancy and  related complications
Max Bupa Health Companion Family Floater Plan
  • No Age Limit
Min: 2 LMax: 1 Cr. 20% co-payment for people above 65 years of age above 45 years of age  
  • In-patient Care
  • Pre and post hospitalization expenses
  • Organ transplant
  • Domiciliary treatment
  • All Day-care treatments
 
  • Menopause related problems
  • Eyesight
  • Dental treatment
  • Artificial life maintenance
  • Treatment received outside India
Star Health Red Carpet Plan
  • Min: 60 yrs.
  • Max: 75 yrs.
Min: 1 LMax: 25 L 50% for pre-existing diseases Not required  
  • Hospitalization expenses
  • Ambulance charges
  • All Day-care procedures
  • Health Check-up expenses
  • Lump-sum payment for post-hospitalization
 
  • Sub-limits
  • Diseases contracted 12 months before policy inception
  • Claim arising within 30 days of policy inception
Apollo Munich Easy Health Plan
  • Min: 61 yrs.
  • Max: No Age limit
Min: 2 LMax: 15 L 15 to 30% on room rent,30% on specific illnesses,15% on daycare procedures   N/A  
  • Hospitalization expenses
  • Ambulance charges
  • Ayush benefit
  • Critical Illness Rider
 
  • Any critical Illness within 90 days of the policy commencement date
  • Any illness diagnosed within 30 days of policy inception ( unless it is an accidental injury)
  • Pre-existing diseases will be covered after a waiting period of 3 years
Bajaj Allianz Silver Plan   
  • Min: 46 yrs.
  • Max: 70 yrs.
Min: Rs. 50,000Max: 5 L  10% to 20%  N/A  
  • Hospitalization expenses
  • Ambulance charges
  • 130 daycare procedures
 
  • 2 years waiting period for pre-existing diseases
  • Any diseases contracted within 30 days from the inception of the policy
  • 2 years waiting period for specific diseases
  • Cost of spectacles
  • Cosmetic treatments
TATA AIG Medi Senior Health Plan
  • Min: 61 yrs.
  • Max: No limit
Min: 2 LMax: 5 L  15% to 30% Not required  
  • Organ donor expenses
  • In-patient treatment
  • Domiciliary treatment
  • Daycare procedures
 
  • Self-inflicted injuries
  • HIV/AIDS-related health issues
  • Congenital anomalies
  • Drug or alcohol abuse
Oriental Insurance Hope Plan
  • Min: 60 yrs.
  • Max: No limit
Min: 1 LMax: 5 L 20% Not Required  
  • Hospitalization expenses
  • Ambulance charges
  • Cardiovascular diseases
  • Cancer
  • Knee replacement etc.
 
  • 2 years waiting period for pre-existing diseases
  • Any diseases contracted within 30 days of policy inception
  • Self-inflicted injuries
  • Cost of vitamins/tonics
Chola Individual Insurance Plan  
  • Min: 3 months
  • Max: 70 yrs.
Min: 2 LMax: 25 L 10% for 55 years and above Not required up to 55 years of age  
  • In-patient hospitalization expenses
  • Day-care treatment
  • Ayush treatment
  • Organ Donor Expenses
 
  • Any diseases contracted within 30 days from the inception of the policy
  • Pre-existing conditions until the completion of 36 months of the waiting period
Royal Sundaram Lifeline Elite Plan
  • Min: 18 yrs.
  • Max: No Age Limit
Min: 25 LMax: 150 L N/A  Required in case of pre-existing illnesses  
  • In-patient hospitalization expenses
  • Domiciliary Hospitalization
  • Ayush treatment
  • Global Emergency Hospitalization
  • Cover-(Excluding US & Canada)
  • Organ Donor Expenses
  • Overseas Treatment for specified
  • 11 critical illnesses
 
  • Congenital diseases
  • Treatment for Alopecia
  • Pre-existing illness until 2 years of waiting period
  • Any diseases contracted within 30 days from the inception of the policy
  • Critical illness diagnosed  within 90 days from the policy inception date
  • AIDS-related treatment
  • Eye related treatment
  • Dental treatment
  • self-inflicted injury
cosmetic surgery

*The options mentioned-above represent no chronological order. The options are subjected to one's subjective needs.

As there are number of health plans that are available for your elderly parents, it is easier to find the right one based on your needs and requirements. You can either select any of the above-mentioned plans or check-out more senior citizen health plans to ensure that your parents get the best medical treatment in their golden years.

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