Best Health Insurance Plans for Senior Citizens in December 2022

If you want to compare senior citizen medical insurance in India, you need to remember that the type of policy a person wishes to avail depends primarily on:

• Fixed income amount
• Financial status
• Number of dependents
• Health of dependents

While doing a comparison on health insurance plans for senior citizens in India, consider the following parameters:

• Age: Age plays an important role when buying health insurance for senior citizens in India. The decision to issue a policy depends on the age. Hence, one should buy at an earlier age to increase chances of getting better coverage. When it comes to public sector insurance companies, senior citizen health insurance plans offered by them are the ones in the 60-80 age group. A few insurers have no maximum entry age and allow entry even after 80. Always pick a medical insurance policy that goes on for a longer period. The age limit for renewal varies from one company to another so check the terms and conditions carefully before buying the policy.
• Number of Insured Persons on the Policy: The number of insured persons in a policy depend on whether you want add your spouse to your plan, or you prefer buying a separate senior citizen health insurance plans for them. This decision is purely based on their medical conditions and your budget constraints.
• The Sum Insured: When comparing different medical insurance plans for senior citizens in India, the sum insured is a vital element that needs to be considered. A rough calculation of the medical charges for the entire year will help you decide the desired sum insured amount. Consider the spouse’s medical necessities too if they are being covered in the policy.
• Premiums: Although premiums for senior citizen health insurance policies are higher, they’re totally worth it. At a stage in life when you should be unwinding and savoring the retired years, the last thing you should be doing is raising funds to take care of your medical expenses. A little bit of planning in your budget will easily sail you through the retired phase.
• Coverage of Specific Diseases: It is important to get the best senior citizens health insurance plans which covers many ailments including critical illnesses with progressing age.
• Network Hospitals: When you age, nothing beats the comfort of a nearby hospital with cashless facility. Do enquire about the cashless tie-ups in the hospitals of your choice before making the payment.

Waiting Period:

• Initial waiting period: Mostly first 30 days from the policy issuance except for accidental injuries/hospitalization.
• Pre-existing Diseases: Most insurance companies have 2-4 years waiting period to cover any pre-existing conditions. The lesser, the better. Illness Specific: Many illnesses are covered only after a waiting period of around 2 years.

• Deductibles and Co-Payments: Many senior citizen health insurance policies in India come with deductibles and co-payments. Therefore, check for the plans that have the lowest deductible and the least co-payment clause. On an average, 10% co-payment is quite standard.
• Inclusions and Exclusions: Thoroughly check what your policy covers to avoid any surprises during claims. Read the policy wordings carefully to understand the scope of coverage. Every health insurance policy comes with certain exclusions, and Senior Citizens Health Insurance Plans is no different. As mentioned earlier, refer the policy wordings for the details about what the plan doesn’t cover.