By | December 13, 2022
Health Insurance Plans for Senior Citizens

Health Insurance Plans for Senior Citizens

Besides the above features, almost all other features of the senior citizen health insurance plans are similar to those present in normal health Insurance Plans. Though many companies have policies which cover senior citizens, here we have chosen 4 insurance companies that offer specially designed senior citizen plans. Let us take a look:

Health Insurance Plans for Senior Citizens

Health Insurance Plans for Senior Citizens

1. New India Assurance Senior Citizen Mediclaim Policy:

  • Only for individuals between 60-80 years.
  • Can be continued till the age of 90.
  • Covers hospitalization expenses.
  • Covers pre and post hospitalization cost.
  • Covers ambulance charges.
  • Covers hospitalization expenses for few selected illnesses.

2. Star Health Senior Citizens Red Carpet Policy

  • Only for individuals between 60-75 years
  • The plan can be renewed continuously for the entire lifetime.
  • The coverage includes hospitalization expenses.
  • Covers pre and post hospitalization.
  • Covers ICU charges & surgeon’s fees.

4. Care Health Insurance Care Senior plan

  • For individuals aged 61 years and above.
  • The coverage includes hospitalization expenses.
  • Covers pre and post hospitalization.
  • No pre-medical check-up.

5. Max Bupa Senior First Plan

  • Covers modern treatment.
  • The coverage includes hospitalization expenses.
  • Covers pre and post hospitalization.
  • Covers modern treatment.
  • Covers day care expenses..
  • Organ transplant related expenses are covered.

7. Aditya Birla’s Activ Care plan

  • For individuals aged 61 years and above.
  • The coverage includes hospitalization expenses.
  • Covers pre and post hospitalization.
  • Covers modern treatment.
  • Covers day care expenses..
  • Cashless home treatment.
Bajaj Allianz Silver Health Plan 50K to 5 Lakh Yes Lifelong Renewability 20% Pre – medical tests are mandatory for every proposal
Star Health – Senior Citizen Red Carpet Policy 1 Lakh to 25 Lakhs Yes Lifelong Renewability 30% – 50% None
Apollo Munich’s Optima Senior Health Plan 2 Lakh to 5 Lakhs Yes Lifelong Renewability 15% – 30% Yes
ICICI Lombard’s iHealth Plan 3 Lakh to 50 Lakh Yes Lifelong Renewability NA Free at selected centres
New India’s Senior Citizen Mediclaim Policy 1 lakh & 1.5 lakhs Yes Lifelong Renewability 10% Yes
National Insurance Varistha Mediclaim 1 Lakh & 2 Lakhs Yes Lifelong Renewability 10% – 20% Yes

Benefits of Health Insurance for Senior Citizens

A senior citizen health Insurance Plans offers a wide range of benefits to older people. Here are some key benefits of purchasing a senior citizen health insurance Plans policy in India.

Benefits of Health Insurance

Benefits of Health Insurance

Seasonal Illnesses: Pays for treatment of any seasonal illnesses like dengue, malaria, covid19, typhoid, pneumonia & others, just after 30 days.

Hospitalization Expenses: Just like regular health insurance Plans, senior citizen health insurance Plans pays up to 70% of your parent’s hospital bill.

Cashless Treatment: In emergency situations or general hospitalizations, you don’t need to have a lot of cash. The insurance company directly pays to the hospital from your cover amount.

No-Claim Bonus: This bonus allows them to get a discount on their renewal premium amount for each claim-free year. NCB can range anywhere from 20% to 100% depending on the type of plan.

Pre-existing Illnesses: Pays for treatment of any pre-existing illnesses related to the heart, lungs, kidney, diabetes, blood pressure after the specified waiting period.

Tax-Benefits: Health Insurance Plans for senior citizens offers the individual with tax benefits on the premium he or she pays. This happens every financial year under section 80D of the IT Act.

Read Also: Best Income Tax Benefits on Health Insurance 2022

Aging makes our parents frequently visit the doctor’s clinic & also get admitted once in a while. This overall becomes quite expensive. Additionally, what would you do if there’s an emergency & you’re required to have lakhs of rupees in your bank account. In such a situation, a health insurance  for senior citizens helps you with the following;

It covers for your old age medical treatment costs without harming your savings or pension money. A Senior citizen health insurance Plans provides financial support for:

  • Pays up to 70% of your hospital bills
  • Provides cashless hospitalization treatment
  • Allows preventive health check-ups
  • Pays for Covid19 Treatment requiring hospitalization
  • Pays for treatment expenses 30 days before hospitalization
  • Pays for treatment expenses up to 90 days after hospitalization
  • Covers pre-existing illnesses like blood pressure, diabetes, heart ailments, kidney issues, liver problems, lung issues after a waiting period of 3-4 yrs.
  • Covering certain pre-existing diseases, treatment critical illness, general hospitalization expenses & even treatment for covid-19.

Health Insurance for Senior Citizens

After entering their 60s, our parents unfortunately suffer a lot in their old age due to medical ailments. They have to undergo treatment frequently & they are more prone to multiple medical issues. The cost of treatment of such old age ailments is also quite expensive. A Senior citizen health insurance pays for almost 70% of the medical cost when your parents get admitted for any treatment.

How to choose the best health insurance plans for people above 60 years?

Buying health insurance Plans for elderly parents should be done carefully because you want them to get the best they deserve. Keep the following points in mind while choosing medical insurance for parents above 60 years of age:

Know Medical History: While buying a health policy for your senior citizen parents, you need to know their medical history. But, unfortunately they may also be unaware of many existing medical conditions that they suffer from. In such cases it would be difficult to rely entirely on their

knowledge of their medical history. Before providing such information to the insurance company, it is always good to cross verify.

Compare and choose a plan: There are many current and new senior citizen medical insurance plans available online in India. Comparison between different plans is essential. A comparison can be made between various health insurance plans for senior citizens on factors such as coverage, cost, riders/add-ons, inclusions and exclusions.

Fill the proposal form: While selecting the policy, fill relevant and accurate information. Incorrect information can cause problems and your insurer will reject the application.

Undertake Medical Examination: The insured has to undergo a medical examination after submitting the proposal form. Doctors on the insurance company’s panel will verify the information related to the policy holder’s medical condition. Depending on the health of the insured, a few

medical tests will be done by the doctor. Some of the tests include lipid profile, blood routine, sugar, urine routine, kidney and liver function, sonography etc.

Note: There are some senior citizen medical insurance plans that do not require a pre-policy medical screening test.

For example: Mayur lives with his wife who is a housewife, 2 school going children and his parents. He earns around 50,000 per month and is the sole bread earner of the family. As his parents are above 65 years of age, he decided to purchase a senior citizen medical insurance plan for them. A sudden medical emergency can cripple an entire family financially. Which Mayur did not want.

So, after assessing his parents’ medical history by going through all their previous medical reports, he browsed the web and searched for health insurance plans for parents. His pre-policy medical examination showed normal reports and the insurance company accepted the proposal form. The policy Mayur chose for his parents paid him only Rs. 6000 per month. This was the best decision Mayur took as it made him and his parents financially secure and happy.

Health Insurance Plans

Health Insurance Plans

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.



2 Replies to “Best Health Insurance Plans for Senior Citizens in December 2022”

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  2. bitkub ราคา

    Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.


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