If there is one financial instrument that is a must have, it is the health insurance for the elderly. The senior citizens are not only more prone to health related illness but with limited income post retirement are also financially vulnerable without a protective health insurance plan.
Many of us just rely on group health covers or family floater plans covering our elderly parents. Group plans offer limited protection and are valid only till the individual is working. In family floater plans, the age of the eldest member is used for determining the premium costs making them too expensive. A personalized health cover is therefore necessary for the elderly making the protection complete and without leaving any risks or vulnerabilities.
Things to look out for when seeking health insurance for the elderly
Know the co-payment clause
Most health insurance plans for the elderly come with a co payment clause. So an 80-20 co-payment clause means that the policyholder pays 20% of the costs from their own pocket thus reducing the risk of the insurer. The higher you agree to co-pay the lower is the eventual premium cost.
Pre existing disease cover
Not all health insurance plans offer cover for pre existing diseases. Covering pre existing diseases means a higher premium. So compare the premium costs or the waiting period for such diseases if any.
Know the age limit of the policy
Each health insurance plan for the elderly has a different age limit for the policy. While some can go as high as 90 years others may offer lifelong renewal. Check and compare the age limits before choosing the apt policy as per your needs.
Popular health insurance plans for senior citizens
Bajaj Allianz Silver Health Plan
Bajaj Allianz Silver Health Plan is tailor made for senior citizens offering cashless claim settlement in over 5000+ hospitals. The plan covers pre existing diseases from the 2nd year with a protection cover for over 130 day care procedures. In addition it offers free health checkup in designated Bajaj Allianz Diagnostic centers at the end of four continuous claim-free years.
Star Health Insurance Senior Citizens Red Carpet
Star Health Insurance Senior Citizens Red Carpet comes with no pre insurance medical tests requirements. The plan offers Sum Insured coverage up to Rs.10 Lakhs with a guaranteed lifetime renewals.
Apollo Munich’s Optima Senior
Apollo Munich’s Optima Senior offers coverage from the age of 61 years above. The plan covers medical expenses incurred due to illness during 30 days immediately before hospitalization and 60 days post discharge. The plan also covers 140 day-care procedures.
New India’s Senior Citizen Mediclaim
New India’s Senior Citizen Mediclaim offers cover for Pre- and post-hospitalization expenses up to 30 and 60 days respectively. The plan offers Sum Insured options of Rs. 1.0 Lakhs and/or Rs. 1.5 Lakhs.
United India’s Senior Citizen Plan
United India’s Senior Citizen Plan is available fro senior citizens between 61 years to 80 years and taking a Mediclaim Policy for the first time. The policy covers re- and post-hospitalization expenses up to 30 and 60 days with pre existing diseases not covered until 48 months of continuous coverage.
Popular health insurance plans at a glance
|Insurance Plan||Age Eligibility Criteria||Sum Assured||Pre and Post Hospitalization cover||Coverage for Pre existing diseases|
|Bajaj Allianz Silver Health Plan||46-70 years||Rs. 50,000 to Rs. 5 Lakhs||Amount equivalent to 3% of admissible pre and post hospitalization expenses.||After 1 year|
|Star Health Insurance Senior Citizens Red Carpet||65-70 years||up to Rs.10 Lakhs||A sum equivalent to 7% of the hospitalization expenses subject to a maximum of Rs.5,000/||2nd year onwards|
|Apollo Munich’s Optima Senior||61 years +||Rs. 2 Lakhs to Rs. 5 Lakhs||30 days pre hospitalizations and 60 days post hospitalization||After 3rd year of nonstop renewal|
|New India’s Senior Citizen Mediclaim||60-80 years (can be continued up to age 90)||Rs. 1 Lakh or Rs. 1.5 Lakhs||Pre- and post-hospitalization expenses up to 30 and 60 days respectively. Limited cover for hospitalizations in government and /or registered Ayurvedic/Homeopathic and Unani hospitals.||after 18 months of continuous insurance|
|United India’s Senior Citizen Plan||61 years to 80 years||Rs.1,00,000 to Rs 3,00,000/||Pre- and post-hospitalization expenses up to 30 and 60 days respectively.||after 48 months of continuous insurance|
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