Health Insurance for Senior Citizens

About Senior Citizen Health Insurance

The cost of healthcare in India is increasing at 20 percent every year. Therefore, the need for adequate health cover has attained the importance of not just during the working life of an individual, but even after retirement. Health Insurance for senior citizens is designed to offer financial aid for medical treatments to individuals over 60 years of age in their hour of need. Senior citizen health insurance plans offer critical illness cover, cashless hospitalization, pre-existing disease cover, and a higher sum assured.

Introducing Care Senior

Post-retirement life comes with a bounty of expectations - for the shackles of the daily grind are gone and one can finally dedicate their time to the things they love! Our parents and elderly relatives can get the best out of this phase if they are in good health and they are reassured by their health insurance plans. This is why we have specially curated mediclaim for senior citizen individuals who are aged above 61 years of age. This health insurance plan for senior citizens includes a free annual check-up, tax savings, floater and individual cover, and of course, a servicing team that empathizes and guides you at every step.

Key Features of Senior Citizen Health Insurance

  • Individual and Floater Cover available

  • No Pre-policy medical check-up

  • Annual health check-up for all insured persons

  • Automatic recharge of Sum Insured

  • Save tax on a premium of up to 75000 u/s 80D of the Income Tax Act, 1961

  • Up to 150% increase in Sum Insured with NCB and NCB Super**

Key Aspects in Health Insurance Plan for Senior Citizens

Below is a list of important points that should be taken into consideration while you are planning to buy a senior health insurance plan.

  • Cost-Senior Citizen Health Insurance policy should be designed for those who have a fixed limited income.

  • Convenience -It should incorporate features that provide the extra care needed to keep seniors physically and mentally comfortable

  • Coverage -Include coverage for health realities and vulnerabilities that come with old age

Advantages of Senior Citizen Health Insurance Plan

The following are the benefits of availing a senior citizen health insurance scheme for your parents.

  • Higher sum insured amount addresses the reality of rising medical costs

  • Pre and post hospitalization coverage financially protects the insured during a longer period of illness

  • Ambulance coverage reduces the impact of miscellaneous costs that are incurred

  • Senior Citizen Health Insurance Plan includes detailed health check-ups at no extra cost facilitate monitoring of the insured’s health and promote a healthy lifestyle

  • Coverage for alternative treatment takes into account the latest practices wherein treatments combine multiple disciplines

How to Choose the Best Health Insurance for Senior Citizens?

Factors to consider while buying Health Insurance for Senior Citizens:

  • Co-payment - It is a fixed amount to be paid by the insured for every claim. Religare Health Insurance has a 20% co-payment clause on every claim where the age of insured/eldest member is 61 years or above.

  • Expenses covered: Senior citizen health insurance plan covers a wide spectrum of medical expenses including pre-hospitalization, hospitalization and post-hospitalization charges.

  • Waiting Period for Pre-Existing Conditions: It is the time period that must elapse before coverage can begin. It depends on the insured’s medical history and other related factors; in the case of pre-existing ailments, the waiting period is usually 48 months. However, senior citizen Health Insurance offers a 4-year waiting period for pre-existing ailments which is quite reasonable compared to other senior-centric plans.

  • Sub-limits: It is the limit placed by the insurance company on the health insurance claim. It is usually applicable to services such as room rent, ambulance charges, certain medical procedures and so on. Compare these rates between providers and choose the insurance plan that offers the most reasonable sub-limits.

  • Additional Features: Pay due attention to the additional features and list of exclusions in the policy. Additional features could include coverage on extra family members - this is something you should look for when choosing health insurance plans for parents. Care Senior offers additional covers that provide coverage to a maximum of 6 persons.

  • No Claim Bonus: Senior citizen health insurance offers a 10% increase in Sum Insured for every claim-free year. Under No Claim Bonus Super cover, there is a 50% increase in Sum Insured for every claim-free year.

Documents Required for Senior Citizen Health Insurance

You will require the following list of documents at the time of buying the Senior citizen health insurance plan:

  • Age Proof

  • Proof of Id and address

  • Proposal form

  • 2 Passport Size Photographs

  • Medical Pre-policy Check-up Report

  • Pre-existing medical condition reports(if any)