Senior Citizen Health insurance plan
Your old age is a time when you don’t have that zeal within you that lets you fight any emergency. All you want during old days is that you sit back and relax and usually you live on your savings or the pension. In such a situation any medical emergency can actually lead to financial crisis that you might not be prepared to deal with. Thus it becomes a very important and crucial decision of your life for having invested in a Senior Citizen Health Insurance plan.
Also, according to the regulations of IRDA, every health insurance provider has to provide a cover for the individuals up to 65 years of age. It does a dual benefit to the insured as it provides them financial security so that they don’t have their budget ripped apart along with giving them an option to change the policy provider, in case they are not satisfied with their existing one.
Points to remember while choosing a health insurance policy
- How efficient is the claim process
Faster the claim process and higher the claim ratio, you know that the company is doing a great job with candid and authentic claim. Before you buy, do check the claim process and the claim ratio.
- Day care procedures
Make sure that the policy that you are buying has the day care procedures because not all medical emergencies require hospitalisation, thanks to the advancement in medical technology.
- Premium factors
Because the risk of serious illness and diseases is high at an old age, the amount paid as premium is higher. You may also have to pay extra amount, apart from the premium, for a pre-existing disease.
- Pre and post hospitalisation expenses
Make sure that the policy covers your pre and post hospitalisation expense along with the hospitalisation expenses. There are certain diseases that take longer to get completely cured of and need regular checkups and follow ups that can be very difficult for the people to follow up. Pre and post hospitalisation are thus important to be taken care of, by your Senior Citizen Health Insurance plan provider.
Benefits of senior citizen health insurance plans
- Expenses incurred in the hospitalisation of an individual which include room rent, cost of medicines, drugs etc are all taken care of by your policy.
- Day care costs that arise from special procedures such as chemotherapy, etc are also covered.
- Medical cost prior and post hospitalisation is also provided, the number of days the vary from policy to policy.
- Ambulance charges for transportation of the insured to and from the hospital are also covered
- Existing diseases are also covered, though this is entirely subject to the policy provider
List of various senior citizen plans available in the market
|Insurer - Policy Name||Age||Sum Assured||Pre & Post Hospitalisation Expenses||Pre-existing Diseases||Medical Check-up|
|Bajaj Allianz - Silver Health Plans for Senior Citizens||46 - 70 years||50, 000 - 5 lakh||Up to 3% of admissible hospital expenses incurred||Covered from the 2nd year of the policy||After 46 years of age, required as listed below: Complete medical report, ECG, Fasting BSL, Urine R, Liquid profile, HbA1c, SGPT, CBC, SGOT, CBC, Sr. Creatinine|
|ICICI Lombard - Complete Health Insurance||46 and above||up to 10 lakh||30 days and 60 days respectively||Covered from the 3rd year of the policy (up to 4 years for sum assured 4 lakh; subject to nonstop renewal)||Medical tests required for anyone above 46 years of age at particular diagnostic centers|
|Star Health - Senior Citizen Red Carpet Health Insurance Policy||60 - 75 years||1, 00,000 - 10, 00,000||Only post hospital expenses maximum up to Rs. 5,000 excluding nursing charges, diagnostic charges, medicine, and consultation fee.||Coverage from the 2nd years of the policy||No pre-acceptance medical test required|
|National Insurance - VARISHTHA Mediclaim Policy for Senior Citizens||60 - 80 years (renewable up to 90 years of age||Mediclaim - 1, 00,000; Critical illness - 2, 00,000||30 days and 60 days post respectively||Covered after 1 claim-free year while policy remains in force||Not required if insured was covered by a health insurance for last 3 years; Required for rest|
|New India - Senior Citizen Mediclaim Policy||60 - 80 years (renewable up to 90 years of age||1, 00,000 - 1, 50,000||30 days pre-hospitalisation (max up to 5% of hospital bill) and 60 days post hospitalisation (max up to 10% of hospital bill)||Covered after 18 months of policy inception||Required|
|United India Health - Senior Citizen Mediclaim Policy||61 - 80 years||1, 00,000 - 3, 00,000||30 days and 60 days respectively (max up to 10% of hospital bill; whichever is less)||Covered after 4 years of nonstop renewal with the company||Required and reimbursed only 50% and that even after proposal acceptance|
|Apollo Munich - Optima Senior||61 and above||2, 00,000 - 5, 00,000||30 days pre and 60 days post hospitalisation expenses||Covered after 3 years of nonstop renewal with the company||Required and reimbursed only 50% and that even after proposal acceptance|
|Oriental Senior Citizen HOPE Health Insurance||60 and above||1, 00,000 - 5, 00,000||30 days and 60 respectively||Covered after 2 years of nonstop renewal with the company||Need to submit certain medical tests report issued by particular diagnostic centers|
|SBI - Arogya Top Up Policy||65 and above||Sum of 1, 00,000 - 5, 00,000; 1, 00,000 - 10, 00,000 (with deductibles)||60 days pre-hospitalization and 90 days post hospitalization expenses||Covered after 4 years of nonstop renewal||No medical test required up to 55 years of age if no medical history is there|
|Tata AIG - MediSenior Health Insurance||61 and above||2, 00,000 - 5, 00,000||30 days and 60 days respectively||Covered after 4 years of continuous renewal||Required and reimbursed only 50% and that even after proposal acceptance|