Aging increases the chances of illness and disease. A medical insurance plan is a smart
option to cover any unexpected medical expenses as a person’s later years are tougher
physically and financially. Health insurance plans for parents and senior citizens
sometimes include additional benefits such as cashless hospitalization, critical illness
insurance and cover for certain illnesses such as cancer and stroke.
The risk of developing illnesses and disorders increases with age. A person’s later years
are more challenging both physically and financially, so having medical insurance
coverage to cover any unexpected medical bills is a wise choice. Health insurance
plans for parents and senior citizens can come with supplementary features like
cashless hospitalization, critical illness insurance, and coverage for special conditions
like cancer and stroke.
Best Health Insurance Plan for Your Parents:
Below are the most popular senior citizen health insurance plans in India:
1. Bajaj Allianz: Silver Health Plan
● Cashless facility in all network hospitals under Silver Health Plan.
● Bajaj Allianz Diagnostic Centers can be availed for free health checkup after 4
years which is claim free.
● An additional 5% discount for families, and a bonus that accrues at the rate of
5% for every claim-free year.
● Individuals between the age group of 46 years – 75 years are eligible for this
scheme after necessary medical examination
2. New India Assurance: Senior Citizen Mediclaim Policy
● Eligibility for this policy, individuals should be between 60-80 years of age. It can
last up to 90 years if renewed without breaks.
● Pre and post hospitalization charges are covered for 30 days of hospitalization
and up to 60 days of hospitalization.
● Hospitalization for illnesses and injuries and all treatments administered will also
be covered.
● All pre-existing illnesses and diseases will be covered after completion of 18
months with continuous engagement with the company.
3. Oriental Insurance: HOPE – Health of the Elderly Beneficiaries
● The policy will cover room rate, nursing-related expenses, up to 1% of the Sum
Assured.
● The policy will include ambulance charges up to Rs 1000/- or actual cost.
● All doctors, anesthetists, surgeons, and specialists charges are covered under the
policy. As well as all cost related procedures they have to perform. For example,
blood, oxygen tanks, surgical instruments, dialysis, chemotherapy, radiotherapy
etc.
● If the insured requires intensive care, the intensive care unit will be covered
within a limit of 2% of the sum assured per day.
4. United India Insurance: Senior Citizens
● The policy will cover room and boarding expenses and nursing related expenses
up to the limit of 1% of sum assured or actual expenses whichever is less.
● All doctors, anesthetists, surgeons, specialists charges are covered under the
policy. As well as all cost related procedures they have to perform. For example,
blood, oxygen tanks, surgical instruments, operation theater charges, X-rays etc.
● Pre and post hospitalization charges are covered for 30 days of hospitalization
and up to 60 days of hospitalization.
● For Cataract, Hernia, and Hysterectomy – Coverage will be 25% of Sum Assured
or actual cost whichever is less.
5. Star Health & Allied Insurance: Red Carpet
● Hospital admission fee for patients
● Ambulance costs
● health check
● Costs both before and after hospitalization
6. Care: Maximum care
● The insurer pays the entire claim
● No restrictions on room rent
● Pre-existing conditions can be accessed from 30 days.
● Unlimited reinstatement insurance
7. Manipal Cigna Health Insurance: Prime Senior (Classic & Elite)
● Option to use full insurance claim payment
● Cost of inpatient care up to a single AC private room is covered
● After three months, option to cover pre-existing conditions
8. Future General Health Insurance: Varishta Bima
● Hospital admission fee for patients
● Roadside Ambulance Costs
● Costs both before and after hospitalization
Popular Senior Citizen Health Insurance Plans Available in India:
Looking for a suitable health insurance plan for people over 60? Here is a list of popular
senior citizen health insurance plans available in India:
Who should buy health insurance plans for senior citizens?
Senior health insurance policies are primarily designed for people above the age of 60
who are retired and without a steady source of income. Children can also get this type
of health insurance for their elderly parents.
What is covered under Senior Citizen Health Insurance?
Mentioned below are some of the benefits that are covered under Senior Citizen Health
Insurance-
● Hospitalization Expenses – Under this plan, hospitalization expenses such as
hotel charges, doctor fees, nursing fees, prescription expenses, ICU expenses,
surgical equipment expenses, and operating room expenses are all covered.
Additionally, it covers the cost of orthopedic implants, prostheses, prostheses,
and diagnostic procedures required while the senior is in the hospital.
● Pre-existing Diseases – After a predetermined waiting period, all pre-existing
conditions of the insured seniors are equally covered.
● Ambulance Charges – Up to a predetermined amount, it pays the ambulance
charges to take the insured to the nearest hospital.
What is not covered?
Mentioned below are some of the benefits that are not covered under Senior Citizen
Health Insurance-
● Costs related to suicide or self-inflicted injury
● Conditions identified within 30 days of policy purchase (excluding accidental
injury)
● AIDS treatment costs
● Cost of medical care for injuries caused by civil war or an act of foreign forces
● Costs associated with alternative medicine treatments
Documents Required:
● Pre-policy medical checkup document
● Duly filled proposal form
● Supporting documents for any pre-existing conditions
● Age proof
Claim Settlement Process for Senior Citizen Health Insurance:
Senior citizen health insurance plans require policyholders to submit a health insurance
claim in case of emergency medical care or hospitalization. You can file a claim for
cashless care at a network hospital or reimbursement for expenses incurred at a
non-network hospital.
Tax Benefits of Senior Citizen Health Insurance:
A senior citizen health insurance plan not only ensures payment of medical bills, but
also entitles a tax break under Section 80D of the Income Tax Act, 1961. You may be
eligible if you have an old medical insurance policy for your parents. Tax credit up to
Rs.50,000.
Myths of Senior Citizen Health Insurance:
● Group insurance is sufficient:
This is a very common misconception that many people have about health
insurance. Many people believe that Mediclaim Group Insurance offered by the
company will provide enough cover for their parents. Many employees are
rationalizing the cover to reduce steep premiums and some of them have gone a
step further to exclude parents from the policy. It is very important not to rely
solely on the Mediclaim policy to provide health cover to your parents.
● Prerequisites:
It is true that most health insurance policies do not cover pre-existing illnesses,
especially when it comes to senior citizens. For this reason, many people shy
away from opting for a health insurance policy as they are under the impression
that a pre-existing illness may make their parents ineligible for a health insurance
policy. But many health insurance policies still offer cover if the illness is not
serious or terminal.
● Inadequate coverage:
Many people find health insurance policies useless as they do not offer cover for
certain pre-existing conditions. While this is true, almost all health insurance
policies have a waiting period of four years after which pre-existing diseases are
covered. But your parents will still be covered for hospitalization charges during
the first four years for other illnesses and accidents.
● High cost:
It is true that health insurance can be a bit more expensive for senior citizens but
this should not discourage one from buying a health insurance policy. There are
many senior citizen health insurance policies in the market that will not pinch
your pocket and offer adequate health cover to your parents.
● Healthy and fit:
Although your parents may be at their best and have no existing illnesses,
unforeseen circumstances such as age-related illnesses or a specific illness can
disrupt their health at any time. It is very important to have health insurance for
your parents even if they are fit and healthy.
Benefits of Senior Citizen Health Insurance Plan:
Following are the benefits of a Senior Citizen Health Insurance Scheme for your parents
–
● Tax benefits on medical insurance premiums
● Get treatment and medical facilities in many hospitals across the country
● Enjoy cashless treatment and daily allowance (depending on the insurer)
● Policy option renewal
● Residential Hospitalization Cover
● Enjoy the free-look period
● Get an annual health checkup
● Reload Sum Assured
Key Features of Senior Citizen Health Insurance:
Some of the most salient features of health insurance plans for senior citizens in India
are mentioned below-
● Hospitalization cover including medical bills and room charges
● Cashless hospital admission
● Daycare costs that arise from technological advances
● Ambulance charges are covered
● Pre-existing diseases are covered depending on the insurance provider
● No medical test is required before taking medical insurance. It depends on the
insurance provider
● High amount of insurance coverage
● Coverage of pre-existing diseases
● Fast and hassle free settlement
18% GST rate is applicable for all financial services with effect from 1 July, 2017.
Disclaimer: Premium may vary depending on factors such as age, location and
prevailing taxes/GST.