senior citizens health insurance is a necessity. Especially when you are planning to live on pension or interest from savings after retirement.it is a crucial stage as you are more prone to diseases and illness. A sudden happening can lead to the financial burden on you.so it is important to take a comprehensive senior citizen health insurance plan. the person who is between 65-80 years of age is eligible. You will be happy to know that according to IRDA guidelines that every health insurance company has to offer coverage to the person who is 65 years of age.it giver advantage to the person that he or she can get coverage to their last stage.plus if they are not satisfied with their current insurer, they can shift as well.
Now the main problem is how to choose right plan? There are the variety of plans available in India offered by various companies. It is strongly recommended to carefully analyze and compare all the insurance plans so that you can choose the right one.
There are some popular senior citizens health insurance plan available in India which is as follows:-
- Silver health from Bajaj Allianz
- Varistha mediclaim from national insurance
- Red carpet health insurance from star health insurance
- Optima restore form Apollo Munich
- Gold from Max Bupa
- Care form Religare
Factors for comparing senior citizens health insurance
Public insurance companies give the lesser sum assured i.e. Rs. 1lakh to 2lakh. In case of private insurance companies, you can get coverage of rs. 15 lakh to 20 lakh but the premiums are higher and they may ask for the co-payments.
Maximum age to renew
Different insurers have different age limits. Many insurance companies offer health insurance to senior citizens or elderly parents falling in the age between 65 to 80 years. But few companies have age limit up to 69 years.on the other hand, some companies like Max Bupa and Apollo offer health insurance plan for senior citizens has no age limit. The premium is paid at the end of the year and plan is usually issued for one year.so before taking insurance please check all the terms and conditions carefully
The waiting period in policies
In this case, the insured is surely older so please buy that plan which has less waiting period.
It is the predetermined percentage of the amount of claim borne by the insured person and the remaining sum will be settled by the insurer. many companies do not provide complete coverage if they contain this co-payment clause. So before buying check out this clause. So that you have no complications at the time of claims. otherwise, it will give you financial burden when you need the most
Coverage of certain diseases
It is important to assess before buying the insurance policy that at which extend insurer is providing the coverage of certain diseases. if the person is suffering from any pre-existing illness, then the insurance company will cover it after the completion of the one or two years of the policy.on the other hand, there are many companies that do not cover these pe existing illness at all.
To sum up,
- Select a plan in which you can renew your plan to maximum age.
- Take a plan which provides the good coverage. It will become more efficient if it covers critical illness also.
- A plan which has a lower waiting period for the pre-existing illness.
- A plan having minimum co-payment.
Benefits of senior citizen insurance policy
Well, there are many benefits to taking senior citizens health insurance policy. The government also launched many schemes and policies for them so that they can live without taking the financial burden of health. So here are some benefits which are as follows:
- Hospitalisation expenses (cashless treatment) if it is more than 24 hours, including doctor fees, cost of medicine, room charges etc.
- Daycare costs from the use of special equipment and procedures.
- Medical cost for pre and post hospitalization
- Ambulance charges
- Existing diseases are covered up to the certain terms and conditions.
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