HEALTH INSURANCE PLANS FOR SENIORS

NEED FOR HEALTH INSURANCE PLANS FOR SENIORS :

Media had earlier reported that India is ranked 145th among 195 countries studied by an international organisation for healthcare and access . Hence many of the citizens would not have taken any health insurance during their prime days . Some would have been covered by their employers , if they were employed in organised sectors like Governments , banks , Insurance companies or large corporate . For even such people , normally employers take insurance cover till the employees retire . In some cases the facility may be extended to cover the old age . But for the rest , they have to make arrangements for themselves

When a senior citizen who is retired or about to retire searches for a health insurance plan , he would find premiums as expensive compared to the premium he would have paid at an younger age . Many insurance companies do not offer plans for very senior citizens and maximum entry age may be restricted . Even the insurance may not cover their entire life cycle . As burden of medical expenses increase over the period , income would have come down .

However we observe that access of healthcare has improved in India in last 15 years with improved medical facility and many states offering free healthcare or health insurance to the poorer sections at affordable prices . Case in point is Yashaswani in Karnataka . Other major endaevour is National Health Protection Plan ( NHPP ) announced by our Prime Minister and the plan provided insurance up to Rs 5 lakhs for rural and urban poor . But such government plans exclude most of the middle class , who have to fend for themselves .

We have improved our medical facilities in many urban centers and such facilities are attracting many overseas patients on account of affordability compared with their own countries . But sadly such facilities are still not affordable to many Indians of middle class and poorer section . Unless one has sufficient insurance , one may not afford the medical facility they need .


In these circumstances , many seniors are looking for affordable health insurance . We searched the web and found the plans which may be useful to seniors . We have listed some salient features of the plans for comparison and readers are requested to go to the websites of the insurers ( link given ) to find all the terms and condition before taking up any policy . We found some plans with no entry age restrictions which are available for renewal lifelong . There are others with restrictions both for entry age as well as for renewal .

SELECT POLICIES FOR SENIOR CITIZENS ARE LISTED BELOW :

We have listed few insurances policies for illustration purposes . The terms & conditions and premiums are subject to change . You may check up with the websites of health insurance companies for their lastest offerings and the premium quoted by them .

WITH NO AGE LIMIT FOR TAKING UP THE POLICY :

1. CareSenior Citizen ​
​2.​Future Generali
3.​ICICI Lombard
4.Royal Sundaram ​

WITH AGE LIMITS FOR TAKING UP THE POLICY :

1. Star Health Senior Citizen
​2.​New India Senior Citizen
3.Bajaj Allianz Silver Health

ISSUERS OF HEALTH INSURANCE POLICIES

Health Insurance policies are issued by specialised Health Insurance companies , Life Insurors as well as General Insurors .
To get the list and visit their websites , Click Here

TIPS FOR BUYING HEALTH INSURANCE FOR SENIOR CITIZENS

1. Various Insurance companies offer health Insurance Policies . But the terms , diseases covered and premiums vary . Hence first write down your needs and Medical history of your spouse / children to be covered , and the amount of coverage you may require . Please remember the medical costs are increasing year after year and what looks like suffice today may not cover fraction of your requirement after 5 years . Hence keep cushion while having the amount fixed .

2. You check the hospitals in your city , especially which are convenient to you , are covered under cashless facility by TPA .

3. Compare the premiums from three or four insurance companies for the least and you can find huge variation from company to company and chose the one which suits your budget and requirements .

4. Floaters policies covering all the members of your family are cheaper than taking individual policies and hence get a policy which can cover your family members .

5. Check whether premiums are kept at the same level as offered for at least for few years . Otherwise every year you will have to pay higher demanded premiums .

6. Check up to what your age the policy will cover . There are policies which cover till lifelong . Otherwise at the ripe age when you require insurance , umbrella of insurance would be removed .

7. Check towards the conditions on pre -existing diseases . Lesser period will be better .

8. Even if pre-existing conditions are covered after a lapse of waiting period , some insurance company will charge as much as
50 % after the waiting period is lifted . Hence check

9. If you have already covered by a health insurance policy taken by yourself or your employer or any of your family members and if you feel the amount covered is not sufficient , you may go in for a Top up Health Insurance or Super top up health insurance which will cover you beyond the amount covered by your initial policy .

10. Health Insurance policies get income tax rebates under SEC 80D . For details , CLICK HERE


PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST WITH ANY OF THE INSURANCE COMPANIES