Best health insurance for senior citizen in India

Health insurance for senior citizens is a must, considering the rate at which the medical expenses are rising every year. Senior citizen health insurance plan is a necessity, especially when you are planning to retire and live on a pension or interest income from savings.

Best health insurance for senior citizen in India

Health insurance for senior citizens is a must, considering the rate at which the medical expenses are rising every year. Senior citizen health insurance plan is a necessity, especially when you are planning to retire and live on a  pension or interest income from savings.

Health insurance is necessary because:

•  The medical costs are increasing more than the average inflation rate.
•     Seniors may have limited income or unstable income after their retirement
•    Seniors may be financially dependent on their heirs
•    They are easily prone to illnesses or accidents. There might be a sudden requirement of financial help.
•    Their manager's medical coverage strategy may be stopped to exist after retirement.

Features of Senior Citizen Health Insurance:

• Co-payment Clause: A co-payment clause means that the insured has to share a part of the medical expenses they incur. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount (80%) can be claimed. These policies have this clause and it varies from insurance company to insurance company.

• No Sub-limits: Health insurance companies may specify limits for certain illnesses or treatments.

• Pre-existing diseases: Pre-existing diseases are covered based on the insurance provider.

• Are Day Care Products Covered: Day care costs which arise due to use of special equipment while treating procedures such as dialysis and chemotherapy are covered.

• Payment Charges Covered:  Hospitalization cover including medical bills and room charges. Ambulance Charges are also covered.

• Higher sum insured coverage with reasonable premium: Pre-existing diseases are covered based on the insurance provider. Another important factor is to choose a policy, which will cover a wide range of illnesses including critical illnesses.

• Life Long Renewal: 

              a) A lifelong renewal facility offers a lifelong financial security against expensive

              b)   IRDA has stipulated that a health insurance policy should always be renewed expect if there has been- 

              ➤Fraud,

              ➤Moral hazard (intentionally taking an insurance policy in order     to make a  false claim)

              ➤Misrepresentation.

• Cashless Hospitalization & Faster and hassle-free settlement: cashless hospitalization is the facility where an Insured person can be admitted in any of the network hospitals tied up with the insurance company and undergo treatment without having to pay medical expenses directly to the hospital.

• Get tax benefit on health insurance premiums: Tax benefits a senior citizen health insurance generally depends on the age of the insured person. The senior citizens over the age of 60, the most extreme sum that can be copped are Rs.30, 000.

 Listed below are not covered under senior citizen health insurance-

1. Any diseases contracted within 30 days of availing the policy
2. Any non-allopathic treatment
3. Expenses related to injuries caused by own self
4. Expenses as a result of drug abuse
5. Any pre-existing injuries/diseases
6. Medical expenses during treatment of AIDS
7. Certain ailments like joint replacement etc. are covered only after 2 years of availing the policy
8. Cost of spectacles/lenses and dental treatment (except arising out of accident)
9. Cosmetic surgery
10. Injury due to war, an act of foreign army etc.

Some insurance companies that offer senior citizen health insurance-

Insurer –Policy Name	Age	Sum Assured	Pre & post Hospitalization Expenses	Pre-existing Diseases	Medical Check-up
National Insurance- VARISHTHA Mediclaim policy for senior citizen	60-80 years (renewal up to 90 years of age)	Mediclaim –1,00,000: Critical illness -2,00,000	30 & 60 days post respectively	Covered after 1 claim-free year while policy remains inforce	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-hospitalization (max up to 5% of hospital bill) and 60 days post hospitalization (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
Oriental Insurance - Senior Citizen HOPE	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
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
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
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
Apollo Munich - Optima Senior	61 and above	2, 00,000 - 5, 00,000	30 days pre and 60 days post hospitalization expenses	Covered after 3 years of nonstop renewal with the company	Required and reimbursed only 50% and that even after proposal acceptance
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	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

Hope the above information will help you in deciding the best health insurance plan as per your requirement.