Lifespan is increasing and so might be medical expenses, the income after retirement is dwindling, surplus money can also be decreasing because of inflation and unforeseen expenses.

Senior citizen health insurance plans are prohibitive.

Lifespan is increasing and so might be medical expenses, the income after retirement is dwindling, surplus money can also be decreasing because of inflation and unforeseen expenses.The price of healthcare in India is increasing at 20 percent each year, that will be a lot more than double that of overall inflation.After retirement, the requirement for adequate health coverage is very important.

Many years ago, the marketplace for health insurance for golden-agers has improved considerably, though still small and a little restrictive. A number of the companies offering health policies for senior citizens are National Insurance, Oriental Insurance, New India, United Insurance, Apollo Munich, and Max Bupa.

Senior citizen medical health insurance plans

Senior citizen health insurance plans are exclusively for seniors who look to meet high medical costs during hospitalization by paying a premium each year to the insurer who pays the sum insured in case of medical treatment.

Premium and Age:

Health insurance premium increases as you grow old.The premium of an older person’s medical health insurance plan would typically depend on age the average person.The premium of a senior citizens medical health insurance plan would typically rely upon the age of the individual.The premium, in this way, for most organizations would be same for a long time falling under a specific band.

IRDAI mandates the entry age for the health insurance plans and has also made the renew capacity until lifetime as an obligatory function in all plans.

Present policyholders want no longer switch:

Senior citizen health insurance plan, in that case, isn't always required to be bought. Individual or own family floater health plan enables one to purchase them right up until age 65 and show lifetime renewability. As in series with the IRDAI tips, the policyholder may continue renewing it for a lifetime. Continuing the similar plan also facilitates as one gets entitled to the blessings of the waiting around periods and for pre-current ailments.

M.Ravichandran, President, TATA AIG popular insurance enterprise says, “The insurance underneath senior citizen plans is generally more restrictive when compared with normal plans supplied with the assistance of insurers. It's considerably better for the consumer to keep a normal plan in place of the switch.


There are clauses like sublimit and copayment in health insurance plans. Check with your insurer. Copayment is the percentage of cost which you need to share with the insurers in the event of a claim. Sub-limit is the limit up to which your insurer will pay for certain expenses such as doctor's fees, room rent, among other things.

Restrictions Abound:

Distinctive senior citizen health insurance plans can be quite restrictive in phrases of functions. Right here’s what such plans may provide. Study the full information of any coverage to keep away from any surprises.

Pre-existing conditions:

When a person has a pre-existing illness, the policy will cover this illness only after a waiting period of 1-2 years. This again differs policy to policy. Get readability on their insurance – by way of while will they be covered and up till what quantity. Hardly any organizations permit pre-existing conditions following 24 or 36 months yet may pay up just 50 percent of the claim if there should arise an occurrence of any such condition. In some strategies, the previous conditions like hypertension, diabetes and it is difficulties are covered after 18 months of continuous insurance but only on repayment of additional premium.

Waiting period:

Senior citizen health insurance plans have a certain waiting period for pre-existing diseases. This may range from a year to four years.

Additional features:

1. Always go with the policy with Maximum Renewal age. Though this is no longer applicable as all policies now days come with Lifetime renewal limit.

2. Enroll one’s spouse and one may get a discount on the premium. Most insurers provide a family discount of 5% on the total premium if the policy is taken for self and spouse.

3. Few plans could allow treatment expenses for the organ donor at the time of organ transplant.

4. Additionally, no longer all senior residents medical health insurance plan will cowl the OPD expenses. Those that cowl may also restrict it to say Rs 2 hundred per consultation or Rs 8,000 in a year.

5. Additionally, most plans cover ambulance service expenses up to Rs. 2000.

6. If there are no claims made, usually at the end of 3 years, some policies allow a free medical check-up equal to an amount of up to 1 percent of the sum insured.

Please read the Terms and Conditions of the Policy carefully.

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Sumegha Bhatnagar

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