Senior Citizen Health Insurance

Senior citizen health insurance means that policy offers coverage only for citizens age between 60 years and 80 years or according to the insurance company. This insurance policy is a necessity for senior citizen because this insurance policy provides finical support at the time of emergency hospitalisation. As a senior citizen, you are planning for retirement and live on pension or interest income for saving. At this age, an increase in medical expenses can give you a big burden. Now a day’s advances in medical technology and treatments make the healthcare treatment costly, making good medical treatment affordability is a problem. The best solution to these problems is Senior Citizen Health Insurance Policy or Senior Citizen Mediclaim. A sudden medical emergency can result in a financial crisis and they burn your hole savings.

Why health insurance is important for senior citizen

Now a day’s medical expenses are very high.
No fixed income after retirement
Financial dependence on children
Day by day decrease in savings
Unexpected financial problems, unexpected expenses
Increased weakness and medical illnesses
At this age medical risk is very high
For the best medical treatment
Health insurance policy is important before retirement

Features or Benefits of Senior Citizen Health Insurance

Senior citizen health insurance provider covers all medical expenses at the time of hospitalization based on the sum insured.
Enjoy higher sum insured benefits.
Avail tax benefits under section 80D of the Income Tax act.
Cover for Day care treatment means that treatments do not require 24 hours of hospitalization.
Avail health check-ups at every claim free year.
Cashless hospitalization can be availed if the patient admitted for more than 24 hours.
Cashless benefit for medical costs like surgery costs, room rent, doctors’ consultation charges, emergency ambulance charges and laboratory tests.
The option of life long renewal policy available.
Pre and Post hospitalization is covered under this insurance policy.
Pre-existing diseases are covered subject to terms mentioned in the policy document
Quick and hassle-free claim settlement
Under this insurance policy, there is no need for any pre-medical test before buying health plan but some insurance company do the pre-medical test

What Is Covered under Senior Citizen Health Insurance Policy

Hospitalization cover that includes room rent, hospitalization, medical treatment, etc.
If an insured person is hospitalized for more than 24 hours, the insurance company will pay the whole expenses of hospital bills.
If your hospital is in network list, you will get cashless treatment otherwise you can reimburse your hospital’s bills in the insurance company.
You can avail Day care treatments mean that treatments that do not require 24 hours of hospitalization. There is a list of such treatments that are covered under your health insurance plan. The list of day care treatment may be different depending upon the company.
Ambulance charges mean some company pay’s ambulance charges in case of an emergency.
No medical check-up is needed before purchasing senior citizen health insurance but some company’s do a medical check-up before buying this health insurance plan.
Quick and hassle-free claims settlement process
Get tax benefit up to Rs.55,000 on the health insurance policy
In this policy, you get free health check-ups at every claim free year
Pre-hospitalization Expenses it means the expenses before you are admitted in the hospital are named as pre-hospitalization expenses.
Post-hospitalization Expenses it means all expenses of an individual after he or she is hospitalized are named as post-hospitalization Expenses.

Exclusions under Senior Citizen Health Insurance

Treatment cost of HIV/AIDS/STDs
Cost of lenses/spectacles
Dental Treatment
Drug abuse related treatments
Cosmetic Treatment and Surgery
Congenital diseases
Non-allopathic treatments
Claims raised during the waiting period.
Ailments diagnosed within 30 days of buying the policy

Factors to consider while buying health insurance for Senior Citizen

Entry age – Every insurance company have age criteria. Most insurance companies offer Mediclaim for senior citizens aged between 60-80 years.

Renewal age – Renewal age means that age limits up to which you can renew your policy and not beyond that. Usually entry age limit for senior citizen health insurance plan is up to 80 years but some companies may offer beyond 80 years also.

Waiting period – Before buying senior citizen health insurance this is a very important point that you have to know about all waiting periods in your policy. Waiting period means that duration in which the insured person has to wait for the claim for some diseases as listed in the policy. During this period, you cannot file a claim for such diseases.

Sum assured – Sum insured means that maximum value for a year that your Insurance Company can pay in case insured person is hospitalized. However, with a higher sum assured the premium will insurance.

Premium – Premium means that payment that you make to your health insurance company that keeps your coverage active at the time of hospitalized. For a senior citizen, the health insurance premium for policies for the old is usually high, because the age of the life to be insured exceeds 60 years. Health risk increases.

Co-payment – Co-pay is the fixed amount that the policyholder pays from his own pocket for the insurance policy. Most of the senior citizen health insurance plans come with a co-payment because at this age the treatment and medication are required.

Coverage – Choose the accurate insurance policy that suits your requirements and wants. Choose that insurance company which offers maximum coverage and comes with minimum limitations. Check if the plan has sub-limits, co-payment clause, and room rent capping.

Senior Citizen Health Insurance Plans Available in India

Insurer – Policy Name	Age	Sum Assured	Pre & Post Hospitalisation Expenses
Bajaj Allianz – Silver Health Plan for Senior Citizens	46 – 70 years	50, 000 – 5 lakh	Up to 3% of admissible hospital expenses incurred
Star Health – Senior Citizen Red Carpet Health Insurance Plan	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.
National Insurance – VARISHTHA Mediclaim Policy for Senior Citizens	60 – 80 years (renewable up to 90 years of age	Mediclaim – 1, 00,000; Critical illness – 2, 00,000	30 days and 60 days post respectively
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-hospitalisation (max up to 5% of hospital bill) and 60 days post hospitalisation (max up to 10% of hospital bill)
United India – 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)
Apollo Munich Health Insurance – Optima Senior	61 and above	2, 00,000 – 5, 00,000	30 days pre and 60 days post hospitalisation expenses
Oriental – Senior Citizen HOPE Health Insurance	60 and above	1, 00,000 – 5, 00,000	30 days and 60 respectively
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
Tata AIG – MediSenior Health Insurance	61 and above	2, 00,000 – 5, 00,000	30 days and 60 days respectively