Health Insurance Policy for Senior Citizens: Best Plans and How To Claim
Health insurance plans for senior citizens are specially designed that offer comprehensive coverage against various age-related ailments. These plans are exclusively available for individuals aged 60 years and above. With such a policy in place, accessing numerous benefits, such as coverage for in-patient hospitalisation, pre and post hospitalisation, and domiciliary care, among others, becomes easier.
If you are looking for a health insurance plan for the elderly, here are the 10 best senior citizen health insurance plans, coverage and exclusions, benefits and how to claim. Read on!
10 Best Health Insurance Plans for Senior Citizens in 2022
| Plan Name | Features | Waiting Period | Claim Settlement Ratio |
| Bajaj Alliance Silver Health Plan | Maximum cover: INR 5 lakh Network Hospitals: 6500+ | 1 year | 92.24% |
| Aditya Birla Activ Care Senior Citizen Health Insurance Plan | Maximum cover: INR 25 lakh Network hospitals: 6000+ | 2 years | 70.81% |
| Navi Health Insurance | Maximum cover: INR 1 Crore Network Hospitals: 10000+ | 30 days to 3 years | 97% |
| Care Senior Health Insurance Plan | Maximum cover: INR 10 lakh Network Hospitals: 8250+ | 4 years | 92.83% |
| Future Generali Varistha Bima Plan | Maximum cover: INR 10 lakhNetwrokHospitals: 5100+ | 30 days to 4 years | 82.96% |
| Oriental HOPE Insurance Plan | Maximum cover: INR 5 Lakh Network Hospitals: 4300+ | 2 years | 93.96% |
| National Senior Citizen Mediclaim Policy | Maximum cover: INR 10 lakh Network Hospitals: 6000+ | 2 years | 83.78% |
| New India Assurance Senior Citizen Mediclaim Policy | Maximum cover: INR 50 lakh Network Hospitals: 1500+ | 1.5 to 4 years | 92.68% |
| Cholamandalam Individual Healthline Insurance Plan | Maximum cover: INR 25 lakh Network Hospitals: 8000+ | 2 to 5 years | 56.25% |
| Niva Bupa Senior First Health Insurance Plan | Maximum cover: INR 10 Lakh Network Hospitals: 4500+ | 30 days to 2 years | 89.46% |
What Are the Benefits of Health Insurance Plans for Senior Citizens?
Health insurance plans for senior citizens could come with numerous benefits. Some of these are highlighted below:
1. Comprehensive Coverage
Many health insurance plans for senior citizens provide coverage for a wide range of eligible medical expenses. With these policies, you may not fret about, for example, bearing daycare expenses, pre and post hospitalisation charges, domiciliary hospitalisation expenses, or ambulance charges, depending on the terms and conditions of your chosen plan
2. Life-long Renewability
Several health insurance plans for senior citizens have a lifetime renewability benefit. As a result, you can avail of a lifetime cover without any restrictions on maximum age.
3. Cashless Treatment
With this feature, an insured individual can easily avail of cashless treatment from his/her insurer’s network hospital. Therefore, the insured can receive treatment without having to pay anything upfront.
3. Pre-medical Tests
Many providers of medical health insurance for senior citizens do not require pre-medical tests. On the other hand, if you opt for a standard health insurance policy at the age of 60 or above, you will most likely need to take a pre-screening test. This is one of the most significant benefits of health insurance for senior citizens above 60 years.
4. No-Claim Bonus
This bonus is an added advantage in senior citizen health insurance. Individuals who are above the age of 60 years get a discount on the renewal premium of every claim-free year. Depending on the plan, a no-claim bonus lies in the range of 20% – 100%
5. Tax Benefits
Individuals availing of a senior citizen health insurance policy, for themselves or parents, can avail of tax deduction benefits of up to Rs. 50,000 under Section 80D of the Income Tax Act, 1961.
Also Read
What is Covered in Senior Citizen Health Insurance Plan?
Health Insurance for senior citizens includes coverage for several eligible medical expenses, depending on the insurer and the features of the chosen policy. Some of the common inclusions could be:
- Hospitalisation charges
- Daycare treatments
- Pre and post hospitalisation expenses
- Covid-19 cover
- Cost of AYUSH treatment
- Organ donor expenses
- Domiciliary hospitalisation cover
- Pre-existing conditions
What is Not Covered in Senior Citizen Health Insurance Plan?
On the other hand, these policies are unlikely to provide coverage under certain circumstances. Some of these are as follows:
- Self-inflicted injuries
- Cosmetic surgery
- Pre-existing diseases before the waiting period
- Injuries due to alcohol consumption or drug abuse
- Medical conditions diagnosed within 30 days of purchasing the policy (except for accidental injuries)
Why Should You Buy Health Insurance Plans for Senior Citizens?
As one gets older, he/she becomes vulnerable to various diseases. Without the support of a comprehensive health insurance plan, it can get exceedingly difficult to meet increasing healthcare expenses, especially at a time when income sources could drastically deplete. . Therefore, it is of utmost importance to have such a plan in place, especially if you do not have any other health insurance plan covering you and your dependents.
Moreover, standard health insurance plans could come with a few limitations. These could involve age restriction on entry, longer waiting periods for pre-existing conditions, and a higher co-payment clause, depending on the terms and conditions of the policy
Contrarily, buying medical insurance for senior citizens which does not include such restrictions and additional clauses, could prove to be extremely beneficial for the elderly.
How to File a Claim for Senior Citizen Health Insurance Plans?
Insurance companies usually allow individuals to file claims in any of the two methods discussed below:
1. Reimbursement claims
- Notify your insurer in case of hospitalisation
- Download the health claim form or collect the same from the reception
- Fill out this form and submit it to the TPA or your insurer
- Furnish all the documents, such as medical reports, doctor’s prescriptions, medicine bills, certificate of admission and discharge, etc.
- Your insurer will process all the information, verify credibility, and approve the claim thereafter, subject to terms and conditions
2. Cashless claims
- Intimate your insurer as soon as you are hospitalised in a network hospital
- Submit the pre-authorisation form along with your ID proof to the hospital, who will then forward these to your insurance company for approval
- The insurer will process your claim once it verifies your credentials.
3 Myths About Senior Citizen Health Insurance Plans
- Family floater plan is enough for senior citizens:
Family floater plans are good for covering the health insurance for the entire family. However, the elderly may need specific health issues, may require surgery, may need to be hospitalised more often, the treatments may cost more, etc. A tailor-made health insurance plan for seniors can help cover all the needs of any individual over 60 years of age. - Medical conditions are not covered by senior citizen health insurance:
Many senior citizen health insurance policies cover pre-existing diseases. Go through the insurance document to check if the insurer provides coverage for pre-existing diseases before choosing a health insurance policy for seniors. - Senior citizen health insurance plans are expensive:
Senior citizen health insurance plans are not super expensive. In fact, they provide a financial safety net for older adults who may need repeated hospitalisation, specific disease-related care, frequent tests, etc.
Points to Consider Before Buying Health Insurance Plan for Senior Citizens
When it comes to purchasing health insurance policies above 60, choosing a plan that best meets your requirements becomes imperative. It is, therefore, crucial to compare various plans and buy one that caters to your needs.
Keeping the following points in mind can help you make the best purchase:
1. Waiting period
These plans include a waiting period for pre-existing illnesses. This means that a policyholder can raise claims only after a specific time period for certain health conditions. In such cases, a smart move will be to compare various plans and select the one with the shortest waiting period.
2. Network hospitals
It is wise to opt for an insurance company with a wide range of network hospitals, with one preferably near your vicinity. In doing so, you can easily commute to a nearby hospital and receive immediate medical assistance if required without needing to pay anything out of your pocket.
3. Co-payment
Co-pay is a sum of money that a policyholder is liable to pay when making a claim. Since most of the elderly do not have a regular income, it can be difficult for them to pay a large amount from their pocket. Therefore, it is recommended to select a plan that calls for minimal or zero co-payment.
4. Free medical check-ups
With old age, individuals require additional protection against health issues. So, before purchasing a plan, they should ensure that their policy comes with a facility of free check-ups.
5. No claim bonus
Several insurance companies offer a no-claim bonus if an insured does not lodge a claim during a policy year. Such a bonus either increases the policy’s sum insured or reduces the premium in the subsequent year.
Also read: Should you buy health insurance on EMI?
Health Insurance For Parents Despite Co-morbidities
Earlier an existing ailment was enough for health insurers to reject a new policy application for customers. When it comes to senior citizens aged 60 and above, a large part of this segment suffers from ailments and this was the reason why insurers in the past were not ready to offer medical insurance to this segment. However, things have changed. Now, insurers are increasingly more ready to cater to such chronic ailments. Generally, if you have moderate health issues that are well managed the insurer will issue you an insurance policy.
Common co-morbidities like diabetes or blood pressure are covered by a good number of senior citizen-specific insurance plans. While they may have to pay loading charges or bear a waiting period for some duration to get their pre-existing diseases covered.
Tax Benefits under Health Insurance Plans for Senior Citizens
Yes, senior citizen health insurance plans come with tax benefits under Section 80D of the Income Tax Act, 1961. A policyholder can claim a tax deduction of up to Rs. 50,000 on the premium paid towards health insurance policies. Moreover, a yearly rebate of Rs. 5,000 for preventive health check-ups is also available.
This tax benefit is applicable to individuals who are availing of such a plan for themselves, as well as to those availing these plans for their parents. Note, if an individual is availing of the policy for only one of his/her parents aged above 60 years, the tax benefits applicable will be Rs. 25,000.
How to Choose the Right Health Insurance Policy for Senior Citizens?
Follow these steps to choose the right policy from the list of best health insurance for senior citizens in India:
- Compare the benefits of different plans before making a choice.
- Calculate the premium using a health insurance premium calculator. It will help you understand the policy’s overall cost and choose the cheapest health insurance for senior citizens.
- Insurance plans that offer more coverage and low premiums are ideal for old age.
- Check the list of exclusions along with the terms and conditions before buying a health insurance policy.
- Paying deductibles at an old age can be inconvenient. Therefore, choosing insurance plans with low or no deductibles is beneficial.
- The best health plan for senior citizens will include periodic health check-ups that are free of cost.
Final Word
When it comes to buying a senior citizen health insurance policy, the most crucial point to look out for is comprehensive coverage. Since with old age, the frequency of illnesses increases, it becomes crucial to have a financial safeguard in place to tackle the ensuing costs of treatment. In this regard, look for Navi’s medical insurance for senior citizens extending comprehensive health benefits coverage. Download the Navi app today.
FAQs
Ans: If you are over 60, you do not need to go through medical screening before purchasing a senior citizen health insurance plan. However, many insurers may require you to go through a medical screening.
Ans: Here’s a list of documents required to buy a senior citizen health insurance plan:
Age proof
Identification proof
Address proof
Proof of income
Duly-filled insurance form
Medical screening report (if required by the insurer)
Ans: Health insurance for senior citizens could be costlier than standard plans as older individuals are more prone to illnesses.
Ans: Yes, most plans cover the hospitalisation expenses arising due to Covid-19, subject to terms and conditions.
Ans: Insurance companies usually require documents such as your age proof, ID proof, proof of residence, and income proof, among others. However, with Navi, you can enjoy a completely paperless process.
Ans: It is an arrangement where the policyholder pays a portion of the medical expenses from their pocket. Most senior citizen medical insurance plans include this clause.
Ans: Yes, it is rather sensible to buy a separate health insurance plan for the senior citizen family members. It will reduce the potential burden on your family-floater plan with their increasing medical necessities.
Ans: A person might be suffering from a medical condition for a significant period before buying health insurance. It is referred to as a pre-existing disease. You generally have to go through a certain waiting period to get coverage for pre-existing diseases.
Ans: No, income proof is not mandatory to buy a senior citizen health insurance. However, make sure to consult with your insurance provider to know about the documents that you need to provide when purchasing a policy.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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