5 best health insurance plans for senior citizens

Dev Ashish once said that health insurance is like an umbrella; something that you don’t need every day; but when it pours, it saves the day for you. You should always save something for a rainy day. While it is upsetting that health insurance is difficult to get at an age when you need it the most, it might not necessarily be so. We are bringing to you the five best health insurance policies for senior citizens, after filtering them from an array of available choices, because choosing the right health insurance can prove to be just as important as perhaps, choosing a life partner! No one policy is perfect; its perfection depends on your needs and how it is customized. 


Here’s a short infographic on health insurance plans for senior citizens.
  1. Senior Citizen Red Carpet Health Insurance Policy – Star Health

This is one of the unique policies for senior citizens out there; genuinely made by an altruistic heart! This policy is exceptional because it covers pre-existing ailments from the second year onwards. You can avail the policy if you are between 60 and 75 and you can even get a lifelong cover. The sum insured ranges from Rs.1 lakh to Rs.25 lakhs. With a daily hospitalization allowance, special ambulance allowance and portability benefits, this policy might fit many senior citizens’ needs like a glove. 

Benefits

  • A pre-insurance medical check-up is not required
  • All sorts of daycare procedures are covered, along with nursing and room charges. 
  • Even hospitalization and ICU charges are covered
  • Helps with tax deductions under Section 80D of Income Tax Act

Limitations

  • Twenty-four months waiting period for particular diseases like Cataract, Gall Bladder and Pancreatic Diseases and many more. 
  • One has to wait for 30 days before making any claim for the amount. 
  • Maximum capping on claims of diseases like cancer and injuries like broken bones
  • No claim of death due to suicide will be entertained. 
  1. Care Health Care Insurance 

Care Health Insurance is definitely out in the market to deliver what it promises. Its claim settlement ratio has been at an impressive 93 per cent. Just as their name says, they do care! You can sit back and relax because this insurance policy covers as many as 7400 leading hospitals across India as well as the cost of getting an opinion of doctors abroad if you choose a small add-on. So, wander around with no worries if you love to travel because this health insurance seems to cover the entire planet! This insurance has indeed brought a sense of security for its broad client base. 

Benefits

  • Easy to claim and easy premium payment options
  • Covers the cost of organ transplanted as well!
  • Not satisfied with the first doctor? Don’t fret because the cost of consulting a second doctor is covered as well! 

Limitations

  • The ambulance cover has a maximum cap of INR 1,000, which might prove to be small for some customers who do not live close to hospitals covered in the policy. 
  • Suicide and injuries due to social conditions like riots or war are not covered 
  • Only one free health care per year is permittable
  1. Max Bupa Health Insurance

Max Bupa health insurance is a result of an international collaboration between leading healthcare group Max and UK’s Bupa Financial PLC. The claim settlement ratio is at an unprecedented high of 96 per cent, showing that Max Bupa takes its job of serving its clients very seriously! Covering a wide range of more than 4500 hospitals and with lifelong renewability, Max Bupa has made it to the list of best life insurances in the country. You’ve got nothing to worry about as long as Max Bupa covers you!

Benefits

  • Even the costs of Ayurvedic and Unani treatments are included in the policy
  • Medical treatment at home of the elderly is also insured! 
  • Fifteen days free-look period for cancellation of the policy
  • No room rent maximum caps under this policy!
  • All ages are welcome! 

Limitations

  • Robotic-Assisted Surgery, Light Amplification by Stimulated Emission of Radiation (LASER) & Light-based Treatment are not covered in the policy.
  • OPD treatment is not included for a wide range of injuries 
  • The policy will only reimburse for medical treatment taken at home if the doctor advises or if the beds at the hospital have run out. 
  • Hospital suites and superior category are not included. 
  1. HDFC ERGO Health Insurance

HDFC ERGO Health Insurance is another example of an international collaboration that has worked well for Indians, especially the senior citizens. This insurance is truly one of a kind because it does not differentiate between diseases, meaning that there are no sub-limits on costs of treating a particular disease, as many insurance companies have been doing. No cash? No problem, because this insurance policy will allow a cashless treatment in its network of hospitals! What’s more is that it even provides you with compensation for pre and post hospitalization expenses for up to a period of 60 to 90 days, depending on the policy you take. 

Benefits

  • Tax deductions under Section 80D, flexible payment options, and a high no-claim-bonus. 
  • An easy claims process with no unnecessary hassles!
  • Ayurvedic and homoeopathy treatments are also included.
  • Even the transportation charges of the organ donor are covered!
  • 89.07 per cent claim settlement ratio for 2019, which is average. 

Limitations

  • A health screening test is required for people above the age of 60
  • A long waiting period of 3 years for pre-existing ailments 
  • Claim settlement ratio for previous years has been lower at around 77 per cent. 
  • A two-year waiting period is mandatory for specific diseases like cataract, etc. 
  1. Tata AIG Medicare Health Insurance

Tata AIG Health Insurance policy is ideal for senior citizens from the age of 61, and it has no upper age limit cap. Tata is known for his customer focus and ensuring to put the clients first. It has multiple charitable schools and libraries running in its name. This reputation has helped the Tata group continue its name in the fields of insurance too. With almost two decades of experience, The Tata AIG health insurance is surely a force to reckon with.

Benefits

  • Covers medical as well as surgical expenses of organ donor in cases where organ transplant is required. 
  • No maximum cap on room rent!
  • Covers post-hospitalization charges for 90 days after discharge 
  • Easy portability to other insurers
  • Dental treatments are included in the case of accidents 

Limitation 

  • Maximum entry age is 65; thus, it might not prove to be ideal for the senior citizens who wish to take long term policies. 
  • Does not include psychiatric and mental health disorders. 
  • Pre-existing ailments have a waiting period of 3 years 
  • Costs of treatment of obesity are not included in the policy
  • Charges incurred at a Hospital primarily for diagnostic tests, such as X-ray or laboratory examinations not consistent with or incidental to the diagnosis will not be covered 

Concluding Remarks

To see more benefits, view this infographic on senior citizens health insurance plans.

Health insurance is not perfect. Each insurance policy is unique and has its own set of benefits and limitations. To choose the ideal policy for yourself, you must observe and check if the benefits cover what’s more probable for you. 

Let us assume that you are a senior citizen with a family history of kidney problems. In that case, you must keep in mind that this fact makes you more vulnerable to kidney problems and hence, you must search for a policy that covers costs of kidney transplants, dialysis, etc. Choosing the right policy is an art, and selecting the right one can make all the difference. 

FAQs: Health Insurance Plans for Senior Citizens

Is there a perfect health insurance plan in India?

It is very difficult to fix a specific medical insurance plan that would cover the entire family cost. The cost of medication and clinical treatment is on an uptrend at a decent growth percentage and it is really difficult to forecast the medical bills in the future.

What are the parameters for the best health insurance policy?

With so many insurers it is difficult to choose one plan amongst the varied but similar plans that are available. Some of the parameters to benchmark these plans for different companies can be as under;
Claims to settlement ratio
Hospital collaborations or empanelment
Amount of sum insured
Cost of insurance i.e. Premium
Other benefits
Coverage in terms of medical surgeries, diseases etc.
Exclusions
Waiting period

Which are the top insurance companies in India?

We have many big brands in the insurance space doing business for quite a long time. These companies have widely available plans with paperless facilities and quality services to enhance the customer experience. Here are a few top names leading the insurance space in India.

Aditya Birla Insurance
Bajaj Allianz
Future Generali
Tata AIG
Star health insurance

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