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Health Insurance Premium Calculator for Senior Citizens and How It Works

People above the age of 60 years, fall in the senior citizen age bracket and are known to be most susceptible to health complications. This tendency of facing medical issues increases with age and requires costly medical assistance in the form of treatments and medications. 

If you have a senior citizen health insurance policy, this can be easily taken care of. From in-depth medical coverage, accessibility, and feasibility to the senior-friendly nature of these policies, you stand to address a wide range of your old-age problems in one go. 

However, the question arises — How do you choose a senior citizen plan based on your affordability? 

The easiest solution for all groups is to use a health insurance premium calculator. 

To that end, in this article, we will look at the following:

  • Benefits of a senior citizen plan
  • Features of a senior citizen plan
  • What is a health insurance premium calculator?
  • How does a health insurance premium calculator work?
  • How to choose a senior citizen plan?
  • Top Senior Citizen Health Insurance Plans

So, let’s get started!

Some interesting benefits of availing health insurance plans for senior citizens

As we know that senior citizen health covers assists our older people to tackle their health issues, for which the cost of treatments is very high. It helps in providing not only financial but balanced mental health as well. So, the benefits that make senior citizen health plan necessary are: 

  1. They offer a benefit of free health check-ups, in which policyholder can avail annual health check-up without paying any extra amount. This in turn help us monitor their health state and help us offer a healthy way of life and a better quality of life.
  2. In many policies, pre- and post-hospitalisation costs are offered to protect the policyholder in case of long duration of illnesses.
  3. Many of these plans are already cover for many pre-existing diseases.

Some of the features of a senior citizen health insurance plan are as under-

  • All the policies are made available for purchase on individual or family-floater basis.
  • In a number of policies, a pre-medical screening is not mandatory for senior citizens 
  • These plans offer a flexibility of a free comfort period to the policy buyers in this period the policyholders can entirely go through the policy details and understand its terms and conditions.
  • In these plans, senior citizens can claim cashless facilities along quality treatment in the network of hospitals of the insurer
  • Tax benefits on premiums of health insurance plans under section 80D of Income Tax Act can be claimed by the senior citizens.

How to make a choice among various health insurance plans for senior citizens?

First step in buying a health cover would be ensuring the below factors are rightly ticked in the box – 

  1. Cost Factor – Take a plan which is made for people with fixed or limited income.
  2. Convenience Factor – Take a health insurance plan which has maximum number of features for senior citizens and so that they can access treatment simply.
  3. Coverage Factor – Buy a plan that covers fragile conditions that come along old age.

Some of the health covers noticeably ideal for senior citizens aged above 60 years are summarised as below-

  1. Religare Care-9 Plan: 
  • Entry Age: 61 years
  • Provide lifelong renewability
  •  Coverage for pre-existing diseases is after a waiting period of 4 years
  • Free health check-up
  • Sum assured – Min: Rs.5 Lakhs to Max: Rs.10 Lakhs
  • 20% co-payment clause for every claim, rest will be borne by the insurer
  1. Star Health’s Senior Citizen Red Carpet Plan:
  • Entry Age: 60 years
  • USP: Constant premiums with lifetime renewals
  • No requirement of pre-acceptance medical screening tests
  • The co-payment clause covers 30% for claims other than pre-existing diseases and 50% in for pre-existing diseases.
  • Sum assured – Min: Rs.1 Lakh to Max: Rs.25 Lakhs
  1. HDFC Ergo’s My Health Suraksha Plan:
  • No specific entry age required
  • Provides options of higher sum assured up to Rs.5 crores
  • Requirement of pre-acceptance medical screening tests if age limit is over 45 years
  • Free health check-up facility available every year
  • Pre-existing diseases are generally fully covered except the ones for which treatment is received or recommended during the immediately preceding 3 years
  • In case of homecare treatments cashless facility is redeemable
  • The co-payment clause covers 15% for claims other than pre-existing diseases and 25% in for pre-existing diseases.

To summarise, considering the above factors one should not only look at the policies to save on the premium cost but to reap maximum benefits out of the available facilities in times of need. 

What is the use of a Health Insurance Premium Calculator?

It is quite apparent that a health insurance calculator is just another online tool that helps a prospect policyholder know the premium amount that is required to pay for their health insurance premium, on an annual basis. For more clarity, a health insurance premium calculator helps you to know your health insurance premium, based on one’s specific needs. So, with the health insurance premium calculator, you can make an efficient choice to go for the best health insurance policy which you can afford at a premium which you are willing to pay and even to get the policy allotted in a short span of time. 

Additionally, it is important to know that health insurance premium calculator is based on various parameters. There are many insurance companies that have their own mentioned conditions to determine your premiums such as age, if you have any pre-existing illnesses or any individual as well as family medical history. With help of a health insurance premium calculator, the consumer will have the benefit of calculating the premium of top health insurance plans, offered by variety of insurers. It is a well-known fact that health insurance premium calculation is the most tiring part of buying a health insurance, since there are many spatial parameters involved in it. But one can simplify this complex process with, the help of a health insurance premium calculator.

Can anyone make use health insurance premium calculator? How?

Yes. Just like you make use of a normal calculator to carry out transactions for daily use, it is as much simple to make use of a health insurance premium calculator. To use a health insurance premium calculator, you just need to fill all the required parameters in the form of your personal details in a form along with other details based on your own requirements. Based on this information entered by the prospect, they will get an estimate of the premium required and one can easily go through all the health insurance quotes offered.

Why is health insurance premium calculator required? What are its benefits?

To know the benefits of the health insurance premium calculator below are mentioned reasons that will make you understand the need of a health insurance premium calculator –

  • It is required for a prospect to plan on their finances thoughtfully so as to get to know the tentative premium amount in advance by also making plans for other facilities. And one can also plan the part of the monthly expenses that requires management in order to strike a balance between other expenses and paying the premium amount.  

Today, due to an increasing number of health complications, it is a reality that a health insurance plays a major role about safety of our loved ones. Thus, making use of a health insurance premium calculator and making choice of the best health insurance policy at reasonable price has become inevitable. In this way we can ensure we place our best foot forward in securing ourselves and our loved ones. 

”FAQs:

How to calculate health insurance premium using a calculator for parents?

It is quite simple, just enter the age and number of people being insured for calculating the premium. But in many cases of parental health policy, they might have to go for a medical check up to be covered for health insurance. Of course, the conditions might differ among various insurers.

How to compare health insurance premiums?

After finding the premium which you need to pay, you can go and compare the coverages and exclusions. Also, you can compare and make a smart choice by getting the best policy to ensure your family’s medical needs are safe.

How can I make use of premium calculator for health insurance plan for my family?

The procedure remains almost the same, you just need to enter the age and number of people being insured for calculating the premium in case you choose to buy a family health insurance policy.

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