About
Health Insurance after the age of 60 years used to be impossible in India a few years back. Now, though a bit more expensive, it is available. There are a few insurance companies which offer health cover to senior citizens.
Anyone over the age of 60 is considered a senior citizen in India. The plans may be limited and restricted when compared to regular health insurance plans, but once you reach the age of 60 it is very important to have a health insurance option.
Life expectancy is increasing and so are medical expenses, the income after retirement is dwindling, surplus money is also decreasing due to inflation and unforeseen expenses.
Among some of the companies that offer health policies for senior citizens are National Insurance, Oriental Insurance, New India, United Insurance, Apollo Munich, and Max Bupa.
Age- Many PSU companies offer Mediclaim for senior citizens between 60 – 80 years, though many of them limit the age at 69 years – so once you cross 69 years you are no longer eligible. Others like Max Bupa and Apollo Munich have no age limits.
Renewal- The age limit for policy renewal is usually 90 years but may differ from one company to the next.
Pre-existing Illnesses- When a person has a pre-existing illness, the policy will cover this illness only after a wait period of 1-2 years. This again differs policy to policy. National Insurance’s Varistha Senior Citizen Policy will never cover a pre-existing illness.
Premium- Premiums are generally on the higher side at this age as the risk is very high. An extra premium is usually charged for pre-existing disease – this is to cover the additional risk.
Sum Assured- The sum assured is usually not very high and Public insurers offer a cover of Rs. 1 -2 lakhs which is low, as medical costs are soaring. Private Insurers offer Rs. 15-20 lakhs under family floaters – but the premium and co-payments are high.
Co-payment- This is the fixed percentage of the total bill on the claim to be paid by the person insured. This is defined in the policy at the time of purchase. The usual co-payment is 10% - 20% though some companies can charge 40%.
No Claim Bonus- When you do not make any claims for two consequent years the sum assured is increased by 5%. Again this differs from company to company.
How do you choose a Policy?
What are the points you should consider when you buy a senior citizen cover for yourself or your parents?
Choose a policy that lets you renew it to the maximum extent.
A policy should offer a good cover – within the budget. The policy should also cover critical illness plan and pre-existing illness.
Some companies cover pre-existing illness only after one year. It will be beneficial to look for a policy that will cover with a lesser or no waiting period.
Choose a policy with a higher sum assured as medical expenses are rising.
Buy a policy that has less exclusion – some companies excludes certain diseases or impose special conditions.
Choose a policy that has a minimum or no co-payment.
These are some of the Companies and the Policies they offer-
| Star Health Insurance Company -Star Senior Red Carpet Plan | |
| Age | 60 - 75 years |
| Renewal | Lifelong |
| Pre-existing illness Cover | From 1st year |
| Sum Assured | 1 - 5 Lakhs |
| Co-payments | 50% for pre-existing disease, 30% for other illnesses |
| Bajaj Allianz - Silver Health | |
| Age | 43 -70 years |
| Renewal | 75 years |
| Pre-existing illness Cover | After 1 year |
| Sum Assured | 50000 - 5 Lakhs |
| Co-payments | 20% on out of network hospitals, No co-payment on extra premium |
| Apollo Munich - Optima Senior | |
| Age | 61 onwards |
| Renewal | Lifelong |
| Pre-existing illness Cover | After 3 years |
| Sum Assured | 1 - 5 Lakhs |
| Co-payments | 15-30% based on room type, 30% on specified disease, Pre-existing illness covered after 3 years |
| Max Bupa - Heartbeat | |
| Age | 0 - to no limit |
| Renewal | Lifelong |
| Pre-existing illness Cover | After 4 years |
| Sum Assured | 2 - 3 Lakhs |
| Co-payments | 20% for above 65 years |
| National Insurance - Varishta Mediclaim | |
| Age | 60 - 80 years |
| Renewal | 90 years |
| Pre-existing illness Cover | After 1 year |
| Sum Assured | 1 Lakh on hospitalization / 2 Lakhs for critical illness |
| Co-payments | 10% |
| United India Insurance - Senior Citizen Plan | |
| Age | 61 - 80 years |
| Renewal | Lifelong |
| Pre-existing illness Cover | - |
| Sum Assured | 50000 - 3 Lakhs |
| Co-payments | 20% |
| New India Insurance - Senior Citizen Mediclaim Policy | |
| Age | 60 - 80 years |
| Renewal | 90 years |
| Pre-existing illness Cover | After 1.5 years |
| Sum Assured | 1 - 1.5 Lakhs |
| Co-payments | 10% on BP and Diabetes |
| The Oriental Insurance Company Ltd - Individual Healthclaim Insurance | |
| Age | 18 - 80 years |
| Renewal | 80 years |
| Pre-existing illness Cover | 5 years after policy taken |
| Sum Assured | 50000 - 5 Lakhs |
| Co-payments | - |
