Top and Best Health Insurance Plans for Senior Citizens or Elderly Parents in India
Every one would focus on earning money at a young age. Once retired, everyone would think that life is relaxed now. Here starts all health issues for them. If you cannot plan well, hospitalization expenses can ruin your wealth which you would have accumulated for post retirement life. Here comes health insurance plan for Senior Citizens or for your elderly parents that would help to protect for high medical costs. Which are the best health insurance plans in India for senior citizens? Which are the top health insurance plans for elderly parents that comes with good features and low premium?
Also Read: Best Health Insurance Plans in India for family
What is Health Insurance Plan?
Health insurance plan is where the insurance company would charge premium and provide a cashless facility or reimburse you for hospitalization expenses if admitted beyond 24 hours. Other than hospitalization expenses, Health Insurance companies are providing benefits like pre-hospitalization expenses, post hospitalization expenses, discount on premiums, ambulance charges, critical illness coverage etc.,
Why there is a need for health insurance policy for Senior Citizens or Elderly parents?
When an individual is at young or middle age, there are very less chances of getting health problems. When a person crosses 50s or 60s of age, there are higher chances that they are diagnosed with various health problems like heart attack, diabetes, blood pressure, etc., They are higher chances that they need to frequently visit hospitals or need to get admitted in hospital for treatment. These days, hospitalization expenses are sky rocketing. Hence, one has to consider a good health insurance policy for senior citizens or for their elderly parents.
How to choose a good Health Insurance Plan for Senior Citizens?
There are some tips one should consider in choosing a good health insurance policy for senior citizens.
1) Premiums – Lower the policy premiums, better for the us.
2) Co-payment – Co-payment is where an individual need to pay amount from his pocket when the person insured is hospitalized. It could be zero or 10% or 20% or 50% of the total hospitalization expenses. Most of the Senior Citizens health insurance plan comes with high co-payment. Lower is better.
3) No claim bonus – Higher the no claim bonus, better the health insurance plan. NCB could be like reduction in premium or adding basic sum insured every year.
4) The waiting period for pre-existing medical conditions – Lower the waiting period, the better the plan is. Since Senior Citizens are in the age group over 60 years, there could be pre-existing diseases at that time.In such case taking policy that covers pre-existing disease within 2 years could be better.
5) The waiting period for specific diseases – Lower the waiting period, it is better.
6) Incurred Claim Settlement Ratio of Insurer – Ideal ICR should be between 50% to 80%. Lower means, insurance company is rejecting higher claims compared to the premiums received. Higher ICR of over 100% means, they are paying claims higher than 100% of the premium collected which is not good for future of the company.
7) Maximum Age Period – Insurance plans are good that protect for a maximum age period of say 65 years or 70 years or 80 years.
8) Hospital Network – Wider the hospital coverage network, better for us.
9) Critical Illness Riders – Additional coverage of critical illness, diseases means good policy.
However, we can’t find a health insurance plan which has all above features that suits your elderly parents. Hence, one can consider health insurance plans in India for them which covers maximum features indicated above and that comes with appropriate premiums.
6 Best Health Insurance Plans for Senior Citizens or Elderly Parents
Here are some of the good health insurance plans and its key features.
1) Star Health Insurance – Red Carpet Policy
Here are the features of Red Carpet Health Insurance from Star Health.
Any individual in the age group of 60-75 years is eligible to take this health insurance plan.
The minimum sum assured is Rs 1 Lakh and maximum sum assured is Rs 25 lakhs for individual plan. For family floater plan, the sum assured is between Rs 10 Lakhs to Rs 25 Lakhs.
Pre-medical tests are required to issue this medical policy.
This plan covers pre-existing diseases after 12 months of taking the policy i.e. from 2nd year onwards provided you renew the policy after 1 year. However, specific diseases are covered only after 24 months from the date of policy.
Lifelong renewability of the health insurance plan.
Pre hospitalization expenses covered for 30 days.
Post hospitalization expenses are paid in lumpsum upto the limit specified.
Coverage of ambulance charges as per specific limits.
Policy is available for 1, 2 and 3 year tenure.
Covers patient hospitalization expenses that include room rent,nursing and boarding charges, Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees,Cost of Medicines and Drugs upto the limits specified.
Covers cost of health check-up for every claim free year.
All day care procedures covered.
Offers 5% discount on premium if the policy is purchased online.
Income tax benefit u/s 80d is available in this plan.
If you submit specific medical reports like Stress Thallium Report, BP Report, Sugar Report and Blood Urea and Creating report, you would get a 10 % discount on premium. The tests should have been done within 45 days from the date of proposal.
Incurred claims settlement ratio (ICR) is 61.76% for FY2017-18.
Here is the premium chart of Red Carpet Health Insurance Plan
Drawbacks in this plan
Waiting period of 2 years for specific pre-existing disease coverage.
There is co-payment applicable in this. For every sum assured of Rs 1 Lakh to Rs 10 Lakhs and for pre-existing diseases, co-payment is 50%. For all other claims, co-payment is 30%.
Red Carpet Health Insurance from Star Health is considered as one of the best health insurance plan for Senior Citizens considering unique features and low premiums.
You can download Star Health Insurance Red Carpet brochure here.
2) Apollo Munich Optima Senior
Some of the major features of this policy are:
One can consider this health insurance plan for individuals aged 61 and above.
There is no maximum age of entry.
This policy is available in the cover options of Rs 2 Lakh, Rs 3 Lakhs and Rs 5 Lakhs
Lifelong renewability of the health insurance plan.
Cashless facility for over 4,000 network hospitals.
For every claim free year, you can get a 5 % discount on premiums. If both husband and wife take this plan, they would get a 5 % discount on premium. If you opt for 2 years policy, you would get a 7.5 % discount.
You can port this plan to another insurance provider if you are not happy with them.
Pre-hospitalization expenses are covered upto 30 days.
Post-hospitalization expenses are covered upto 60 days.
140 day care procedures covered in this plan.
Ambulance charges are payable upto Rs 2,000 in case of hospitalization.
Incurred claims settlement ratio (ICR) is 62.47% for FY2017-18.
Here is the premium chart payable in this health insurance plan.
Drawbacks in this plan
Co-Payment of 15% is applicable in case of twin sharing or lower room type. In case of a single room or higher room type, 30% co-payment is applicable.
Preexisting disease coverage is after 3 years of taking the policy.
You can download Apollo Munich Optima Senior brochure here.
3) Bajaj Allianz Silver Health Insurance Plan
Here are some of the major features.
This policy offers cashless benefit or reimbursement for hospitalization expenses due to illness or accident.
Sum assured is in the range of Rs 50,000 to Rs 10 Lakhs.
The age of entry is between 45 years to 70 years.
Lifelong renewability of the health insurance plan.
One can take this plan on an individual basis or join along with spouse. If you consider a family plan of 2 or more, you would get a 5 % discount on premium.
Pre and post hospitalization expenses upto 3% of sum assured is payable.
Pre-existing diseases coverage from 2nd year of the policy.
130 day care procedures covered.
Cumulative bonus of 10% of sum assured every claim free year with a maximum of 50% of sum assured.
You can port this plan to another insurance provider if you are not happy during the year.
Incurred claims settlement ratio (ICR) is 66.72% for FY2017-18.
Here is the premium chart payable in this health insurance plan.
Drawbacks in this plan
Co-Payment of 20% is applicable if treatment done in non network hospital.
Premedical test is mandatory before issuing the policy.
You can download Bajaj Allianz Silver Health Insurance Plan brochure here.
4) New India Assurance Senior Citizen Health Claim Policy
Here are some key features.
Any senior citizen in the age group of 60 years to 80 years are eligible to take this policy.
Life long renewability upto the age of 90 years.
This policy offers cashless benefit or reimbursement for hospitalization expenses due to illness or accident.
Pre-Hospitalization expenses upto 30 days are covered in this plan.
Post-Hospitalization expenses upto 60 days are covered in this plan.
Covers ambulance charges.
Preexisting diseases covered after 18 months from the policy date provided the policy is renewed after 1 year.
Sum insured is Rs 1 Lakh and Rs 1.5 Lakhs.
10% family discount in case spouse is also covered.
Reimbursement of health check-up cost for 1 time in the block of 4 years.
Incurred claims settlement ratio (ICR) is 85.67% for FY2017-18.
Here is the premium applicable in this health insurance policy.
You can download New India Assurance Senior Citizen Mediclaim Policy document here.
Drawbacks in this plan
Premedical check up is mandatory to issue this policy.
5) Oriental Insurance – Health of Privileged Elders (HOPE) – Senior Citizens policy
This product is designed for Senior citizens above 60 years of age
This policy offers cashless benefit or reimbursement for hospitalization expenses due to illness or accident.
This policy covers specific diseases only.
Minimum sum assured is Rs 1 Lakh and maximum sum assured is Rs 5 Lakhs.
Pre-Hospitalization expenses up to 30 days are covered in this plan.
Post-Hospitalization expenses up to 60 days are covered in this plan.
Lifelong renewal of the policy.
5% discount on premium for every claim free year up to maximum of 20%.
Reimbursement of health check-up cost for 1 time in the block of 4 years.
Incurred claims settlement ratio (ICR) is 85.39% for FY2017-18.
You can download Oriental Insurance HOPE Policy document here.
Drawbacks in this plan
Preexisting diseases covered after 24 months from the policy date provided the policy is renewed continuously every year.
Co-Payment of 20% is applicable.
Also Read: Should you opt for Term Plans that offer return of Premium?
6) National Insurance – Varishtha Mediclaim Policy for Senior Citizens
This policy offers cashless benefit or reimbursement for hospitalization expenses due to illness or accident.
This product is designed for Senior citizens above 60 years of age.
This policy has section-1 that has sum insured of Rs 1 Lakh. Section-II has sum insured of Rs 2 Lakhs. There are 8 critical illnesses covered under section-II policy.
Any senior citizen in the age group of 60 years to 80 years are eligible to take this policy.
Covers ambulance charges.
The sum insured is increased by 5% every claim free year upto a maximum of 50% of the sum insured.
Reimbursement of health check-up cost for 1 time in the block of 3 years.
Lifelong renewal of the policy.
Preexisting diseases covered after 12 months from the policy date provided the policy is renewed after a year.
Incurred claims settlement ratio (ICR) is 114% for FY2017-18 which is on higher side.
You can download National Insurance Varishtha Mediclaim Policy for Senior Citizens brochure here.
Drawbacks in this plan
The sum insured of Rs 1 Lakh for section-1 is very low.
Which of these health insurance plans is best for senior citizens or for your parents?
With the growing uncertainty regarding the diseases and illnesses in the human body, the health insurance for senior citizens has become an inevitable part of the society. There are a number of companies who offer such schemes, but the clauses differ in each scheme. So, it is very important to go through all the clauses of the scheme as per the individual requirement.
If we compare the policies according to the sum assured, most companies give the assurance up to Rs 5 lakes with the only Star Health Red Carpet and Bajaj Allianz Silver Health schemes as an exception that offers up to Rs. 25 lacs / Rs 10 Lakhs respectively.
All the policies have a mandatory 30 day waiting period for new issuances. For the pre existing diseases, Star Health and Bajajj Allianz offer the lowest of 12 months waiting period but it might not prove as fruitful as it seems because there is a lifelong 50% & 20% co pay respectively for pre existing diseases.
Conclusion: Use your judgement. Consider what sum assured would be suitable to your elderly parents or Senior Citizen. Check which features can benefit with lowest co-payment. Then you can consider such health insurance plan.
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Suresh
Best Health Insurance Plans for Senior Citizens or Elderly Parents
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Sir
I am NRI (46 years’) planning to come back & settle in India after 6 months. My wife (39 years) working in a private firm which provides ESI (Employees’ State Insurance) coverage to family (2adult+2Children). Is it another health insurance policy is needed for my family? Please give your expert opinion.
Thanks
Hi Rahul, you need to check how much health insurance coverage your spouse would get it. There is no ideal insurance amount. However one can look for Rs 5-10 Lakhs as bare minimum. If your ESI insurance coverage is sufficient (which I would feel no), no issue, else consider a good health insurance plan indicated here.
Purchasing through online or agent, which one is best for claim settlement. please advise
Hello Jopsep, Once your policy is sold, agent would vanish. He would get commission yearly once you renew. My advice is consider taking online plans where the premiums would be lower. You need to anyways contact customer support or TPA for claim settlement process.
Thanks ….
Religare Care and Religare Freedom were not considered.
This is also for senior Citizens and no entry age restriction
Hello Sunil, Religare care health insurance plans are good, however the pre-existing disease coverage is only after 4 years. Hence we have not considered it. For Religare Freedom we felt premiums are high.
Sir,
I am 24 years. Salaried. Pacakage 3L/annum. Which is the best term insurance for him. Assured amount to be 2 crores
Hello, You can refer this article about some of the best term insurance plans. If you trust only LIC, you can go for that, else you can try others from private insurance companies like ICICI Term plan, HDFC term plans etc., https://myinvestmentideas.com/2019/04/top-best-term-insurance-plans-in-india-in-2019-2020/
When a person turns 60, he/she in 90% cases has got pre existing life style disorders
One should subscribe to such Insurance policy that covers pre existing diseases from day one.The so called best policies explained by you are sans this facility for at least senior citizens.
Hello Ramakrishna, If you observe, only 2 policies indicated in this article are covering at lowest waiting period of 1 year. All others we have waiting period for 1.5 years to 3 years. Do you still think there are any other insurance policies which offer pre-existing diseases coverage from day-1?
I feel there should be no waiting period at all.The company can get the applicant examined by specialists at applicants cost and if the disease is well under control with the medicines the applicant takes, it can cover him from day one.Are there no Insurance officials without life style disorders like BP and Diabetes?
It can’t be a 100 per cent profitable proposition.The policy holder is compelled to declare that he doesn’t have any diseases.Is it isn’t a false declaration?
Hi Ramakrishna, These are known concerns. However no company offers health insurance or life insuarnce with zero waiting period. Some of these indicated are with low waiting period. I agree that people are compelled to declare that there are no pre-existing diseases, however later their claims would be rejected. One need to be aware of the consequences.