Our parents always stand with us in our good and bad times. They always guide us, inspire us and boost our morale in our bad phases. But, their energy and vigor loses out with the passage of time. Falling ill frequently is a point of concern for us in the later years. These are the times when they need you and your care the most. Which are the best health insurance plans for senior citizens? What are the features of top health insurance plans for elderly parents in 2016?
About Health Insurance Plans for senior citizens or elderly parents
Till the recent past, it was difficult for individuals of more than 65 years of age to get a policy cover. But, now IRDAI Health Regulations have stipulated that the insurance companies have to offer such plans which have minimum age at 65 for entry. These recent changes have made the private companies like Star, Apollo to design the policies especially for senior citizens.
Also Read: Good Health Insurance Plans to consider now in 2016
Best Health Insurance Plans for senior citizens or elderly parents
Below are some of the best healthcare plans for elderly parents or senior citizens along with the major features.
1) Star Red Carpet
- The company offers this policy for entry age as between 60-75 years of age.
- The sum insured can be between ₹ 1 to ₹ 10 lakh. There are no variants available to this policy.
- The waiting period under this policy is 30 days from first issuance.
- Pre-existing disease coverage – It covers the pre-existing diseases from the second year onwards.
- The co-pay is 50% for the pre-existing condition.
- The post hospitalization expenses are covered but the time limit is not specified.
- The organ donor expenses are not covered.
- The critical illness cover is not available.
- The emergency ambulance charges are covered up to ₹. 1200 per year.
- For the individuals who do not have any adverse medical history, no pre-acceptance medical tests are required.
- The sum assured can be enhanced provided that no claim is made in the policy and is at the discretion of the insurer.
2) Apollo Munich Optima Senior
Some of the major features of this policy are:
- The age at which you can attain this policy is after 62 years.
- The sum insured in the policy can be ₹. 2, 3 or 5 lacs.
- There are no variants available in the policy.
- The waiting period is 30 days for the first issuance except for accidental injury.
- For pre-existing diseases, the waiting period is as long as 3 years.
- The emergency ambulance cover is available up to ₹. 2,000 per hospitalization.
- The organ donor expenses are covered.
- The critical illness cover is not available.
- The sum assured can be enhanced by the insurer subject to the condition that no claim is made in the policy.
3) Religare Care Plan
The following are the special features about this plan
- You can take the policy at any age starting from 91 days.
- The sum insured can range between ₹ 2 to ₹ 60 lakh.
- There are 4 variants available in this policy.
- The waiting period is 30 days for the first issuance with an exception of accidental injuries.
- The waiting period for pre-existing disease is 4 years.
- Day care expenses and organ donor expenses are covered.
- The emergency ambulance cover depends about the policy variant you have chosen.
- It gives a cashless facility at specified centers across India.
- It provides the free health checkups facility annually to its clients under certain mentioned conditions.
- The option of sum assured enhancement is at the discretion of the insurer.
- Read our review on Religare Care Health insurance plan here.
4) National Varishtha mediclaim
This policy especially designed to cater the needs of senior citizens. The major features of this plan are:
- The fresh entry in the policy is between the age of 61 to 80 years.
- The sum insured is fixed to ₹ 1 lakh per person.
- There are no variants available in the policy.
- The prime feature of this policy is that the diseases like diabetes and hypertension can also be covered at the payment of extra premium.
- The waiting period is 30 days for first issuance and for pre existing condition and specified illness, it is 12 months.
- Only this policy offers the waiting period of 90 days from the date of first issuance in the case of critical illness.
- The co-pay facility is 10% for the pre existing condition and specified illness. It can be raised to 20% if the policy holder voluntarily opts for it.
- The emergency ambulance cover is available up to ₹ 1,000 per year.
- Other features include that it reimburses health check-up once in 3 years.
- The facility of sum assured enhancement is not available here.
Also Read: How to pick-up best health insurance plan suitable to you?
Which of these health insurance plans are best for senior citizens or for your parents?
With the growing uncertainty regarding the diseases and illnesses in the human body, the medical 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 ₹ 5 lacs with only Star Red Carpet only scheme as an exception which offers up to ₹. 10 lacs.
All the policies have a mandatory 30 day waiting period for new issuances. For the pre existing diseases, Star offers the lowest of 12 months waiting period in health insurance but it might not prove as fruitful as it seems because there is a lifelong 50% co pay for pre existing diseases. National Policy is providing coverage for diabetes and hypertension from day 1 but it will not serve you much as there the sum insured is so low.
Conclusion: Although you cannot say that there is one single policy that is best in every way as the requirements and preferences vary from person to person. Overall, one should select a policy that has minimum capping and sub limits etc. The co pay and waiting period should be in line with the norms and the policy wordings should not be complicated and unclear.
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Suresh
Best Health Insurance Plans for senior citizens or elderly parents
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