Considering the increasing cases of coronavirus, buying health insurance for everyone, especially seniors, has become an absolute necessity. This is important because as seniors get older, the vulnerability to diseases increases and it leads to repeat hospital visits. However, it can be challenging to choose the best medical insurance for seniors because the plans can be costly or require high medical tests.
Fortunately, you can buy a suitable senior citizen health insurance policy by comparing various plans based on the following criteria.
- Premium
- Entry age
- Renewal age
- Waiting period
- Pre-Existing diseases
- Alternative treatments
- Sub-limit
- Sum Assured
- Co-Payment
Note that premium should not be your sole criteria while choosing your policy. Instead, consider factors like hospitalisation expenses, critical care, number of network hospitals that your policy cover. The higher premium could be better if the plan provides you with adequate coverage.
Keep reading to get insights into the best medical insurance for seniors.
Star Health Red Carpet:
Star Health Red Carpet is one of the best health care policies for seniors. Any individual with an age range between 60 and 75 years at the time of entry can buy this insurance policy.
Major takeaways under the policy:
- No pre-policy medical screening required
- Coverage available or pre-existing diseases from the second year
- Protection for up to 25 Lakh on an Individual and Floater basis
- Cover for medical consultations as an out-patient in Network Hospitals
- Constant premium with lifetime renewals guaranteed.
- Three additional Sum Insured Options are available. They are Rs.15 lacs, Rs.20 lacs and Rs.25 lacs
- The policy can be issued both on Individual and Floater Basis
- Ambulance charges for emergency transportation to the hospital as per specified limits.
- Pre hospitalisation expenses up to 30 days prior to the date of hospitalisation
- Post-hospitalisation expenses are paid as lump-sum up to the specified limit
- Monthly, Quarterly and Half Yearly option to pay a premium
National Insurance Varistha Mediclaim:
This is one of the most affordable medical insurance for seniors with extensive benefits. Available for persons between the age of 60 (sixty) years and 80 (eighty) years, National Insurance Varistha Mediclaim has been designed to cater to the needs of senior citizens.
Major takeaways under the policy:
- No Medical Checkup is required in case the insured was covered under any Health Insurance Policy of NIC
- 50% reimbursement of the expenses incurred for a pre-policy checkup
- Renew the policy yearly throughout the lifetime
- Coverage for hospitalization expenses, such as nursing expenses, ICU expenses, boarding expenses, nursing expenses, surgeon’s fees, oxygen, cost of blood, cost of drugs, pacemaker, etc. are covered
- Domiciliary expenses and organ donor’s expenses covered
- Optional critical illness coverage
- Coverage for pre-existing diseases right from the start with a 10% extra premium
Oriental Insurance HOPE:
Oriental Insurance HOPE has been exclusively designed for all senior citizens aged 60 years and above. It provides a range of cover, including specified diseases explained in the policy wording.
Major takeaways under the policy:
- The policy is available for Sum Insured 1 lakh, 2 lakh, 3 lakh, 4 lakh and 5 lakh.
- Covers specified diseases only.
- Emergency ambulance charge is covered
- Premium discount to choose Voluntary Co-payment
- Compulsory co-payment of 20% on the admissible claim amount
- No claim discount in premium
- Loading for new entrants
- The benefit of continuity extended if already insured with any mediclaim policy of the Company.
- The cost of medicines, drugs, consumables, artificial limbs, prosthetic devices like a pacemaker is covered
- Cost of anaesthesia, oxygen, blood, operation theatre charges, surgical appliances, and diagnostic tests like X-rays
- Benefit of domiciliary hospitalisation
Bajaj Allianz Silver Health
Bajaj Allianz Silver Health is a mediclaim policy that provides complete health insurance solutions for senior citizens with a wide range of features. It covers members up to 70 years of age. The coverage under the plan is available for both you and your spouse.
Major takeaways under the policy:
- Entry-exit age gap is 46-70
- Covers pre-existing illnesses until 1 year you buy the policy
- Pre and post hospitalisation coverage for up to 60 and 90 days respectively
- Ambulance charges coverage in an emergency, subject to a limit of Rs 1,000
- Covers pre-existing illnesses and diseases from the second year of the policy
- A family discount of 5% to the policy
- Waiver of co-payment in case you pay more premium
New India Assurance Health Insurance:
New India Assurance Health Insurance is one of the most recommended health insurance plans for senior citizens. The policy also covers against the treatment taken through Unani, homoeopathic, and ayurvedic treatment.
Major takeaways under the policy:
- The entry-exit age gap is 60-80
- Pre-hospitalisation and post-hospitalisation expenses of 30 days and 60 days respectively
- Hospitalisation expenses for treating injuries/illness
- Ayurvedic / Homeopathic / Unani treatments are covered, up to 25% of the Sum Insured
- 139 Day Care procedures cover under this policy
- Ambulance Charges coverage subject to 1% of the Sum Insured
- Pre-existing disease coverage only if you have continued the policy for at least 18 months
- The sum assured can be either Rs.1 lakh and/or Rs.1.5 lakh depending on your preference
Health care cost is extremely expensive for seniors. And the COVID-19 pandemic has increased the chances of falling ill. Determining and choosing the best medical insurance for seniors can make your next trip to the hospital hassle-free. It will keep your savings in your bank account. If you are a senior citizen or your parents are come into the senior citizen category, don’t overlook covering them under the best medical insurance plan.