Senior citizen health insurance is a policy that provides coverage for people who are over the age of 60. This age group is most prone to critical illnesses and diseases, and the treatment costs are often high. A parents health insurance policy protects them against unforeseen medical and health expenses, allowing them financial independence.
There are many senior citizen health insurance policies that guarantee them coverage for pre-existing diseases, COVID-19 treatments, critical illnesses, and hospitalization costs. As our parents are becoming older, it is better to opt for senior citizen health insurance for them. Including them in the family floater plans increases the premium payment.
Looking for comprehensive parents’ health insurance? Read ahead for complete information.
Key features of any senior citizen health insurance
An insurance policy for senior citizens usually has the following features:
- Coverage for hospitalisation fees, including medical bills, surgeon and nurse fees, room fees, and OT/ICU charges
- Cashless hospitalisation
- Coverage for daycare expenses
- Coverage for ambulance charges in case of emergencies
- Coverage for pre-existing diseases, depending on the insurance provider
- Hassle free claim settlements
- Coverage with higher insured amounts
How to choose the best health insurance?
Before finalising a senior citizen health insurance, consider these points:
- Medical history: Select an insurance policy that has coverage for the illnesses that your parents have. Health insurance providers need complete and accurate information regarding the insured’s medical history. You must be thorough with the details
- Choosing the plan: Select the insurance policy that is the best suited for you. Compare the various policies available in the market, and choose the one that has maximum coverage, low costs, and minimum exclusions.
- Waiting period: Consider the waiting period while selecting a senior citizen health insurance. A lower waiting period for coverage over pre-existing forward is more beneficial.
- Copayment: Most parents’ health insurance policies have a co-payment option, where the insured has to bear a percentage of the medical bills. Select a policy with the lowest co-payment option.
- Separate policy for parents: Avoid adding your senior parents to the family insurance plan. Seniors have a greater premium due to their increased vulnerability to contracting illnesses. Also, the renewal age of a family policy depends on the age of the eldest member.
Benefits of a senior citizen health insurance
If you’re considering investing in a parents’ health insurance policy, you will get the following benefits:
- Tax benefits and exemptions under Section 80D of Income Tax Act
- Treatment can be availed across a wide network of hospitals all over the country
- Cashless treatments and daily allowances
- Policy renewal option
- Free-look period
- Complimentary annual health checkups
- Reload of insured sum
Documents needed to register for a senior citizen health insurance
It is easy to register for a senior citizen health insurance policy. Some of the documents that are required are:
- Medical check-up documents: A doctor from the insurance company will perform a medical check up, to determine the health condition of the insured. This test document will need to be submitted for review.
- Proposal form that is duly filled with all the necessary details.
- Supporting documents for any pre-existing medical conditions.
- Age proof verified by any government approved identity
Top 2 senior citizen health insurances
These are some of the best parents’ health insurance policies available in the market.
- Bajaj Allianz Silver Health Plan
- Cashless facilities and treatments in all network hospitals and wellness centres
- Any of the Bajaj Allianz diagnostic centres can be used for free health checkups, after 4 years of the policy
- 5% discount for family members, and an additional 5% claim free bonus at the end of every year
- Entry age of 46. Eligibility is between 46 and 75 years old, after completion of all medical tests.
- Minimum sum of Rs. 50,000, and maximum of Rs. 5 lac
- Coverage for ambulance fees, and hospitalisation charges
- Pre-existing disease coverage from the 2nd year of the policy
- Coverage for cataract surgery after 1 year waiting period
- New India Assurance Senior Citizen Mediclaim Policy
- 60-80 years eligibility for the policy. If renewed without a break, can be extended up to 90 years.
- Coverage for hospitalisation expenses – 30 days before hospitalisation, and 60 days post hospitalisation.
- Pre-existing diseases are covered after an 18 months waiting period.
Key takeaways
While selecting a senior citizen health insurance policy, assess their medical condition, fix your budget, and compare the various policies available in the market. Also, read the policy clauses carefully for inclusions, exclusions, co-payments, claim process, and waiting period.
Secure your parents’ health, and assure them financial independence in the golden years of their life.
