Senior Citizen Health issue is of utmost important these days. Because of raising medical expenses, higher life expectancy and high probability of health issues will ruin the financial life. Hence it is very much important to have senior citizen health insurance.
How to choose the right plan?
Below are the few points you need to consider before proceeding for buy. Choosing the right product and understanding the policy wordings is must. Otherwise sometime even though having health insurance will not be of use for you.
Maximum Sum Insured Covered-In few plans you have restrictions of maximum limit of SI. So it is always better to opt a plan which will not have such restriction or offers to cover highest that others. . Otherwise what will happen is, after some time if you try to increase your SI then it will not be possible with existing insurance.
Premium Charged-Never buy health insurance only considering the cheapest plan. Such plans may not have other additional features which are very much important for senior citizens. Hence decide on plan feature and your requirement rather than premium.
Renewal Age-This is the age after which you can’t renew the plan and you will be no choice but to live without any insurance coverage. Some plans cease renewal age after certain period like 70-75 yrs. But it is always preferable to go for plan which offers lifetime renewal.
Co-Payment-This is the amount you need to pay from your own pocket during the time of claim. Hence always choose the plan which offers lesser co-payment.
Pre-existing disease covered-Opt a plan which claim to be lower waiting period. Because of this clause in your policy, you may not get claim for your existing diseases. Hence choosing the lowest waiting period is always a best option.
Limit and Sub-Limits-This is the limit which insurance company will fix the maximum amount payable if one got diseases like cancer or any other major illness. Even though you have overall high Sum Assured, but by restricting the limits for a particular disease may ruin your financial life.
Quality of service– Verify the company history related to service and how fast are they in settlement of claim. Because this matters more while emergencies. Hence verify how they are competent in handling your emergencies so fastly. Check for TPA (who are like middlemen between you and insurance company in settling insurance claims).
Below I did some comparison from top health insurance providers. I tried to simplify the points as much as possible. But for detailed product feature, you must contact respective health insurance company. Also I excluded the premium, as due to health complication senior citizen premiums may vary.
From above list you noticed that there is no such plan which we can say as best and will be suitable to all senior citizens. Hence based on the requirement one must opt the suitable plan. Hope my post will help you in choosing the right senior citizen health insurance plan.
View Comments (112)
sir my mother aged 64 and she is suffering from both sugar and BP from past 7 yrs. can u pls suggest me which one is better health insurance company and hassele free claim settlement to her
Dear Nagabhushana,
It is hard to say which is better. But try to knock the Public Sector Companies.
Sir - I am looking for a policy for my father. He is 60 years old and has lung ailments and asthma. Cataract is also due for one of his eye.
One of my friend suggested HDFC Ergo policy of 3L for 10499 and Bajaj Super top up of 10L for 8544.
Pre existing disease covered by HDFC after 3 years and Bajaj after 1 year.
There is no expenses due at this point of time but i want insurance for future for unforeseen events.
Do you know how is the claim ratio of HDFC and Bajaj?
Which policy due to suggest for him?
Nirav-If plan features of HDFC and Bajaj suitable to your requirement, then go ahead.
dear sir,
at first thanks for writing such informaitonal blog for the good of the community.
please can you post an update to this article as this is dated around 3/4 years back, it would be really good and helpful.
thanks again
Krala-Surely I will.
Dear Sir,
My father Age is 66 Years and Mothers age is 62 Years.
both are insured for 1,00,000/- individual from oriental Insurance from past 30 - 40 years.
now he wants to increase sum insured but oriential people said at age of 65 they don't.
i have been approched by our regular insurance agent he says :
STAR HEALTH RED CARPET IS BEST AND GO FOR IT. PREMIUM APPROX : 15000/- EACH AND TOTAL 30000 FOR 3 LAKHS POLICY.
THE I CONTACTED POLICY BAZAAR, THAT GUY SUGGESTED ME : HDFC MEDISURE CLASSIC : 3,00,000/- FAMILY FLOATER : 27,280/- PREMIUM.
ALSO CIGNA PROTECT PRO HEALTH : ASKED ME TO ADD NIL CO-PAY RIDER : PREMIUM : FOR 3.5 LAKHS EACH INDVIDUAL :
FOR FATHER : 15252/- + NIL CO PAY RIDER ( 2792/-) TOTAL : 18044/-
For Mother : 12,072/-
is CIGNA GOOD CO. OR STAR HEALTH IS BETTER AS IN STAR PREMIUM IS FIXED FOR LIFE TIME.
PLEASE SUGGEST.
DINESH K MURJANI.
+91 9879006412.
Dinesh-Never compare products just with premium but look for features also (as I explained above). If you have still doubt, then we discuss.
Sir can you suggest best health insurance policy for my mother age 62 suffering from diabetes but no medication required sum insured of Rs 10 lac
Sneha-You try with above products. If insurers avoid or load the premium, then better to go for this "Health Insurance by Banks – Should you buy?".
Thank you for your kind advice.
Sneha-Pleasure :)
Sir my mother is 62 year old..in which health insurance policy I should go? I want a coverage 5 lacs
Srijita-They are listed above. Please check it.
My Mom hv Diabetes (Tablets only, No Insulin) age 61 & Dad have high BP (Tablets only, No Insulin) Age 66. Which Policy i should prefer for both ??
Paresh-Check with public sector insurers.
Sir my mother age 63 years and she have cholesterol and hypertension only. which is the best plan for her. i am from Cochin
Jose-Check with public sector companies.
Sir my dad age 63 years and he have cholesterol and hypertension only. I selected national insurance varishtha plan will I go for this or anything else you would suggest? My mother age 53 years she have heart disease. I select raligare care plan will I stick to that or anything else would be best. I need cashless as many as possible hospitals and need to cover pre-existing disease with low premium. and I want to insure only 2lacs for each.
Abhijit-But the issue with National is lower sum assured. Instead, I suggest to opt for better public sector companies. You can go for Religare for your mother.
Hi
Please advise . National Insurance has a maximum coverage of Rs 1.5 lakhs. Now , since medical expense in very costly , is it worthwhile to buy more than 1 policy ? Say , for example , can I buy 1 National Insurance policy of 1.5 lakhs + 1 New India Assurance policy of 1 lakh + 1 or 2 other policies ?
If that is allowed , then please advise how I should use my policies in case of a hospitalization to cover for the total expense?
Secondly , do PSU Insurance companies provide Cashless facilities?
Thanks.
Rajarshi-You can buy so. When claim arises, the amount will be shared among insurers.