Health Insurance Policies For Individuals Above 70 Years In India

Health insurance policies are significant for everyone and they should be bought as soon as a person starts earning, especially for individuals in their old age as they are more vulnerable to critical disorders and health risks. Health insurance policies help in the long run as they can cover the medical expenses incurred during treatment. Pre and post-hospitalization, daycare procedures, doctor’s consultation, and medication costs are some expenses that are covered under the health insurance policies.  This way you get to save your financial savings and get quality treatment at the linked hospital of the insurer. 

Individuals above 70 years of age or senior citizens should be insured with a separate health insurance policy and should not be included under a family floater plan. Senior citizens are at a larger risk of getting hospitalized for any pre-existing diseases or any critical disorders. Therefore, to cover their cost of treatments and to get them quality medication without worrying about the money factor, you should purchase a health insurance policy for them. 

Features of Health Insurance Plans For Senior Citizens

There are numerous companies that provide separate plans which are customized and designed primarily to meet the requirements of the senior citizen applicants. Let us look at some of the common features of such plans: 

• Pre-existing ailments plan is excluded from such policies for a period of time referred to as the waiting period which may last from 2 to 4 years. It is similar to most basic health insurance policies. After the mentioned waiting period, you can avail the benefits under pre-existing ailments cover.
• To purchase a health insurance policy for a senior citizen, the applicant has to go through a medical examination conducted by the insurer to track the extent of risk involved in the persons’ health. The costs of such examinations are either taken up by the individual or the company and in certain cases, both the parties pay a defined proportion. 
• The sum assured under such plans is limited to a defined sum of money. Since, in their old age, individuals are at a larger risk of contracting a disease therefore, a large sum is assured to them which is specified by the company and can be chosen by the policyholder as it differs from one plan to another. 
• Co-payment clauses are applicable on the senior citizen health insurance plans where a certain percentage of the expenses incurred is paid by the policyholder. This percentage is decided and specified by the insurer and may differ from one plan to the other. 

Some Senior Citizen Health Insurance Plans 

There are a plethora of options to choose from while buying a health insurance policy for an individual above 70 years of age. Let us look at some of the famous and widely known health insurance plans for senior citizens: 

1. New India Assurance Senior Citizen Mediclaim Policy

It covers the people whose age ranges from 60 to 80 years and provides a sum assured starting from Rs. 1 Lakh. 

2. Star Health Senior Citizen Red Carpet Policy 

It covers individuals of the age 60 to 75 years and the sum assured ranges from Rs. 1 Lakh to Rs. 25 Lakh. 
 

3. Tata AIG MediSenior Plan

This plan can be purchased by anyone who has reached a minimum age of 61 years and covers many benefits like hospitalization and daycare procedures. 
 

4. HDFC Ergo Optima Senior Plan

It covers people with a minimum age of 61 years and provides a maximum sum assured of Rs. 5 Lakh.  

5. Apollo Munich Optima Senior Plan

This cover is for senior citizens starting from the age of 61 years with no upper age limit restrictions and covers a lot of benefits. 

Conclusion 

You must compare different plans provided by different companies and choose the one that meets your requirements at an affordable price without compromising the benefits mentioned in the policy. Also, go through the policy-related terms and conditions to get a sound understanding of the inclusions and exclusions of the policy. 

Also Read: Top 5 Senior Citizen Health Insurance Plans To Buy In 2021

Benefits of Senior Citizen Health Insurance Plans 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.