Which is the best “Health Insurance for Senior Citizens” in India? What is the best Insurance Policy for your Parents? Can I take it without Medical Test or if the age is more than 65/70/75/80 years.
My friend Deepak is in financial trouble these days. Reason, his father is hospitalised and is undergoing treatment for the last 3 months. He is having multiple health issues and underwent a surgery last month. Deepak has already paid around Rs. 3 Lakhs and may require another Rs. 2 Lakhs. Expenses were borne by Deepak, because his father was not covered under any Health Insurance Policy after his Retirement.
Can a Senior Citizen live without a Health Insurance?
With a huge medical inflation and new medical procedures emerging in India, healthcare costs are increasing. It is going to be very high when you are aged. With a less income after retirement, the situation of many Senior Citizens is quite pathetic. Though many companies are having Health Insurance for Senior Citizens, there are lots of exclusions and limitations. The main areas of concern are the following:
- Very High Premium: The premium rates for Senior Citizens are very high. In some cases, it is unaffordable. But there is no other option. Living without health insurance may put you in a situation where you spend your entire life savings in hospital bill.
- Co-Pay Clause in Health Insurance for Senior Citizens: In most of the Senior Citizens’ Health Insurance Policy, part of the Claim amount has to be contributed by you, while the Insurance Company will pay only the balance. This means that the Insurance Company will not settle for the full claim. This is called Co-payment. Companies are demanding Co-payment of 10% to 50% for Health Insurance for Senior Citizens.
- Limits in Insurance Amount: Most Insurance Companies are very selective in offering Health Insurance for Senior Citizens. They restrict the Insurance amount to small amounts like Rs. 1 Lakh – 3 Lakhs. Very few companies are now offering cover up to Rs. 5 Lakhs.
Which is the best Health Insurance for Senior Citizens?
PSU companies like National Insurance and New India Assurance are offering policies of lower sum assured with low co-payment clause. If you are staying in a small city, you may opt for such policies because of the lower medical expenses in such areas. But in cities and metros, these cover will not be sufficient. Companies like Star Health Insurance, Bajaj Allianz, Apollo Munich and Max Bupa are offering Health Insurance for Senior Citizens with additional features. If you can manage higher premium, it is worth taking these policies. But some policies have high co-pay clause and lengthy waiting period for pre-existing diseases.
Get Parents covered through your Children’s Health Policy
Another option for parents is to get a health cover in their Children’s Health Cover through their Employer. Most Corporate Health Insurance Schemes cover parents with pre-existing diseases included, and you can get a good amount of cover for your parents. But such cover is available only till your retirement. Normally, Corporate Group Policies do not allow conversion into individual policies after retirement. Till that comes, it is better to have a policy in your personal capacity to take care of your health insurance needs after retirement.
Popular Health Insurance Policies for Parents
Please see below the details of popular Health Insurance Policies for Senior Citizens in India:
- Varistha Mediclaim from National Insurance Company:
Though the premium rate is low, the maximum cover permitted is Rs. 2 Lakhs in this policy. You may get more details from the link below:
- Senior Citizen’s Mediclaim Policy from New India Assurance Company:
This policy is also worth looking at, but the maximum sum assured is capped at Rs. 1.5 Lakhs. You may get further details from the link below:
- Red Carpet Policy from Star Health Insurance Company:
This policy can be purchased by those in the age group of 60-75 years, without any medical checkup. There is a co-pay of 50% on all pre-existing diseases and 30% in all other diseases. The policy can be purchased up to Rs. 5 Lakhs sum assured. The premium is higher compared to the PSU companies. You may get more details from the below attached brochure:
- Silver Health Policy from Bajaj Allianz Company:
This policy offers cover up to Rs. 5 Lakhs for those up to the age of 70 years. For details, please click on the link below:
Medical Emergency Fund for Senior Citizens
Since there are lots of restrictions in Health Insurance for Senior Citizens, it is better to create a Medical Emergency Fund, if you have senior citizens at home. This will come handy in situations where the healthcare expense is high and is not fully paid by the insurance company.
But not having a Health Insurance for Senior Citizens can put you in trouble like Deepak. Also purchase a policy for you and your family when you are healthy to ensure lifelong health insurance cover.