Find out: Best insurance policies for senior citizens
Health insurance is considered to be a necessity in today’s day and age. However, a lot of people, in various age groups, are left without this precious protection. There are a number of reasons for this and old age is one of the most common ones. Senior citizens often find it difficult to find good health insurance plans.
Also read: Here's how you can plan your EMIs well
Either the plans are too expensive or require extensive medical tests which they cannot perform. These factors force them to live without health insurance coverage. However, nowadays there are some very good health insurance policies for senior citizens.
So if you are looking for a plan for your parents, the ones listed below may interest you.
1. Varishta Bima from National Insurance
Considered to be a very good plan, this is among the very few plans in India that has the maximum entry age as high as 70. The plan has some great features. Take a look.
• Maximum cover of Rs.1lac for hospitalization available.
• Pre-existing conditions such as diabetes and high blood pressure covered for an extra charge of 10% for each. These conditions will be covered after 31 days from the commencement of the plan.
• No claim bonus available.
The plan has been criticized however as it subjects the prospective policyholder to a number of medical tests, including the treadmill test which most people aged 70 are unable to perform.
2. Heart Beat from Max Bupa
Heart Beat from Max Bupa Health Insurance is another health insurance plan that allows people aged 70 years to join. The features of this plan include:
• No sub limits on ICU costs. This is helpful as senior citizens may require ICU facilities more often than their younger counterparts.
• No claims bonus is available.
• There is no waiting period for an accident cover.
The plan however has some very serious drawbacks, the most prominent one being its cost. It is the most expensive health plan available for senior citizens and this prevents many people from availing it. For a cover of Rs 2 lakh, a premium of Rs 27,925 has to be paid.
3. Red Carpet from Star Health
Many critics and users have voted this product as the best health insurance plan for senior citizens. The maximum entry age is 74 and this is the biggest advantage. Take a look at the other benefits of the plan:
• While buying the policy, you only need to declare your pre-existing illnesses. You are not subjected to any harsh medical tests unlike the other plans in this category.
• A whole lot of pre-existing conditions are covered. There is a 2 year waiting period for this and a 50% co-pay agreement, but it still proves to be beneficial as almost no other policy covers such a wide range of pre-existing conditions.
• Rs 5000 limit on post-hospitalization expenses.
Overall a very good policy, the Red Carpet plan is fast growing in popularity.
The above mentioned plans are some of the best available health insurance policies for people over 65 years of age. Someone who relied on his/her employer’s group health policy all his/her life and now after retirement is left without insurance, can bank on these policies. They are effective and helpful.
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal