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Sep 17, 2012, 05.07 PM IST
Mediclaim for senior citizens is certainly not as easily available nor is it as comprehensive (as a policy) as mediclaim for someone who has not yet crossed the age of 60, but it is still available.
In recent years, life expectancy has been increasing thanks to medical advancements. With inflation however, these medical advancements have also been becoming more expensive.
As it is not uncommon to find that as senior citizens, we are often no longer in the pink of health, hence it is important to assess the opportunities available to save on medical costs, by way of taking health insurance .
As a senior citizen, a key question in your mind would be “Can I buy health insurance above the age of 60?”
And the answer is Yes, you can.
Mediclaim for senior citizens is certainly not as easily available nor is it as comprehensive (as a policy) as mediclaim for someone who has not yet crossed the age of 60, but it is still available. Certain insurance companies such as National Insurance, Oriental Insurance, New India, United, Apollo Munich, Max Bupa and others do offer health plans for senior citizens.
These plans are sometimes limited or restricted when compared to regular health insurance plans, so it is important to read the policy document very carefully, so you understand exactly what the policy offers you, and exactly what it does not offer you.
Here are some of the main features associated with the policies offered by these companies:
There are also private insurers, such as Max Bupa and Apollo Munich, to name a few who offer health insurance with no maximum entry age. This means that the policies are not specifically for senior citizens, they are for all individuals, and even senior citizens can apply to become policy holders.
Private insurers offer more, going as high as Rs. 15-20 lakhs under family floaters, but keep in mind premium and co-payment both.
No Claim Bonus:
What should you do?
It is up to you to decide which policy best suits you, depending on your current health and specific health requirements.
For example, there are certain policies which will cover things such as ambulance charges up to a certain limit, or which will provide you a critical illness cover as a rider to your health insurance. But you should note that there is a limit on ambulance charges (up to Rs. 1,000) and that it is only the specified critical illnesses that will be covered.
You can also opt for a health insurance which will cover certain specified diseases (Oriental Insurance: Senior Citizen Specified Disease Insurance), such as knee replacement, cardio vascular disease, stroke and so on, but keep in mind that while you are paying a premium for the full sum assured, you will only be eligible to receive a part of the sum assured in case of certain specific diseases, under this policy. Additionally, pre existing diseases are only covered after the policy has been in force for 2 continuous years.
In case of some policies, such as National Insurance Varistha Mediclaim for Senior Citizens, pre existing diseases will never be covered under the Critical Illness rider that it offers, however it will cover your hospitalization expenses, under mediclaim cover. Additionally, while critical illness policies typically pay you a lump sum upon diagnosis, this policy does not. It will however reimburse you for the expenses incurred.
It is vitally important to go through the details of the policy before you opt for it. You might find that the feature of the policy that appeals to you the most is restricted to a certain limit or has certain clauses attached to it which make the policy itself infeasible.
If you need assistance with your Insurance, or with knowing how much insurance you require from a Financial Planning or tax planning perspective, simply call us at 61361200. As part of your financial planning exercise, your insurance requirement will be ascertained, and your existing insurance portfolio would be assessed. You can then know which policies to keep and which to surrender. This exercise saves premium that would otherwise have been spent on a policy that may or may not have been useful for you.
At PersonalFN, along with insurance planning, we strongly believe in the importance and benefits of Asset Allocation , for which we have brought in Ajit Dayal, our founder, to be the guest speaker at our first Websummit ‘The Ideal Asset Allocation in Current Market Conditions’.
Do keep in mind asset allocation and insurance planning as part of your overall financial planning exercise!
PersonalFN is a Mumbai based Financial Planning and Mutual Fund Research Firm
Tags: PSU companies, PersonalFN, Max Bupa, National Insurance, Oriental Insurance, New India, United, Apollo Munich
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