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Best Senior Citizen Health Insurance
Senior citizen health insurance is a necessity especially when you are planning to retire and live on pension or interest income from savings. A sudden medical emergency can result in a financial crisis. To avoid this, it is prudent to take a comprehensive senior citizen mediclaim policy.
According to the new guidelines by IRDAI, every health insurance provider has to offer coverage to individuals' upto 65 years of age. These new guidelines will not only help individuals get coverage at later stages of their life but will also allow them to shift insurers in case they are not satisfied with their current health insurance provider.
These senior citizen health insurance policies are for people aged between 65 years and 80 years. The points of senior citizen health insurance comparison can be max age at renewability, coverage of specific diseases and waiting periods.
Senior Citizen Health Insurance Plans in India
General insurance companies offer medical insurance for senior citizens in India and have niche products to cater to this segment in our society. Some of the senior citizen health insurance plans are Silver Health from Bajaj Allianz, Red Carpet Health Insurance from Star Health Insurance, Optima Restore from Apollo Munich, Complete from ICICI Lombard and Gold from Max Bupa. These senior citizen mediclaim policies ensure that you are financially protected during your golden years and are able to keep pace with sky rocketing medical costs.
What does the Senior Citizen Health Insurance Plan cover?
A senior citizen health insurance plan covers the following:
- 1. Hospitalization Cover: Expenses incurred as a patient after admission of more than 24 hrs. The expenses include room charges, doctor fees, nursing fees, cost of medicine and drugs, etc.
- 2. Day care expenses which arise from use of special equipments or procedures like chemotherapy, dialysis, etc.
- 3. Medical expenses prior and post of hospitalization, the number of days will vary across insurers.
- 4. Ambulance charges for transporting the insured subject to maximum limit.
- 5. Pre-existing diseases are also covered subject to terms and conditions of the insurer.
Senior citizen health insurance comparison can be done online by comparing plans offering medical insurance for senior citizens in India at Bimadirect.com
How to choose the right best senior citizen 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.
- 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.
So Compare and buy the best senior citizen health insurance plan now from Bimadirect.com. Abiding by our belief in consumer empowerment, we have partnered with all major General Insurance companies in India to bring their products on a single platform enabling comparison and informed decision making.