As people grow older, their earning capacity gets limited. Unfortunately, at the same time, they become more susceptible to diseases. This acts like a double whammy that may eventually deplete the valuable retirement savings. To prevent this catastrophe, insurers have devised health plans that specifically meet the demands of senior citizens.
But there is a lack of clarity about which plan is superior among the numerous options available. This major concern leads to a delay in obtaining adequate coverage, escalating costs. As a solution to this predicament, this article will provide you with guidelines to make the right choice. Best health insurance for senior citizens in India will also be briefly discussed.
Things to Look Out for When Buying Health Insurance for Senior Citizens in India
Best health insurance plan for senior citizens will depend upon various factors. Some of them are listed below:
Coverage
Choose a plan with extensive coverage of expenses related to hospitalisation, pre and post-hospitalisation, ambulance, AYUSH treatment, domiciliary care, daycare, and preventive care, among others. Also, check the waiting period for pre-existing diseases, as older people are more likely to suffer from them than the younger population.
Cost
Go for a plan with affordable premium rates. Also, check the provisions related to discounts, deductibles, co-payment and no-claim bonuses. All of them influence the policy's overall cost.
Network
Your plan's network must include healthcare providers located near you. The providers must also be of top-notch quality and have specialists related to the diseases you are most vulnerable to. A plan that offers the flexibility to get treated at an out-of-network hospital must be preferred.
Claim-settlement
Nobody wants to pay regular premiums for a long duration only to have their claim rejected when the emergency arises. Therefore, make sure to check the claim-settlement ratio of the insurer. A high ratio will indicate lower chances of claim denial.
Renewability
Go for a plan with lifetime renewability. Otherwise, you will have to expend time and energy to look for another plan after the old one expires. Also, look for a plan that allows you to restore the sum insured amount for lifelong protection.
Best Health Insurance for Senior Citizens
The following plans excel on the parameters mentioned above. They are designed based on the specific requirements of citizens above 60 years of age.
Niva Bupa Senior First Plan
With premiums starting at ₹13,453 /year, it is available in two versions- gold (cover: ₹5 lakhs - ₹10 lakhs) and platinum (cover: ₹5 lakhs - ₹25 lakhs). It covers ambulance charges, modern treatments, AYUSH treatments, daycare procedures, organ donor expenses as well as domiciliary hospitalisation. The platinum version further provides for health check-ups and offers a 10% no-claim bonus of up to 100% of the base amount.
Star Health Senior Citizens Red Carpet
Its 14,000+ hospitals serve people between the ages of 60 and 75. One of the main benefits of this policy is that it does not require a pre-insurance medical screening. It covers an amount of up to ₹25 lakhs with lifetime renewability. For increased cost-effectiveness, it offers discounts, for example, 5% off on an online purchase. It also covers pre-existing diseases after a waiting period of 12 months.
Aditya Birla Activ Care Plan
With a premium starting at ₹24,202 /year, it helps secure your parents' health. Apart from comprehensive coverage of hospitalisation expenses, it offers free annual health check-ups. It also covers 586 essential daycare treatments and nursing support post-discharge. A unique feature of this policy is the facility of tele-counselling available for critical illnesses. In addition, a no-claim bonus of up to 50% and a reload benefit of up to 100% are provided.
Conclusion
Selecting the best health insurance for senior citizens is vital for their financial security and peace of mind. It must be considered as an investment that will offer substantial rewards during a medical crisis. Thus, you must not postpone the purchase decision any further. You can check out the insurers' official websites or speak to an insurance consultant for further information.
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