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Top 4 Healthcare Plans for Elderly

Top 4 Healthcare Plans for Elderly        

Health insurance policies are offered by various insurance companies to cater the growing needs of all kinds of age groups. Senior citizens should have access to personal health insurance plan. Even though they are covered by a group health insurance plan offered by the employer of the children, they should not hesitate to buy a personal health insurance plan. A personal health insurance plan offers comprehensive coverage. You should compare various products to understand the features, co-payments and sub-limits. The insurance company should offer the best support during claims as well.

Importance of healthcare plan

The risk to various kinds of diseases and ailments is high for senior citizens. The senior citizen medical insurancewill help in covering various kinds of risk factors and it is possible to get best medical treatment at affordable price. The out of pocket expenses can be minimized by subscribing to the best health insurance plan.

Senior Citizen Red Carpet Health insurance plan

The red carpet health insurance plan offered by Star Health will fulfill the healthcare needs of senior citizens. Seniors who are above 69 years and below 75 years will be able to subscribe to the health insurance plan. The policy covers in-patient hospitalization expenses including nursing, consultation fee, surgeon’s fee, specialist’s fee, diagnosis and cost of drugs.

You should buy the health insurance plan before attaining the 60 years so that the premium will be low and the insurance policy can be renewed without any issues. As per the guidelines of the IRDA (Insurance Regulatory Development Authority), the insurance companies should not deny the policy renewal option to policyholders.

The insurance companies will also provide a no-claim bonus if the policy was not claimed in the previous year. Senior citizens should utilize the pre-look period of 15 days. If he/she is not satisfied with the terms and conditions mentioned in the policy, the policy can be returned to the insurance company. The insurance company should refund the premium after deducting the administration costs and relevant charges.

It is very much important to compare various health insurance products offered by reputed companies so that you will be acquainted with the features. Some companies allow the customer to customize the policy as per his or her requirements. Hence, you should choose a health insurance that takes care of your healthcare expenses in the best possible way.

Features

  • Eligibility: 60 years to 75 years
  • Medical tests: not required
  • Waiting period: The pre-existing health conditions are covered from the second year
  • Out-patient medical consultations: available at network hospitals
  • Renewability: guaranteed up to the lifetime
  • Sum assured: up to Rs. 10 lakhs
  • 5% discount on online purchase
  • Ambulance charges for emergency transportation
  • Post-hospitalization expenses paid as a lump sum
  • Co-payment – 50% of the claim for pre-existing diseases and 30% of a claim for other diseases
  • Tax exemption under Section 80D of the income tax act
  • Direct in-house settlement and no third party administrator
  • Cashless hospitalization
  • Network of more than 8400 hospitals in India

Varistha Mediclaim from National Insurance Company

Elderly people should have access to a health insurance plan that comes with the quick and easy settlement so that there will be a great convenience. The mediclaim policy will cover the expenses incurred towards the treatment of diseases, sicknesses and accidents.

Features

  • Covers hospitalization and domiciliary hospitalization for the sum insured
  • The plan can be renewed until 90 years
  • Offers cumulative bonus
  • Cost of health check-up is available for claim-free years
  • Hospitalization expenses paid at 1% of sum assured on a daily basis
  • Cost of medicines, oxygen and diagnostic charges are paid up to 50% of the sum assured
  • Emergency transportation in an ambulance up to Rs. 1000/- in a policy year
  • Covers critical illnesses such as cancer and stroke
  • 30 days of pre-hospitalization
  • 60 days of post-hospitalization

The mediclaim policy covers certain pre-existing diseases such as hypertension and diabetes by paying an additional premium. The coverage amount is Rs. 1 lakh for hospitalization and Rs. 2 lakh for critical illness.

HOPE (Health Of Privileged Elder)

HOPE policy is offered by Oriental Insurance and it comes with various kinds of discounts. As there is no limit on the upper age, it permits all senior citizens to subscribe to the insurance plan. The sum assured will be in between Rs. 1 lakh and Rs. 5 lakh and the premium will be in between Rs. 4500 and Rs. 29000.

Features

  • Discount on premium by opting for voluntary co-payment
  • Discount for every claim-free year
  • Domiciliary hospitalization expenses
  • No coverage for 30 days after the subscription of the policy
  • Covers non-allopathic medical treatment such as ayurvedic, homeopathic and unani treatment
  • Covers specific diseases only
  • Accidental injury – 100% of the sum insured
  • Knee replacement – 70% of the sum insured
  • Cardiovascular diseases, chronic renal failure and cancer – 50% of the sum insured

Silver Health from Bajaj Allianz

Sliver health from Bajaj Allianz comes with best features to serve the interests of senior citizens. It covers in-patient hospitalization, pre and post-hospitalization expenses and emergency ambulance charges.

Features

  • Health claim administration by the in-house team
  • Quick claim settlement
  • Discount on family floater plan
  • 5% bonus on every claim-free year
  • Customization of the policy as per the needs of the customer
  • Pre-existing diseases are covered from the 2nd policy year
  • 30-day initial waiting period
  • 4-year waiting period for joint replacement surgery
  • 20% co-payment if the treatment is obtained at non-network hospital

Conclusion

Senior citizens can buy the best healthcare plan through offline or online. The online policy is offered by insurance companies at a special discount. Most of the health insurance companies offer sum assured up to Rs. 5 lakh. You can buy health insurance cover from star health which offers sum assured up to Rs. 10 lakh. However, you should consider various parameters such as waiting period, co-payment, sub-limits and claim settlement before subscribing to a health plan for senior citizens.

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