Health Insurance for 70+ Senior Citizens Parents in India

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Yes, this is truly incredible. Star Health, yesterday announced the extension of the entry age of its product Star Senior Citizen's Red Carpet from existing 69 years, to 74 years! This product is now available to buy on our Store.

We have been regularly thronged by sons and daughters who want to cover their parents above 70 years for Mediclaim, but either the products available had too many tests that they could not perform, had too many exclusions, or they were unaffordable. This product is a really a brilliant move from Star, which, since its inception has been the only company truly innovating for the senior citizens, thinking out of the box, and not just copy-pasting underwriting policies from abroad.

Till yesterday, there were only two products in the age category of above 70 years.

National Insurance's Varishta Bima 

This product provides a maximum cover of Rs. 1 Lakh for Hospitalization, and covers Hypertension and Diabetes from Day 31, on payment of additional loading of 10% each. The product has a requirement of a Medical Test including the treadmill test, which most 70ers are unable to perform. Also, at the divisional level, we have experienced lot of resistance to accept proposals of people above 70.

Max Bupa Heart Beat

This is an excellently designed product, with some great features; however, with 20% copay, and shared room restrictions (in its Silver plan), coupled with the extremely high pricing (compared below) is unaffordable to many, who seek the cover. We have observed, that the product also has very strict underwriting (understandably), which results in denial or further restrictions to cover. 

The introduction of the extension has brought great and accessible choice for parents in this age category.

Important Highlights about the product:

1.  No Medical Test: The product does not require a Medical test.  It requires you to declare to the best of your knowledge regarding any ailment, symptom, and history.

2.    Pre-existing ailments coverage:  Pre-existing ailments are covered from Year 2 at 50% Co-pay. In the age where Pre-existing ailments are being permanently excluded, this is a breather for many customers.

 Click here to Buy Star Red Carpet

Important Conditions to know:  

1. Surgery Limits: The policy has Surgery limits on all major surgeries and specifically on Cardiac, Renal Complications, and Breakage of Bones. The limits range from 60-75% of the sum insured for a Rs. 2 Lakh Coverage.

2.   30% Co-pay: All Claims (other than treatment for pre-existing ailments) attract a 30% Co-pay on the admissible claim amount. In case of a major surgery for a non pre-existing ailment, the co-pay would be applied after applying the sublimit. So in effect at 60-75% sublimit, without any other deductions in claim, the Insurance Company would pay around 42% to 52% of the total claim amount.

3.     Claims Loading: The product has a loading condition of 20 to 50% depending on the ratio of claim to the premium paid. In case of a claim, the premium can rise by 50% the next year. There is no No Claim discount in this product.

4.   Major Pre-existing Ailment: The product is not available for people with major critical or terminal illnesses like Cardiac, Paralysis, Major organ failure etc.

Comparison for Health Insurance for 70+

Feature

National Varishta

Max Bupa Heartbeat

Star Red Carpet

Sub Limits on Room Rent per Day

1%

Shared Room

1%

Sub Limits on ICU Rent

2%

No Limits

2%

Waiting Period - Illness Cover (Days)

30

90

30

Waiting Period - Accident Cover

Zero

Zero

Zero

Waiting Period for specified Illnesses

1 Yr.

2 Yrs.

1, 2 yrs.

Waiting Period for Pre-existing Illnesses

1 Yr.

4 Yrs.

From 2nd Year, with 50% Co-pay

Co-pay on admissible claim

20% co-pay for covered pre-existing diseases & 10% co-pay for all other claims

20% Co-pay on all claims

30% co-pay for non pre-existing claims

Sub Limits on treatments

Yes. List available on request

No Sub-limits

Yes. List available on request

Premium Loading on Claims

Cumulative bonus will reduce by 10%

No Loading as per brochure

20% to 50%

Pre-hospitalisation (Days)

15

Unto 15% of the Sum Insured

No

Post-hospitalisation (Days)

30

Rs.5000

No Claim Bonus (after every claim free year)

5 % on sum insured, subject to max of 10 claims

5% on Sum Insured every claim free year

No

Premium for 71 years for Rs. 2 Lakhs, in Mumbai

Rs. 9617

Rs. 27925

Rs. 9326

Yes, this is not the most perfect and ideal product, one would have wished. But then for this age group, it would never be viable to have an all-covered, no limits product. Like we have always said, for this age, and any other age, it is always better, to get the best cover possible quickly, rather than wait for that feature.

Click here to Buy Star Red Carpet!

 

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