Health Insurance Policy for Senior Citizen - Should I buy a Policy for my Parents?

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The cost of medical expenses has been increasing for the last few years, which has raised the concern for every individual if 1Lac sum insured is sufficient if there is any Health Issue. But have we been thinking if our parents fall sick how we will manage the expenses. With the expenses growing on Medical year on year, it is important to plan your expenses not only for yourself, but also your parents. It is easier to buy a Health Insurance at a young age, but when the age increases the diseases and the cost of treatment also increases.

There are many companies in India who have introduced the Health Insurance for Senior Citizen with their Pros and Cons. Let's understand why we require a Health Insurance for your parents:

   Growing Medical Expenses

2.       To save your parents from paying out of their hard-earned savings.

3.       Surplus Money can be used to Fulfill Dreams rather than spending on medical cost.

4.       Unforeseen Medical Emergencies

5.       Tax benefit Under Section 80D

While buying a Health Insurance for Senior Citizen following are few suggestions that you can considered: 

ü  Max Renewal Age – Look out for coverage’s that will give you Life Long Renewal, so that you won’t have to live without any insurance coverage post 70yrs.

ü  Max Sum Insured – Choose an Insurance which has maximum coverage within you budget. Coverage should include, pre-existing diseases, Ambulance expenses, pre & post hospitalization expenses, etc.

 

ü  Never look for Premium but look for benefits – Do not buy Health Insurance looking for the Cheapest Plan, but look for coverage’s which can be beneficial for longer run.

ü  Min Co-payment – Choose a plan which will give you minimum or Nil co-payment and higher benefits. This will help you to pay less from your pocket during the claim.

ü  Quality of Services – Before you buy any plan check the TPA (Third Party Administrator) and also what is the claim settlement ratio. This will help you to get a Hassle free claim settlement and also peace of mind during emergencies. 

ü  Policy Terms & Conditions – Go through the Main Exclusions & Waiting period before you pay the premium.  (Pre-Existing Diseases, Waiting period for Common Ailments – Hernia, Piles, Cataract, Joint replacement surgery etc. 

While deciding on which plan you need to buy below are the certain parameters which you need to consider:

 1.       Special Features

 2.       Age Criteria & Renewable Age

 3.       Coverage/ Benefits 

4.       Exclusion , Waiting Period & Terms & Conditions 

5.       Sum Insured & Premium Chart 
Premium Comparative Rate Chart for Senior Citizens:

 

AGE

BAJAJ ALLIANZ

APOLLO MUNICH

Silver Health

Optima Senior

PREMIUM - 5LAC COVERAGE

61-65YRS

23,632

22,553

66-70YRS

29,039

30,719

71-75yrs

**36,298

39,428

76-80yrs

 

52,125

81-85yrs

 

70,849

>85yrs

 

96,402

** Renewal Premium for Age 71yrs & Above.

Please Note: The rates give above are without Service Tax, extra Premium & loading.

Get Free health insurance advice Click Here

Disclaimer: Insurance is the subject matter of solicitation. The article contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. The above mentioned Health Insurance Plans are not ranked in any particular order. These plans are selected by the author and reflects author’s choice. The buyers are however, suggested to use their discretion or speak to Medimanage expert before selecting any particular product.


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