Which is the best “Health Insurance for Senior Citizens” in India? What is the best Health Insurance Policy for your Parents? Can I take it without Medical Test?Can I take a mediclaim policy for parents aged above 50/60/70/75/80 years.
First of all, let us understand it with an example
My friend Deepak is in financial trouble these days. Reason, his father is hospitalised and is undergoing treatment for the last 3 months. He is having multiple health issues and underwent a surgery last month. Deepak has already paid around Rs. 3 Lakhs and may require another Rs. 2 Lakhs. Expenses were borne by Deepak, because his father was not covered under any Health Insurance Policy after his Retirement.
Can a Senior Citizen live without a Health Insurance?
With a huge medical inflation and new medical procedures emerging in India, healthcare costs are increasing. It is going to be very high when you are aged. With a less income after retirement, the situation of many Senior Citizens is bad. Though many companies are having Health Insurance for Senior Citizens, there are lots of exclusions and limitations. The main areas of concern are the following:
- Very High Premium: The premium rates for Senior Citizens are very high. In some cases, it is unaffordable. But there is no other option. Living without health insurance may put you in a situation where you spend your entire life savings in hospital bill.
- What does Co-Pay mean in Health Insurance for Senior Citizens: : In most of the Senior Citizens’ Health Insurance Policy, part of the Claim amount has to be contributed by you, while the Insurance Company will pay only the balance. This means that the Insurance Company will not settle for the full claim. This is called Co-payment. Companies are demanding Co-payment of 10% to 50% for Health Insurance for Senior Citizens.
- Limits in Insurance/Cover Amount: Most Insurance Companies are very selective in offering Health Insurance for Senior Citizens. They restrict the Insurance amount to small amounts like Rs. 1 Lakh – 3 Lakhs. Very few companies are now offering cover up to Rs. 5 Lakhs.
- Waiting Period of Pre-Existing Diseases: Normally it is 3-4 years in most insurance companies if the proposal is accepted with pre-existing diseases. Any hospital expenses related to already declared diseases can only be claimed after the waiting period declared by the insurance company.
Which is the best Health Insurance for Parents or Senior Citizens?
PSU companies like National Insurance and New India Assurance are offering policies of lower sum assured with low co-payment clause. If you are staying in a small city, you may opt for such policies because of the lower medical expenses in such areas. But in cities and metros, these cover will not be sufficient. Companies like Star Health Insurance, Bajaj Allianz, Apollo Munich and Max Bupa are offering Health Insurance for Senior Citizens with additional features. If you can manage higher premium, it is worth taking these policies. But some policies have high co-pay clause and lengthy waiting period for pre-existing diseases. So you need to decide, which is the best health insurance for your parents.
Children’s Health Policy – Parents Coverage
Another option for parents is to get a health cover in their Children’s Health Cover through their Employer. Most Corporate Health Insurance Schemes cover parents with pre-existing diseases included, and you can get a good amount of cover for your parents. But such cover is available only till your retirement. Normally, Corporate Group Policies do not allow conversion into individual policies after retirement. Till that comes, it is better to have a policy in your personal capacity to take care of your health insurance needs after retirement.
Can I take a mediclaim policy for parents aged above 50/60/70/75/80 years?
Yes, You can take a mediclaim policy for parents aged above 50/60/70/75/80 years.
Popular Health Insurance Policies for Parents
Please see below the details of popular Health Insurance Policies for Senior Citizens in India. Medical Check up is required in all most all the policies. But before buying a policy, please go through the brochure of the policy as it is difficult to cover all the points here. It will also be helpful for you, at the time of claim, to know the complete features of the policy.
National Insurance Varistha Mediclaim for Senior Citizens:
Though the premium rate is low, the maximum cover permitted is Rs. 2 Lakhs in this policy. You may get more details from the link below:
Age: 60 Years – 80 Years
Max Cover: Rs. 1,00,000 Mediclaim and Rs. 2,00,000 Critical Illness
Pre-Existing Diseases- Pre-existing diseases are also covered after a waiting period of 1 year.
Waiting period is 30 days for mediclaim and 90 days for critical illness.
Medical checkup is required if you are not covered by any health insurance policy in the previous 3 years.
Good part of the policy is that diabetes and hypertension are covered from the inception.
Though the policy seems to be good, the cover amount is very less. When the health insurance costs are soaring, 1 lac health insurance cover would not be sufficient for the parents.
Senior Citizen Mediclaim Policy from New India Assurance :
Age: 60 Years – 80 Years
Min Cover: Rs. 1,00,000
Max Cover: Rs. 1,50,000
Pre-Existing Diseases- The policy covers the pre-existing diseases after a waiting period of 18 months.
Though the maximum age is 80 Years, you can take health insurance for parents till they are 90 Years if you keep paying the renewals without any break.
Again the sum assured under the policy is low and you need to decide if the cover of 1.5 lacs is sufficient for your parents
Red Carpet Policy from Star Health Insurance for Senior Citizens:
This policy can be purchased by those in the age group of 60-75 years, without any medical checkup. There is a co-pay of 50% on all pre-existing diseases and 30% in all other diseases. The policy can be purchased up to Rs. 10 Lakhs sum assured. The premium is higher compared to the PSU companies.
Age: 60 Years – 75 Years
Max Cover: Rs. 10,00,000
Pre-Existing Diseases- Covered after 12 Months
Also 10% premium discount is given to the customers who produces reports of BP, Sugar, stress and blood urea upto the satisfaction of the company.
Waiting period is 30 days.
The cover provided by Red carpet policy is high but do not think that you will get the entire amount of 10 lacs. The maximum liability of the company in case of 10 lacs sum assured is 2.75 lacs to 3.5 lacs. Rest of the amount, you need to pay from your own pocket
Lets see an example
Mr. Sumit, aged 60,recently retired from an IT firm. He bought Red Carpet Policy from Star Health Insurance with a cover of 10 lacs. He continued paying his renewal premium for 5 years. At the age of 65, he was diagnosed with some major cardio vascular disease. The hospital expenses were 10 lacs for the treatment.
Will he get the entire 10 lacs from his mediclaim policy?
The mediclaim policy will pay only 3.5 lacs. Rest of the amount will be paid by his own.
In addition to the above features,there is a guaranteed life time renewal for this policy.
Bajaj Allianz Silver Health Policy for Senior Citizen:
This policy offers cover up to Rs. 5 Lakhs for those up to the age of 70 years.
Age: 46 Years – 70 Years
Max Cover: Rs. 5,00,000
Pre-Existing Diseases- Covered after 12 Months
The good part about the policy is the early age i.e. you can buy this policy at the age of 46 years and avail the life time renewals. But the premiums are high in Silver health policy offered by Bajaj Allianz.
Medical tests are compulsory in this policy.
You also get a family discount of 5% if 2 or more members have taken the policy.
Non Networked Hospitals
You have to co-pay 20% if you are admitted to a non-networked hospital, but if you are ready to pay 15% extra premium, the co-payment is waived off in this policy which seems to be a good option.
But before paying 15% extra premium, check the list of networked hospital in your city.
Senior Citizen Policy from United Health Insurance:
This policy offers cover up to Rs. 3 Lakhs for those up to the age of 80 years.
Age: 61 Years – 80 Years
Max Cover: Rs. 3,00,000
Pre-Existing Diseases- Covered after 48 Months
Though the waiting period in the policy is 48 months, certain diseases like hypertension, diabetes, hernia, piles and cataract are covered after a waiting period of 24 months.
Senior Citizen Hope from Oriental Insurance for Senior Citizens:
This policy offers cover up to Rs. 5 Lakhs for those up to the age of 80 years.
Age: 61 Years and above
Max Cover: Rs. 5,00,000
Pre-Existing Diseases- Covered after 24 Months
You have the option of opting for co-payment in this policy. The premium amount decreases according to the option you choose
Also you will get a discount of 10% on premium if you opt for 10 % copayment
In addition,Discount of 20% if you go for 20% co-payment. Below is the table for same
| Co-payment | Premium Discount |
| 10% | 10% |
| 20% | 20% |
| 30% | 30% |
| 40% | 40% |
| 50% and above | 50% |
Apollo Munich Optima Senior:
This policy offers cover up to Rs. 5 Lakhs for those up to the age of 80 years.
Age: 61 Years and above
Max Cover: Rs. 5,00,000
Pre-Existing Diseases- Covered after 36 Months
There are 2 options of co-pay in this policy.
15% and 30%
While Co-pay is 15% if you opt for a twin sharing room, it is 30% if you opt for a single room.
Medical Emergency Fund for Senior Citizens
Since there are lots of restrictions in Health Insurance for Senior Citizens, it is better to create a Medical Emergency Fund, if you have senior citizens at home. Furthermore,This will come handy in situations where the healthcare expense is high and is not fully paid by the insurance company.
But not having a Health Insurance for Senior Citizens can put you in trouble like Deepak. Also purchase a policy for you and your family when you are healthy to ensure lifelong health insurance cover.
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