Health insurance is something that is essential for people of any age group. When there is this coverage, people need not have to worry about day care, emergency treatments and high medical bills. Such a coverage is all the more important in the case of aged people to help them lead a tension-free life about sudden heavy medical expenses. Earlier, there were only a few options when it comes to health insurance for seniors, but nowadays, there are better options available for aged men and women.
A number of insurance companies provide such coverage for seniors and all the policies come with their own pros and cons. With so many options available, selecting the right plan can a daunting task for elders. However, they should be careful about selecting the right policy for them and it suggested to conduct a research before choosing one. It is important to compare the coverage and future benefits before choosing the right plan.
Premium rates should be checked:
Generally, premium will be higher in the case of coverage for aged people as against the health insurance policies available for young people. Even though, the rate of premium will be higher, it can turn out to be an investment for senior citizens for sure.
When such a coverage is available handy, elderly people need not have to worry about financial condition in the event of unforeseen medical emergencies. When there is a good health insurance coverage, elders can get free medical check-ups on a regular basis for ensuring their health. Here is a comparison of some of the top health insurance policies for senior citizens in India:
Bajaj Silver for 55 years or more:
The maximum entry age for this policy is 70 years and the maximum exit age is 75 years. In the case of elders with pre-existing medical conditions, the waiting period is one year for 50% of sum assured. In case, the insured individual wishes to get treatment in a non-network hospital, he will have to make a co-payment of 20% of the hospital expenses. The negative thing about this policy is that it is associated with inflexible process and too much medical tests. The special exclusion is that the insured cannot claim for joint replacement surgery for first 4 years. The premium to be paid for a policy worth Rs.1 lakh is Rs.8056.
Star Medical Classic for up to 80 years:
The utmost entry age for this policy is 75 years and the maximum exit age is 80 years. In the case of elders with pre-existing medical conditions, the waiting period is 4 years. In case, the insured individual wishes to get treatment in a non-network hospital, he will not have to pay for any hospital expenses. However, he will have to bear the room rent of 2% of Sum Assured for up to Rs.4000. The negative thing about this policy is that it is associated with abundant restrictions and too much medical tests, but the issuing process is simple. The premium to be paid for a policy worth Rs.1 lakh is Rs.3372.
The other two popular options available are Star Red Carpet and National Varishtha with premium of Rs.5000 and Rs.5166 for one lakh.