Health insurance plan for your parents above the age of 60 years

Senior citizens should have access to a health insurance plan in India. As the healthcare expenses will increase and risk to various kinds of diseases will increase after 70 years of age, you should consider a comprehensive policy with best benefits. The sum assured, hospitalization, cashless treatment, pre-hospitalization and post hospitalization expenses are some of the factors that influence your decision. You can buy an insurance policy for your parents above the age of 70 years and it is possible to get the tax exemption also.

Benefits of health insurance plan 

By buying a health insurance plan from a reputed health insurance provider in India, you can get tax exemption and various kinds of financial benefits. As per the new guidelines of IRDAI, every health insurance company should offer health insurance coverage to people who are aged up to 65 years. If you buy an insurance policy before reaching 65 years, the premium will be low and the insurance policy can be renewed for a lifetime.

Before buying an insurance policy, you should compare various available options. When you compare different policies, you can understand the features and it is possible to settle for the best plan without any issues. If the subscriber’s age is ‘60 years old or above’, he will get tax exemption up to Rs. 30,000 on the insurance premium. By buying a senior citizen insurance plan for parents aged above 70 years, additional Rs. 30,000 exemption can be obtained.

Popular health plans for parents above the age of 70 years 

Before choosing a plan, you should be aware of the insurance cover, maximum age to renew, co-payments, coverage of certain diseases and waiting period. You will be allowed to go through the policy documentation for 15 days. The duration is called the waiting period. If you are not satisfied with the terms and conditions of the policy, the insurance policy can be returned to the insurance company. The insurance company is obliged to return the amount after deducting nominal administrative charges.

• Claim settlement ratio – The policy claim settlement ratio is an important factor which helps you in choosing the insurance plan. The health insurance company should maintain quick claim settlement time and should maintain higher claim settlement ratio.
• Daycare procedures – The insurance policy should cover the daycare procedures. Most of the insurance policies will not cover the daycare procedures. To be eligible for Medi-claim, you should be hospitalized for at least 24 hours. There are plans which permit various kinds of day care procedures. Hence, you should choose a policy to cover as many daycare procedures as possible.
• A network of hospitals – You should have the access to the network of hospitals in terms of distance and the probable medical procedures and treatment required for your parents. There should be flexibility in moving from one place to another place without having an adverse impact on the coverage.
• No-claim bonus – The health insurance company will either decrease the premium or increase the sum assured if the claim was not made in the previous policy year.
• Pre-hospitalization and post-hospitalization expenses –
• Certain expenses involved before and after the hospitalization should be borne by the health insurance companies. Generally, the pre-hospitalization expenses up to 30 days will be covered by the insurance company. The coverage for post-hospitalization expenses will be up to 90 days. You should go through the policy documentation and should customize the policy as per your needs.
• Free Medical health checkup – Rs. 5000 is exempted from the income tax towards the annual medical checkup offered by the health insurance policy. Hence, you should choose a policy that offers free medical health checkup.

Star Health – Senior Citizen Red Carpet Health Insurance Policy 

• Eligibility – 60 years to 75 years
• Sum Assured – Rs. 1 lakh to Rs. 10 lakhs
• Pre and Post-hospitalization expenses – Post hospitalization up to Rs. 5000/-
• Pre-existing diseases – Covers from 2nd policy year
• Medical check-up – Not required

National Insurance – VARISHTHA Mediclaim Policy for Senior Citizens 

• Eligibility – 60 years to 80 years
• Sum Assured – Critical Illness up to Rs. 2 lakhs and Medi-claim up to Rs. 1 lakh
• Pre and Post-hospitalization expenses – 30 days and 60 days
• Pre-existing diseases – Available after one claim-free year
• Medical check-up – Not required if the insured has a policy for more than 3 years

New India – Senior Citizen Medi-claim Policy 

• Eligibility – 60 years to 80 years
• Sum Assured – Rs. 1 lakh to Rs. 1.5 lakh
• Pre and Post-hospitalization expenses – 30 days (with a maximum limit of 5% on the bill) and 60 days (with a maximum limit of 10% on the bill)
• Pre-existing diseases – Available after 18 months of insurance policy subscription
• Medical check-up – Policyholder should undergo medical checkup

United India Health Senior Citizen Medi-claim Policy 

• Eligibility – 61 to 80 years
• Sum Assured – Rs. 1 lakh to Rs. 3 lakhs
• Pre and Post-hospitalization expenses – 30 days and 60 days (with a limit of 10% of the maximum bill)
• Pre-existing diseases – Available after renewing the policy for more than 4 years
• Medical check-up – Required and 50% medical checkup expenses are reimbursed

Tata AIG – MediSenior Health Insurance

• Eligibility – Can be subscribed by 61 years old and above
• Sum Assured – Rs. 2 lakh to Rs. 5 lakh
• Pre and Post-hospitalization expenses – 30 days and 60 days
• Pre-existing diseases – Available after subscribing the insurance policy for more than 4 consecutive years
• Medical check-up – Required and 50% medical checkup expenses are reimbursed

Conclusion 

The senior citizen health insurance policy will cater to needs of retired people. There are special insurance plans which cover people beyond 70 years of age. You should go through the features and should subscribe to the best insurance plan from a licensed health insurance provider in India that matches your parents’ risk factors. The policy can be chosen as per your budget, renewability, and sum assured. You will have absolute peace of mind when your parents are covered by an insurance policy and it is possible to get exemption under the income tax as well.