Health Insurance 1204 views December 11, 2019

Health Insurance for Over 70 Years Old in India

Now-a-days health insurance is one of the most important investments as the medical expenses in India are sky-rocketing. Health insurance is not just for young and healthy individuals but it is equally important for senior citizens too. Buying health insurance for over 70 years old in India is equally very important as health starts deserting them. So, as the cost of medication and treatment are rising exponentially having a health insurance plan for the senior citizen can give them some relief at such trying times.

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Today, all major insurance providers are offering health insurance for senior citizens so that they can make their second innings happy. Following article will throw light on the various aspects related to health insurance for over 70 years old in India.

To streamline your search, we have curated some handpicked best health insurance for over 70 years old in India just for you.

Insurance PlanAge EligibilitySum Insured LimitUnique benefit
Star Health Senior Citizen Red CarpetMinimum 60 Years
Maximum 75 Years
Rs 1 Lakh to Rs 25 LakhsA health insurance plan offering a wide scope of insurance plan and covers expenses of major illness
National Insurance Varishta MediclaimMinimum 60 Years
Maximum 80 Years
Rs 1 Lakhs (Plain Cover)
Rs 2 Lakhs (covers critical illness)
Affordable health insurance plan covering basic illness as well as critical illnesses
Oriental Insurance HOPE – health of Privileged ElderFor everyone aged above 60 years of ageRs 1 Lakhs to Rs 5 LakhsNo cap on entry age and covers medical expenses
New India Assurance Company Limited – Senior Citizen Mediclaim PolicyMinimum 60 Years
Maximum 80 Years
Rs 1 Lakhs or Rs 1.50 LakhsOne of the plans offering coverage at the lowest premium amount

Importance of health insurance for senior citizens?

Being at 70 is a golden age but it comes with its own limitations like no scope for income as the income earning ceases at the age of 60. Moreover, higher age does not allow you to stay active so life becomes sedentary which leads to health issues. It is important to buy a health insurance plan for senior citizens because:

  1. Illness prone age: At the age of 70, the health of a person starts deserting them making it more illness prone to attracting ailments and disease due to wear and tear of the body.
  2. Stress-free planning: No doubt that with increasing age illness is inevitable but you can still plan to secure the expenses and ensure that all medical expenses are taken care of. In this way, you can remain stress-free.
  3. Stay insured and secured: Medical emergencies can cause a dent on your savings and if the person is a senior citizen then it’s a huge financial blow as aging synonyms with falling sick. So, buying health insurance for over 70 years old in India is one of the best ways to take care of parents.

Thus, buying health insurance for over 70 old in India is the best gift for your aged parents.

Features and Benefits of senior citizen health insurance plan

The health insurance providers in India are offering health insurance for over 0 years old in India with unique features and benefits. Choosing the best health insurance plan will offer benefits as under:

  1. You can avail the benefit of higher sum insured
  2. Avail income tax benefit on the premiums paid
  3. Annual health check-up benefit
  4. Cashless hospitalization benefit in the event of hospital admission for more than 24 hours
  5. Covering expenses of pre and post hospitalization subject to terms of the health insurance plan
  6. Coverage for pre-existing medical condition as per the conditions mentioned in the policy document
  7. Hassle-free claim settlement
  8. Quick renewal of health insurance policy

How to select the best health insurance for over 70 years old in India?

Buying a health insurance plan for a senior citizen can be a tedious process as there are various parameters on which you need to compare various available health insurance plans. So, if you are planning to buy a health insurance plan for over 70 years old in India, you need to compare them on the following parameters:

1. Age

Age is an important eligibility criterion for choosing a good health insurance provider. Many health insurance providers offer an age range starting from 65 years to 80 years as age criteria for senior citizen health insurance plan. While a few insurance providers put no restriction on the age limit i.e. no maximum entry age. So, it is recommended to choose a plan that offers health insurance coverage for a longer period.

2. Sum Insured

Insured is the health insurance coverage that can be availed for safeguarding the financial needs arising during medical conditions. Sum insured is one important factor which needs a lot of consideration. It is recommended to analyse existing medical expense patterns and calculation of medical treatment to arrive at the desired sum insured amount. If you are availing a health insurance cover for both parents then take into account the expenses required by both the parents.

3. The number of insured members

The scope of the health insurance plan is dependent on the number of insured members under the policy. If you are planning to cover both parents under one single health insurance blanket then consider factors like medical conditions of parents, a rough estimation of yearly medical expenditure, etc.

4. Premiums

No doubt the premiums of health insurance for over 70 years old in India are higher but they are completely worth it. A little bit precise financial planning shall help you in sailing the retired phase peacefully.

5. Cover for specific diseases

One of the most important factors to consider while buying a health insurance plan for senior citizens is that it should offer holistic coverage and must cover all major illnesses and offer coverage for their treatment. Avail a health insurance provider who offers a holistic health insurance plan.

6. Network Hospitals

Under health insurance plan network hospitals offer cashless hospitalization benefits. check the nearest cashless network hospital tie-up as for senior citizens having a hospital nearby is advantageous.

7. Waiting period

Various health insurance plan has different terms and conditions related to the waiting period i.e. initial waiting period and pre-existing disease. Compare various health insurance plans on this factor before making payment for health insurance for over 70 years old in India.

8. Deductible and Co-payment

Many health insurance plans come with a certain percentage of deductibles and copayment features. However, while buying health insurance for senior citizen it is important to check for health insurance plans that have the lowest percentage of deductibles and copayment clauses

Thus, the above are the major factors that you must keep in mind while comparing various health insurance plans for senior citizens.

Conclusion

Paying for treatment and exorbitant medical expenses can rapidly drain your savings. Availing health insurance for over 70 years old in India is a convenient tool to ease your financial burden.

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