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Best Healthcare Plans for Senior Citizen Parents

Posted On : 10 August 2023, 8 Months Ago. Health-Insurance
health insurance for senior citizens

Family is a source of happiness, and senior citizens are the guiding stars who stand with you through the thick and thin of your life. So would you leave your parents longing for the healthcare needs in their old age? No, in fact, you would want to ensure that your parents get the best medical treatment if they fall ill, and for this, you need a good health insurance.

 

Medical Insurance for Parents

Till the recent past, it was difficult for the individuals over 65 years of age to get a policy cover. But as per the new guidelines by IRDA, every health insurance provider has to offer plans that have a minimum age of 65 yrs. for entry. The mandate has made insurance companies come with the policies, in particular for the senior citizens. So what are factors that make a senior citizen health insurance the best? Here are some of them:

Healthcare insurance services have now come up with plans for senior citizens. The minimum age of entry for such plans is generally 60 years and above it, as it is specifically designed for senior citizens. It involves the coverage of preventive health check-ups, hospitalisation costs, pre-post-hospitalisation expenses etc.



Features of Medical Insurance for Senior Citizens

If you are looking for medical insurance for parents, you must know the basic features of any health insurance plan for people over 60 years. Here are some common features which you should know:

  • Lifetime Renewability: some of the standard health plans do not come with renewability options, but in the case of senior citizens, the insurance company offers renewability options on plans.

  • Cashless Claim Facility: After the age of 60, when there is no permanent income source, it is of huge help to get cashless treatment with the policy.

  • Less Waiting Period: The waiting period on senior citizen health insurance is less than that of a regular health insurance plan.

  • Tax Benefit: If you opt for medical insurance for your parents, you will be eligible for tax benefits under Section 80D of the Income Tax Act.



Benefits of Health Insurance for Senior Citizens

Life is the most precious thing we get, and leading a healthy life is the biggest blessing you can think of. To ensure the health of your parents, considering medical insurance for parents is a wise decision as it has the following major benefits:

  • Cashless hospitalisation

  • Domiciliary hospitalisation cover

  • Free health check-ups annually

  • Tax benefits on premium paid

  • Reload the sum insured

  • Option of renewal of the policy 

  • Saves money

     

Best Plans for Senior Citizens

The insurance market is loaded with health plans; thus, choosing the best one for your parents becomes difficult. Here is the list of some top plans from where you can compare the benefits offered:

Aditya Birla Activ Care: It is a plan specially designed for senior citizens with the following features:

  • The waiting period for the pre-existing disease is 24 months.

  • The joint replacement surgery standard option is 48 months.

  • In-Patient treatment covers the expenses of hospitalisation.

  • Day-care expenses are covered.

  • Pre and post-hospitalisation expenses.

Bajaj Allianz Silver Health: This is another popular plan for senior citizens with the following features:

  •  Annual plan

  • Age criteria: 46-60 years

  • Option to cover yourself and your spouse under the policy

  • Free health check-up policy after 4 years.

  • 15 days of the free look period

Niva Bupa Health Insurance: When buying health insurance, Niva Bupa is one of the leading players in the market. It has served several customers over years of flawless service. Here are the key features of the plan offered by the insurer:

  • 30-minute cashless claim processing

  • COVID-19 hospitalisation cover

  • Cashless network of 7600+ hospitals

  • Platinum plans provide Annual Health Check-Up from day 1

Factors to Consider Before Buying a Plan

Before buying health insurance for your loved ones, you must consider the following factors:

 

Age Eligibility

It is a critical factor, as even the best policy features are useless if the senior citizens are not able to buy it because of age eligibility. The best senior citizens health insurance policy is one that comes without any maximum entry age. The best plan offers the longest coverage tenure, allowing entry at any age and a medical cover that goes for a longer period. You have to pay attention to the renewal age as well while buying it, as it’ll ensure that the policy covers your parents until they are alive.

 

Sum Insured

When going for senior citizen health insurance, you have to consider the frequency of illness and the increased medical costs of surgeries that they may have to undergo. It is better to go with the plan that offers more sum insured. Only then they will be able to get a higher health cover. Niva Bupa is an insurer that cares and ensures that you can give the best treatment to your aging parents.

 

Illnesses Covered

The health insurance policy meant for aged parents has to make sure that it includes a large variety of diseases and medical conditions. Will the policy serve any purpose if it is not able to cover your parents for a particular illness that they might be suffering with? You need to see the details with the advisor before buying one. So the best health insurance for senior citizens is the one that offers maximum coverage with minimum exclusions.

 

Pre-Existing Conditions

What if your parents already have a medical illness? Will the insurance policy cover them as well? The health insurance policy mentions the waiting period before you can make a claim for the pre-existing medical conditions. It is important, as an aged parent may need a hospitalization for which the insurance company can’t give any claim during this waiting period.

 

Premium

You need to bear in mind the premium per lakh of cover for the policy before buying it. You may have to ask the advisor about how they vary with age so as to ensure that your parent gets the cover until they are alive. To conclude, when you are buying the senior citizen health insurance policy, it is better to go with the one that covers them until the end and ensures quality medical services.

 

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Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN