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How to get health Insurance for elderly people?

Buying the right insurance plan at a later stage of life is a tedious task. With the variety plans available in the market, zero-in on the ideal plan that suits the age-based need is a challenging one. Let’s take a look at health insurance and life insurance plans for senior citizens with some of the best plans available in the market.

Health Insurance

It’s quite difficult to get the health insurance policies at the older age. Chances of falling ill increases with the growing age and results in higher medical costs. Buying a right health plan for your old age parents requires a lot of research. You can compare the premium rates below and see if the premium is in your budget for the cover that you are looking for. Concentrate more on lifelong renewability and adequacy of coverage offered by the plan rather than concentrating on capping on different benefits. Keep in mind, at this risky age, every special benefit comes with the limit. Check the clause for coverage of pre-existing illness. Normally, the cover comes with waiting period which varies from insurer to insurer. Give more preference to plan with lesser waiting period. Ensure to check for list of network hospitals to avail cashless facility as claims process will be smoother and hassle-free. It’s difficult to get the ideal and perfect product with all the benefits and no limits. However, with the little more research and comparison you can get the best cover possible as per the medical history of your older parents. Some of the insurers offer plans exclusively designed for senior citizens. Here are few popular plans for the older age group people.

Plan

Entry Age (Min to Max) In years

Renewal Age

Sum assured (Min-Max)

Co-pay Clause

Cover for Pre-existing illness and day care procedures

Sublimit for critical illness

Star Health Red Carpet

60 - 75

lifelong

1 lakh-10 lakhs

50 percent for pre-existing diseases, 30 percent for all other claims

covered after 1st year

Yes

Bajaj Allianz Silver Health Plan

46 - 70

lifelong

50000- 5 lakhs

20 percent for non-network hospital treatments

covered after 1st year, Joint replacement surgery will have 4 year waiting period

No

National Insurance Varistha Mediclaim

60-80

90 years

1- 2 lakh

20 percent for pre-existing disease, 10 percent for all claims and can be reduced by paying more premium

covered after 1st year

Not required if policyholder was covered in any other health insurance for preceding 3 years

Life Insurance

Well, buying a life insurance in the older age will be expensive. It’s prudent to buy insurance at that age when you have financially dependent children or if you have unpaid debts. It also makes sense if you do not have a steady retirement income and you can be financially stable by insuring. Let’s explore some of the plans!

Plan

Entry Age (min-max)

Policy Term

Premium payment term

Sum Assured

Key Features

IDBIs Federal Termsurance Senior Citizen

50 - 85

Whole life

90 years

2338- 5 lakhs

Its a unique plan which comes at very much affordable price with no medicals and guaranteed acceptance. Policy can be continued till death as its unlimited term plan. There is no maturity benefit in this plan.

AEGON Religare iTerm Insurance Plan

18- 65 years

5 - 62 years

single/ equal to policy term

25 lakhs - unlimited

Coverage till the age of 80 years. Inbuilt terminal illness benefit. Offers several optional riders like critical illness and accidental death to enhance the cover

ICICI Iprotect Smart

18-65 years

5-40 years

equal to policy term

Subjected to minimum premium

Pure online term plan. Premium is relatively higher. But policy comes with many unique features like inbuilt accidental benefit and critical illness rider.

Conclusion

On a closing note, it’s never too late to get insured. Though there are various plans available in the market for different age groups, getting comprehensive plan would be difficult for older age people. Rate of insurance also various from insurer to insurer depending on health and other age related risk. Hence, make a careful and smart buying decision by choosing the best possible plan that comes in your budget for the worry-free life ahead.

Let us help you choose, talk to our experts!

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