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.
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.
Entry Age (Min to Max) In years
Sum assured (Min-Max)
Cover for Pre-existing illness and day care procedures
Sublimit for critical illness
Star Health Red Carpet
60 - 75
1 lakh-10 lakhs
50 percent for pre-existing diseases, 30 percent for all other claims
covered after 1st year
Bajaj Allianz Silver Health Plan
46 - 70
50000- 5 lakhs
20 percent for non-network hospital treatments
covered after 1st year, Joint replacement surgery will have 4 year waiting period
National Insurance Varistha Mediclaim
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
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!
Entry Age (min-max)
Premium payment term
IDBIs Federal Termsurance Senior Citizen
50 - 85
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
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.
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.