Factors to Consider Before Buying Senior Citizen Health Insurance

8 min read Posted on 30 Aug 2024

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Aging is a devious and inevitable process, no one likes to watch their elders grow old. A family is incomplete without elders. Therefore, it is our primary responsibility to protect the health of our elders and we can do so by buying a senior citizen health insurance plan for them.

As we know, many health insurance companies are providing different health insurance plans for senior citizens. Hence, choosing the best senior citizen health plan can be very difficult and cumbersome. In this article, D2C Insurance Broking Private Limited ("RenewBuy") helps you with the factors you should consider while buying a senior citizen health insurance plan.

Factors to Consider Before Buying Senior Citizen Health Insurance Plan

Every health insurance company offers various senior citizen health insurance plan and every plan has different coverage benefits and key features. Hence, comparing different health insurance plans is important before buying one.

To make it easier for you, "RenewBuy" has made a list of factors that you should consider before buying a senior citizen health plan:

Waiting Period

The waiting period in health insurance is one of the most important factors that we should consider while buying a senior citizen health plan. Each health insurance has its terms and conditions for the waiting period. Simply put, the waiting period varies from plan to plan and insurer to insurer. Generally, the waiting period lasts from 2 to 4 years. But, we suggest you always consider the senior citizen plan with the least waiting period duration.

Coverage for Pre-Existing Diseases

Pre-existing diseases are the medical conditions a person suffers before purchasing a health plan. In the case of a senior citizen, the chances of suffering from pre-existing diseases are higher compared to a younger person. Hence, we recommend you always go through the list of pre-existing diseases covered under senior citizen health insurance plans.

Network Hospitals

Every health insurance company has a wide range of hospitals in its network. The health insurance company is linked to every network hospital where the policyholder can avail of cashless treatment. One of the most important benefits of this factor is that you do not have to worry about arranging money for treatment in case of an emergency. Another benefit is that no documentation is needed, such as submitting hospital bills or getting the bills stamped. Hence, you should always check the list of network hospitals of the insurer.

Ancillary Service

Hospitalization is not the only option in case of a medical emergency. To ensure that the problem is properly treated, it is important to identify its root cause. At this point, ancillary services such as ambulatory care or diagnostic testing facilities such as X-rays, blood tests, ultrasound, etc. enter the scene. The cost of these services can put a serious dent in your finances. Look for a health plan, especially for senior citizens, that pays for these additional expenses as well.

Co-Payment Cause

The co-pay clause in senior health insurance varies from insurer to insurer. In the co-payment clause, you have to pay some percentage of the total bill amount yourself after taking medical treatment. Hence, we suggest you always choose a health insurance plan with little or no co-pay clause.

Cumulative Bonus

Policyholders can get a reward called Cumulative Bonus for each claim-free year. This benefit is provided in the form of a higher sum insured at the same premium amount. In this situation, each health insurance has a different percentage to increase the sum insured amount. Before buying a senior citizen health insurance policy for your parents, check out the cumulative bonus terms offered by various health insurance companies on their plans. It will help you to buy the best health insurance policy for your parents.

Best Senior Citizen Health Insurance Plans

Finding the best senior citizen health plan can be a daunting task as many health insurance companies offer various health insurance plans for senior citizens. To make this task easier for you, RenewBuy has compiled a list of "Best Senior Citizen Health Insurance Plans in India". In the table below you will find the best health insurance plans for your parents along with their coverage benefits and eligibility criteria.

Senior Citizen Health Insurance

Senior Citizen Health Insurance Plans	Plan Coverage Benefits	Eligibility Criteria
Niva Bupa Senior first Plan	Daycare Treatment AYUSH Treatment Organ Donor	Sum Insured: 5 Lakhs to 25 Lakhs Entry Age: 61 years to 75 Years
Care Health Senior Plan	No pre-policy medical checkups Ambulance expenses Domiciliary expenses	Sum Insured: 3 Lakhs to 10 Lakhs Entry Age: 61 years to Lifelong
Aditya Birla Activ Care Plan	Daycare expenses Ambulance expenses Health check-up	Sum Insured: 3 Lakhs to 10 Lakhs Entry Age: 61 years to Lifelong
TATA AIG MediSenior	140 Daycare Treatments Pre and post hospitalization Organ Donor Expense	Sum Insured: 2 Lakhs to 5 Lakhs Entry Age: 61 years to Lifelong
Star Health Senior Citizen Red Carpet	Daily Hospital Cash All Daycare Expenses Emergency Air Ambulance Domiciliary hospitalization	Sum Insured: 1 Lakh to 25 Lakhs Entry Age: 60 years to 75 years

*Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different health and general insurance companies.

Senior Citizen Health Insurance Buying Process

You can buy your health insurance for a senior citizen from the official website of the health insurance company and from "RenewBuy.com". We have mentioned both the buying process of the senior citizen health insurance plans:

Buy from the official website of the insurance company

Visit the insurance company's official website and click on the "Health Insurance" tab.
Then, click on the "senior citizen health insurance" tab.
Select the desired plan.
Fill in all the required information.
Click on the "Buy Now" button.
Make payment.
The health insurance company will send the policy documents to your email address.

Buy from "RenewBuy.com"

Visit the official website of RenewBuy.
Click on the "Health Insurance" tab.
Then, click on the "Senior Citizen Health Insurance" tab.
Fill out the form that shows on the next page.
Compare health plans and select your desired plan.
Click on the "Buy Now" button
A pop-up will show you the plan details and the additional riders information.
Click on the "Proceed to Buy" button.
Make online payment and the policy documents will be sent to your registered email address.

Conclusion

It is advisable to speak to an experienced financial/insurance advisor like POSP from RenewBuy to buy a senior citizen health insurance policy that best suits your specific needs, requirements, and budget. Everyone wants to live their senior years in peace and joy and having a good health insurance plan can help make these years joyful, healthy, and stress-free. Use the above-mentioned tips to compare different policies and choose the best one while buying health insurance for senior citizens. Always compare the various senior citizen health insurance policies offered by different insurers online.

Disclaimer: The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your health insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.