Best Health Insurance For Senior Citizens

With age comes a greater likelihood of health challenges, and we understand the emotional and financial toll sudden hospitalisations can take on both you and your loved ones. That's where senior citizen mediclaim policies step in, offering invaluable support to ease the burden.

Combat Rising Healthcare Costs

It's no secret that healthcare expenses are on the rise, and this can be a cause for concern, especially for seniors. Medical insurance for senior citizens is not just an option; it's a necessity to ensure you have access to the best healthcare services without worrying about the costs.

Prioritise Preventive Health Check-ups

Many senior citizen insurance plans include preventive check-ups, which can be instrumental in identifying potential health concerns. Furthermore, the outcomes of these check-ups can influence the premium of your insurance.

Experience Peace of Mind

Dealing with medical bills can be a stressful experience, particularly when faced with the escalating costs of both minor and major illnesses. A robust and best health insurance plan provides you with peace of mind, knowing that your financial well-being is protected during challenging times.

Cost Sharing Options

Two major cost sharing options of the policy are listed below:

1. Co-payment

Once you've made your choice regarding co-payment, it remains fixed and cannot be altered. Co-payment represents the percentage of the eligible claim amount for which you are responsible, with the remainder being covered by us.

(NOTE:

• Co-payment will not apply to ambulance and health check-up benefits.
• You will have to bear an additional 10% co-payment if the treatment is taken in a more advanced room category than the eligible room category as specified in Your Policy Schedule.)

2. Annual Aggregate Deductible (optional benefit)

This is an annual amount you will need to cover for hospital admissions, which is not payable by the insurer. Once this limit is exceeded, the balance amount and the claims thereafter would be payable for that year. You should be aware that this choice is permanent and cannot be modified.

(Additional Information:

• The deductible amount you bear must also adhere to the policy's terms and conditions.
• Deductibles will not be applicable to Health Check-up benefits.
• If you choose a deductible, co-payment will not be applicable, except as specified for admissions to higher room categories than the eligible ones.)

Consider going through the insurance policy document for a detailed list of exclusions. Following are the general stipulations that should be noted in a senior citizen health insurance plan.

Standard Exclusions

• Pre-existing Diseases 
• Obesity/ Weight Control
• Change-of-Gender treatments
• Cosmetic or plastic Surgery
• Sterility and Infertility
• Maternity Expenses

(Please refer to the complete terms and conditions for detailed list of exclusions)

Specific Exclusions

• Personal Waiting Period
• Unspecified Hospital Charges
• Conflict & Disaster
• External Congenital Anomaly
• Dental/Oral Treatment
• Multifocal Lenses and Ambulatory Devices
• Sexually Transmitted Infections & Diseases (except HIV/AIDS)
• Sleep Disorders
• Treatment Outside India
• Outpatient Treatment Expenses
• Unrecognised Physicians or Hospitals
• Self-Inflicted Injury or Suicide
• Artificial Life Maintenance

(Please refer to the complete terms and conditions for detailed list of exclusions)

Consider these tips when buying one of the best health insurance for senior citizens:

Cashless Hospitals

• Ensure the insurance company has a broad network of hospitals for cashless hospitalisation.
• Verify if good local hospitals are included in the network.

Pre-existing Diseases Waiting Period

• Choose a senior citizen health insurance plan with a minimal waiting period for pre-existing conditions.
• Older individuals often have such conditions, and quick coverage is crucial.

Domiciliary Hospitalisation

• Look for plans that cover domiciliary hospitalisation.
• This covers home treatment expenses when recommended by a qualified doctor, especially when hospitalisation is not feasible.

Sum Insured

• Opt for a plan with a higher sum insured.
• Senior citizens are at increased risk of illnesses, so a generous coverage amount is advisable.

Maximum Entry Age

• Select a plan with the highest allowable entry age.
• Ensure it offers coverage for an extended period to address long-term health needs.

The claim process for health insurance policies is quite simple. First, the insured must inform the health insurance company about the hospitalisation or other claims per the health plan. Then, they can decide to get the claim settled in either of the following ways:

• Reimbursement Claim Settlement
• Cashless Claim Settlement

Provision for Penal Interest

• We will either settle or reject a claim within 30 days of receiving the final necessary document.
• If a claim payment is delayed, we will be responsible for paying interest to you. This interest will be calculated from the date of receiving the last necessary document to the date of claim payment at a rate of 2% above the current bank rate.
• In cases where we deem an investigation, we will promptly initiate and complete it, ensuring it concludes within 30 days of receiving the last necessary document. In such instances, we will settle or reject the claim within 45 days of the document receipt date.
• If we exceed the stipulated 45-day timeframe, we will be liable to pay interest to you at a rate of 2% above the current bank rate.

(NOTE: "Bank rate" refers to the rate established by the Reserve Bank of India (RBI) at the start of the financial year in which the claim becomes due.)

By acquiring health insurance for senior citizens, the insured can claim a tax benefit of up to ₹50,000 (for above 60 years) under section 80D of the Income Tax Act, 1961. Moreover, if your children or spouse below 60 years are bearing this premium on your behalf, they can benefit from this deduction on their income tax liability.

We offer a streamlined and customer-friendly claims process. Packed with multiple benefits and affordable pricing, Niva Bupa's Senior Citizen Family Floater Plan encompasses coverage for a wide range of health-related matters, including those associated with age.

Buy the best health insurance for senior citizens in India today.