HEALTH INSURANCE PLANS FOR SENIORS
No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
- Brad Henry
- Brad Henry
HEALTH INSURANCE PLANS FOR SENIORS
We have moved the links and synopsis of various articles that are useful to senior citizens to a new page for SENIOR CITIZENS .
Following links / synopsis have also be moved :
1. " Nursing Home Abuses "
2.. How Many Seniors Have Student Loan Debt and Where Can They Find Help?
3. Student Loan Refinance Calculator
4. RETIREE GUIDE
5. SENIOR CITIZENS BENEFITS IN USA
6. REVERSE MORTGAGE SCAMS
Following links / synopsis have also be moved :
1. " Nursing Home Abuses "
2.. How Many Seniors Have Student Loan Debt and Where Can They Find Help?
3. Student Loan Refinance Calculator
4. RETIREE GUIDE
5. SENIOR CITIZENS BENEFITS IN USA
6. REVERSE MORTGAGE SCAMS
NEED FOR HEALTH INSURANCE PLANS FOR SENIORS
Media had earlier reported that India is ranked 145th among 195 countries studied by an international organisation for healthcare and access . Hence many of the citizens would not have taken any health insurance during their prime days . Some would have been covered by their employers , if they were employed in organised sectors like Governments , banks , Insurance companies or large corporate . For even such people , normally employers take insurance cover till the employees retire . In some cases the facility may be extended to cover the old age . But for the rest , they have to make arrangements for themselves
When a senior citizen who is retired or about to retire searches for a health insurance plan , he would find premiums as expensive compared to the premium he would have paid at an younger age . Many insurance companies do not offer plans for very senior citizens and maximum entry age may be restricted . Even the insurance may not cover their entire life cycle . As burden of medical expenses increase over the period , income would have come down .
However we observe that access of healthcare has improved in India in last 15 years with improved medical facility and many states offering free healthcare or health insurance to the poorer sections at affordable prices . Case in point is Yashaswani in Karnataka . Other major endaevour is National Health Protection Plan ( NHPP ) announced by our Prime Minister and the plan provided insurance up to Rs 5 lakhs for rural and urban poor . But such government plans exclude most of the middle class , who have to fend for themselves .
We have improved our medical facilities in many urban centers and such facilities are attracting many overseas patients on account of affordability compared with their own countries . But sadly such facilities are still not affordable to many Indians of middle class and poorer section . Unless one has sufficient insurance , one may not afford the medical facility they need .
In these circumstances , many seniors are looking for affordable health insurance . We searched the web and found the plans which may be useful to seniors . We have listed some salient features of the plans for comparison and readers are requested to go to the websites of the insurers ( link given ) to find all the terms and condition before taking up any policy . We found some plans with no entry age restrictions which are available for renewal lifelong . There are others with restrictions both for entry age as well as for renewal .
DO YOU KNOW THE TAX BENEFITS FOR HEALTH INSURANCE UNDER SECTION 80D ?
Deduction allowed on Health insurance Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 onward . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
Deduction allowed on Health insurance Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 onward . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
SELECT POLICIES ARE LISTED BELOW : We have listed few insurances policies for illustration purposes . The terms & conditions and premiums are subject to change . You may check up with the websites of health insurance companies for their lastest offerings and the premium quoted by them .
WITH NO AGE LIMIT FOR TAKING UP THE POLICY
Insurance company / plan |
Maximum entry age |
Maximum exit age |
Insurance amount range ( Rs in Lakhs ) |
Premium Range |
Pre Medical test |
Waiting Period pre existing (months ) |
CO -PAY |
No of persons covered |
Special conditions |
Value |
Value |
Value |
Value |
Value |
Value |
- |
|||
Care Senior Citizen |
No limit |
Lifelong |
5 to 10 |
You can calculate on the website |
Not Required |
48 |
20% / 30 % |
Self / floater |
Free Annual Medical Checkup |
HDFC Ergo Suraksha |
No Limit |
Lifelong |
2 to 50 |
10,776 to 1,76,670 |
Required |
up to 48 |
10 % to 20 % |
Self / floater |
- |
ICICI Lombard |
No Limit |
Lifelong |
15 to 50 |
1,28,946 to 308,256 |
Required |
24 |
Not specified |
Floater |
- |
No Limit |
Lifelong |
2 to 150 |
Check with the company |
Required |
48 |
Not specified |
Self |
- |
|
Future Generali |
No Limit |
Lifelong |
3 to 100 |
Check on the website |
Required |
24 |
up to 40 % |
- |
To go to the individual Insurance companies listed above , click on the name of the insurance company / plan below
1. CareSenior Citizen
2.HDFC Ergo Suraksha
3.ICICI Lombard
4.Royal Sundaram
5.Future Generali
1. CareSenior Citizen
2.HDFC Ergo Suraksha
3.ICICI Lombard
4.Royal Sundaram
5.Future Generali
BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
PLAN N PROGRESS
compares GROUP HEALTH INSURANCE OFFERED BY UIIC AGAINST OTHER PLANS AVAILABLE IN THE MARKET
To read the article CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
PLAN N PROGRESS
compares GROUP HEALTH INSURANCE OFFERED BY UIIC AGAINST OTHER PLANS AVAILABLE IN THE MARKET
To read the article CLICK HERE
WITH AGE LIMIT FOR TAKING UP THE POLICY
Insurance company / plan |
Maximum entry age |
Maximum exit age |
Insurance amount range ( Rs in Lakhs ) |
Premium Range |
Pre Medical test |
Waiting Period pre existing (months ) |
CO -PAY |
No of personcovered |
Special conditions |
Star Health Senior Citizen |
75 |
Lifelong |
1 TO 7.5 ( Individual ) 25 ( Floater ) |
Rs 4,450 to Rs 61,175 |
No |
12 |
30 % / 50 % for pre-existing |
Self / Floater |
- |
New India Senior Citizen |
80 |
90 |
1 to 1.5 |
Rs 4,043 to Rs 9,639 |
Required |
18 |
Not Mentioned |
Self |
- |
IOB Easy Health |
69 |
Lifelong |
3 to 10 |
Rs 3,570 to 17,643 for individual |
No |
36 |
Not Mentioned |
self / floater |
For IOB Customers only |
LIC's Jeevan Arogya Rakshak |
65 |
80 |
1 to 4 |
Check with LIC |
NA |
No claim allowed |
Nil |
Self + family |
Fixed payment per day / per surgery . special conditiona apply |
Bajaj Allianz Silver Health |
70 |
Lifelong |
0.5 to 5 |
Rs 1,995 to Rs 36,298 |
Required |
12 |
20%/ 50% pre-existing |
self |
- |
Oriental Medicliam |
65 ( up to 70 with conditions ) |
Lifelong |
1 to 10 |
Rs 6,063 to Rs 74,483 |
Required |
48 |
Not specified |
Self |
- |
The premium quoted is general . You may check up with the insurance companies for actual premium demanded from you .
To go to the individual Insurance companies listed above and to get present premium / status of the policies offered , click on the name of the insurance company / plan below :
1. Star Health Senior Citizen
2.New India Senior Citizen
3.IOB Easy Health
4.LIC'S Jeevan Arogya Rakshak
5.Bajaj Allianz Silver Health
6.Oriental Mediclaim
To go to the individual Insurance companies listed above and to get present premium / status of the policies offered , click on the name of the insurance company / plan below :
1. Star Health Senior Citizen
2.New India Senior Citizen
3.IOB Easy Health
4.LIC'S Jeevan Arogya Rakshak
5.Bajaj Allianz Silver Health
6.Oriental Mediclaim
TITBITS : From a recent report of Sample Survey Office , it is revealed that 80 percent of Indians , who mainly rely up on private health care , do not have any medical insurance . The government has brought only about 12 % of population under health protection schemes like Rashtriya Swasthya Bima Yojana . In the absence of health insurance , 75 % of Indians use their hard earned savings while 18% have to borrow . In order to escape from financial gloom in the events of medical emergencies , one has to definitely require some form of Health insurance .
HEALTH INSURANCE - Basics
A Health Insurance Policy would normally cover expenses incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured
a. Room, Boarding expenses
b. Nursing expenses
c. Fees of surgeon, anesthetist, physician, consultants, specialists
d. Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of pace maker, Artificial limbs, cost or organs and similar expenses.
Sum Insured
The Sum Insured may have a maximum amount for each of the insured under the policy or cumulative for all the insured or a fixed amount to be paid out on particular type of disease or surgery needed or affixed amount per day for the period of hospitalization.
Pre and post hospitalization expenses
Expenses incurred during a certain number of days prior to hospitalization and post hospitalization expenses for a specified period from the date of discharge may be considered as part of the claim provided the expenses relate to the disease / sickness.
Cashless Facility
Insurance companies have tie-up arrangements with a network of hospitals in the country. If policyholder takes treatment in any of the net work hospitals, there is no need for the insured person to pay hospital bills. The Insurance Company, through its Third Party Administrator (TPA) will arrange direct payment to the Hospital. Expenses beyond sub limits prescribed by the policy or items not covered under the policy have to be settled by the insured direct to the Hospital. The insured can take treatment in a non-listed hospital in which case he has to pay the bills first and then seek reimbursement from Insurance Co. There will be no cashless facility applicable here.
A Health Insurance Policy would normally cover expenses incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured
a. Room, Boarding expenses
b. Nursing expenses
c. Fees of surgeon, anesthetist, physician, consultants, specialists
d. Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of pace maker, Artificial limbs, cost or organs and similar expenses.
Sum Insured
The Sum Insured may have a maximum amount for each of the insured under the policy or cumulative for all the insured or a fixed amount to be paid out on particular type of disease or surgery needed or affixed amount per day for the period of hospitalization.
Pre and post hospitalization expenses
Expenses incurred during a certain number of days prior to hospitalization and post hospitalization expenses for a specified period from the date of discharge may be considered as part of the claim provided the expenses relate to the disease / sickness.
Cashless Facility
Insurance companies have tie-up arrangements with a network of hospitals in the country. If policyholder takes treatment in any of the net work hospitals, there is no need for the insured person to pay hospital bills. The Insurance Company, through its Third Party Administrator (TPA) will arrange direct payment to the Hospital. Expenses beyond sub limits prescribed by the policy or items not covered under the policy have to be settled by the insured direct to the Hospital. The insured can take treatment in a non-listed hospital in which case he has to pay the bills first and then seek reimbursement from Insurance Co. There will be no cashless facility applicable here.
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
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UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
Additional Benefits and other Riders
Insurance companies offer various other benefits like “ Health Checkup “. There are also policies that give benefits like “Hospital Cash”, “Critical Illness Benefits”, “Surgical Expense Benefits” etc. These policies can either be taken separately or in addition to the hospitalization policy. A few companies have come out with products in the nature of Top Up policies to meet the actual expenses over and above the limit available in the basic health policy.
Exclusions
The following are generally excluded under health policies:
a. All pre-existing diseases or with waiting period typically from 12 to 48 months .
b. Under first year policy, any claim during the first 30 days from date of cover, for sickness / disease. This is not applicable for accidental injury claims.
c. During first year of cover – cataract, Benign prostatic hypertrophy, Hysterectomy for Menorrhagia or Fibromyoma, Hernia, Hydrocele, Congenital Internal diseases, Fistula in anus, piles, sinusitis and related disorders.
d. Circumcision unless for treatment of a disease
e. Cost of specs, contact lenses, hearing aids
f. Dental treatment / surgery unless requiring hospitalization
g. Convalescence, general debility, congenital external defects, V.D., intentional self-injury, use of intoxicating drugs / alcohol, AIDS, Expenses for Diagnosis, X-ray or lab tests not consistent with the disease requiring hospitalization.
h. Treatment relating to pregnancy or child birth including cesarean section
i. Naturopathy treatment.
The actual exclusions may vary
FLOATER POLICIES
Family Floater is one single policy that takes care of the hospitalization expenses of entire family. The policy has one single sum insured, which can be utilised by any/all insured persons in any proportion or amount subject to maximum of overall limit of the policy sum insured. Quite. Family floater plans are better than buying separate individual policies all
Insurance companies offer various other benefits like “ Health Checkup “. There are also policies that give benefits like “Hospital Cash”, “Critical Illness Benefits”, “Surgical Expense Benefits” etc. These policies can either be taken separately or in addition to the hospitalization policy. A few companies have come out with products in the nature of Top Up policies to meet the actual expenses over and above the limit available in the basic health policy.
Exclusions
The following are generally excluded under health policies:
a. All pre-existing diseases or with waiting period typically from 12 to 48 months .
b. Under first year policy, any claim during the first 30 days from date of cover, for sickness / disease. This is not applicable for accidental injury claims.
c. During first year of cover – cataract, Benign prostatic hypertrophy, Hysterectomy for Menorrhagia or Fibromyoma, Hernia, Hydrocele, Congenital Internal diseases, Fistula in anus, piles, sinusitis and related disorders.
d. Circumcision unless for treatment of a disease
e. Cost of specs, contact lenses, hearing aids
f. Dental treatment / surgery unless requiring hospitalization
g. Convalescence, general debility, congenital external defects, V.D., intentional self-injury, use of intoxicating drugs / alcohol, AIDS, Expenses for Diagnosis, X-ray or lab tests not consistent with the disease requiring hospitalization.
h. Treatment relating to pregnancy or child birth including cesarean section
i. Naturopathy treatment.
The actual exclusions may vary
FLOATER POLICIES
Family Floater is one single policy that takes care of the hospitalization expenses of entire family. The policy has one single sum insured, which can be utilised by any/all insured persons in any proportion or amount subject to maximum of overall limit of the policy sum insured. Quite. Family floater plans are better than buying separate individual policies all
ISSUERS OF HEALTH INSURANCE POLICIES
Health Insurance policies are issued by specialised Health Insurance companies , Life Insurors as well as General Insurors .
To get the list and visit their websites , Click Here
TIPS FOR BUYING HEALTH INSURANCE FOR SENIOR CITIZENS
1. Various Insurance companies offer health Insurance Policies . But the terms , diseases covered and premiums vary . Hence first write down your needs and Medical history of your spouse / children to be covered , and the amount of coverage you may require . Please remember the medical costs are increasing year after year and what looks like suffice today may not cover fraction of your requirement after 5 years . Hence keep cushion while having the amount fixed .
2. You check the hospitals in your city , especially which are convenient to you , are covered under cashless facility by TPA .
3. Compare the premiums from three or four insurance companies for the least and you can find huge variation from company to company and chose the one which suits your budget and requirements .
4. Floaters policies covering all the members of your family are cheaper than taking individual policies and hence get a policy which can cover your family members .
5. Check whether premiums are kept at the same level as offered for at least for few years . Otherwise every year you will have to pay higher demanded premiums .
6. Check up to what your age the policy will cover . There are policies which cover till lifelong . Otherwise at the ripe age when you require insurance , umbrella of insurance would be removed .
7. Check towards the conditions on pre -existing diseases . Lesser period will be better .
8. Even if pre-existing conditions are covered after a lapse of waiting period , some insurance company will charge as much as
50 % after the waiting period is lifted . Hence check
9. If you have already covered by a health insurance policy taken by yourself or your employer or any of your family members and if you feel the amount covered is not sufficient , you may go in for a Top up Health Insurance or Super top up health insurance which will cover you beyond the amount covered by your initial policy .
10. Health Insurance policies get income tax rebates under SEC 80D . For details , CLICK HERE
PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST WITH ANY OF THE INSURANCE COMPANIES
Health Insurance policies are issued by specialised Health Insurance companies , Life Insurors as well as General Insurors .
To get the list and visit their websites , Click Here
TIPS FOR BUYING HEALTH INSURANCE FOR SENIOR CITIZENS
1. Various Insurance companies offer health Insurance Policies . But the terms , diseases covered and premiums vary . Hence first write down your needs and Medical history of your spouse / children to be covered , and the amount of coverage you may require . Please remember the medical costs are increasing year after year and what looks like suffice today may not cover fraction of your requirement after 5 years . Hence keep cushion while having the amount fixed .
2. You check the hospitals in your city , especially which are convenient to you , are covered under cashless facility by TPA .
3. Compare the premiums from three or four insurance companies for the least and you can find huge variation from company to company and chose the one which suits your budget and requirements .
4. Floaters policies covering all the members of your family are cheaper than taking individual policies and hence get a policy which can cover your family members .
5. Check whether premiums are kept at the same level as offered for at least for few years . Otherwise every year you will have to pay higher demanded premiums .
6. Check up to what your age the policy will cover . There are policies which cover till lifelong . Otherwise at the ripe age when you require insurance , umbrella of insurance would be removed .
7. Check towards the conditions on pre -existing diseases . Lesser period will be better .
8. Even if pre-existing conditions are covered after a lapse of waiting period , some insurance company will charge as much as
50 % after the waiting period is lifted . Hence check
9. If you have already covered by a health insurance policy taken by yourself or your employer or any of your family members and if you feel the amount covered is not sufficient , you may go in for a Top up Health Insurance or Super top up health insurance which will cover you beyond the amount covered by your initial policy .
10. Health Insurance policies get income tax rebates under SEC 80D . For details , CLICK HERE
PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST WITH ANY OF THE INSURANCE COMPANIES
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