You’ve crossed 60, an apt age for spending a care-free life with absolutely no concerns. However, it is also an alarming age that calls for more attention in terms of health. Undoubtedly, as you age, your body naturally draws more ailments and contraction of illnesses. Hence it is necessary to have an adequate health insurance plan that would take care of your medical expenses in those ‘golden years.’

Is a Senior citizen Health Insurance cover necessary in India?

With advancements in medical industry, the average life expectancy rate has increased to over 70 years. On the other hand, the retirement age remains the same, 60 years. Therefore, as one age more and more, there is less financial backup available to take care of the day-to-day medical expenses. On top of this, medical costs are rising beyond boundaries. So even if one member from a family falls ill, the entire monthly budget goes for a toss. If one has a health insurance, these costs are taken care of. Here’s a review of some of the best health insurance plans for senior citizens.

Apollo Munich insurance – Optima Senior

• Both husband and wife can be covered under this policy on an individual sum insured basis and can avail discount on the premium
• 140 day-care procedure covered, doesn’t necessarily require 24 hours hospitalization
• Pre-screening medical tests are mandatory. 50% of these expenses would be reimbursed by the company
• Sum assured is Rs 1 lakh to Rs 5 lakh
• Any pre-existing diseases would be covered after three years
• In case there’s no claim raised, you can avail a discount of 5% on subsequent premiums and 30% co-payment applicable on specified illness

Star Health insurance – Star Senior Citizen Red carpet plan

• In-house quick settlement policy
• For the ones with no medical history, medical test isn’t mandatory
• Coverage available on expenses such as in-patient hospitalization that includes room rent, ICU, nursing and other boarding costs
• Renewals up to – Lifelong
• Pre-existing illness coverage available from the first year
• Co-payment clause includes 30% for other than claims for pre-existing diseases and 50% for pre-existing diseases

Bajaj Alliance health insurance – Silver plan

• Reimbursement of costs attached to any pre-medical tests
• 10% Cumulative bonus for every claim free policy year
• Pre-existing diseases covered after 1 year waiting period. Post 1 year, the company pays 50% of the claim amount on these diseases
• Coverage of up to 130 day-care procedures
• Sum assured starts from Rs 50000 to Rs 5 lakhs
• If the policy holder is hospitalized in a non-network hospital, 20% co-payment is applicable

National Insurance – Varishta Healthcare plan

• Coverage for Hospitalization expenses that includes Room charges, specialist fees, ICU charges, Anesthetist, etc. for a minimum stay of 24 hours in the hospital
• A premium discount of 5% for each claim free year till it reaches 50% or there’s an option of selecting cumulative bonus
• Fixed sum assured of Rs 1lakh for mediclaim and Rs 2lakh for critical illness
• Emergency ambulance charges also covered under this policy

Apart from the listed policy benefits, senior citizen health insurance plans offer tax benefits under section 80 D up to Rs 30000. This tax benefit can be availed by any individual paying health insurance premium for their parents/senior citizens. If you are looking for the best plan for your parents, do not just for low premium policies, consider factors beyond it and get the best health pal within your budget.