Are you looking for a health insurance policy for your parents or elders that will safeguard their health and reduce the burden of medical expenses? If yes, then you are at the right place! As age increases, medical needs start increasing, and without insurance, hospital bills can be a burden on your pocket.
But don’t worry, today we have brought you the top 5 health insurance plans for senior citizens in India, which are affordable, reliable, and perfect for your needs. So, let’s understand these plans and see which one is best for you!
Why is health insurance important for senior citizens?
Ages above 60 years of age increase the risk of diabetes, hypertension, and other chronic diseases. A surgery in the hospital can cost up to Rs 4-5 lakh, which can be difficult for a middle-class family. Senior Citizens Health Insurance not only covers medical expenses but also offers features like tax benefits and cashless treatment.
Also, recently the government has extended the Ayushman Bharat Yojana (AB PM-JAY) for senior citizens above 70 years of age, which provides a free cover of up to Rs 5 lakh. But if you want private insurance, then the plans given below are for you.
Top 5 Health Insurance Plans for Senior Citizens
1. Ayushman Bharat PM-JAY
This flagship scheme of the government provides free health cover for all senior citizens above 70 years of age. It provides a cover of up to Rs 5 lakh, which is on a floater basis for the entire family. This scheme offers cashless hospitalization, pre-existing disease cover (from day one), and treatment in empanelled hospitals across the country. Recently, its reach has been further expanded in September 2024, which will benefit 6 crore senior citizens. If your budget is limited, then this is the best option.
2. New India Assurance Senior Citizen Mediclaim
This is a trusted public sector plan designed for people in the age group of 60-80 years. It offers sum insured up to 1-10 lakhs, which includes hospitalization, pre and post-hospitalization (30 and 60 days), and Ayurvedic/Homeopathic treatment. There is a waiting period of just 1 year for pre-existing diseases, which makes it unique. However, a 25% co-payment may apply.
3. Star Health Senior Citizens Red Carpet
This plan for age group of 60-75 years offers cashless hospitalization and sum insured up to 1-25 lakhs. No pre-medical screening required, which makes it easy. Pre-existing diseases are covered after 1 year. It also covers day-care procedures, ambulance charges, and tax benefits (Section 80D). A 30% co-payment may be applicable.
4. Care Health Insurance Senior Citizen Plan
This plan is for those above 60 years of age and offers a sum insured of Rs 5-50 lakh. There is no pre-policy medical checkup required and 20% co-payment is optional. It also covers COVID-19 treatment, day-care procedures, and AYUSH treatments. Its support of 10,000+ network hospitals makes it reliable.
5. Niva Bupa Senior First
This plan for those above 60 years of age offers comprehensive cover with unlimited reinstatements, day-1 health checkup, and no sub-limits on treatments like cataract. What makes it special is the cashless claim processing in 30 minutes across 10,000+ network hospitals. The waiting period for pre-existing diseases can be 2-4 years.
Comparison Table: Health Insurance for Senior Citizens
| Insurance Plans | Key Features |
|---|---|
| Ayushman Bharat PM-JAY | 5 Lakh cover, free, no age limit, pre-existing diseases covered from day one |
| New India Assurance | 1-10 Lakh sum insured, 1 year waiting period, Ayurveda cover, 25% co-payment |
| Star Health Red Carpet | 1-25 Lakh cover, no pre-medical checkup, 30% co-payment, tax benefits |
| Care Health Insurance | 5-50 Lakh cover, COVID-19 cover, 20% optional co-payment, 10,000+ network hospitals |
| Niva Bupa Senior First | Unlimited reinstatements, 30 minutes cashless claim, 2-4 years waiting period |
What to look for while choosing senior citizens insurance?
- Coverage: Check for hospitalization, pre/post-hospitalization, and critical illness cover.
- Waiting period: Choose a plan with a low waiting period for pre-existing diseases.
- Co-payment: Look for low co-payment or alternative co-payment options.
- Network hospitals: Check the availability of network hospitals in your city.
- Tax benefits: You can get up to Rs 50,000 as tax exemption under section 80D.
Why choose these plans?
All these plans are designed keeping in mind the specific needs of senior citizens. Ayushman Bharat is best for those who want free cover, while private plans like Niva Bupa and Care Health offer more coverage and flexibility. New India and Star Health are affordable and reliable.
Conclusion
It is your responsibility to protect the health of your elders. By choosing the right health insurance plan, you can not only cover their medical expenses but also get tax benefits. If you want free cover on a budget, choose Ayushman Bharat.
If you want a premium and more coverage, try New India, Star Health, Care, or Niva Bupa. Check out your nearest network hospitals today and prioritise your family’s health!
FAQs: Senior Citizens Health Insurance
Is free insurance available for seniors above 70 years of age?
Yes, Ayushman Bharat PM-JAY offers free cover up to Rs 5 lakh to all senior citizens above 70 years of age.
How long does it take to get pre-existing diseases covered?
Most plans have a waiting period of 1-4 years, but Ayushman Bharat offers coverage from day one.
Is pre-medical checkup mandatory for senior citizens?
Some plans (like Star Health and Care) do not require a checkup, but New India may require it for Rs 7.5-10 lakh cover.
What is co-payment?
Co-payment is the portion you have to pay towards the claim (eg. 20-30%). Some plans have the option to omit it.
Can I take private insurance along with Ayushman Bharat?
Yes, you can avail Ayushman Bharat along with private insurance.
