Medical Insurance Plans for People Aged Above 50

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You are retired, and all your responsibilities are over, which means you can now live and enjoy the golden years. Finally, you can relax and enjoy the peaceful retirement years. However, it is also the age when your health may deteriorate. So, if you do not have a health insurance plan, you may face financial distress if you require medical assistance.

Types of health plans in India

A health plan will safeguard your financial savings in case of any medical emergency. Insurers offer several types of health plans, which include policies specifically designed for seniors.

Generally, health insurance for senior citizens comes at a higher premium and has more restrictions. Comparatively, a young adult can avail of a health policy at a cost-effective premium, as the insurer considers him or her as a low-risk policyholder.

How is a senior citizens insurance plan a better option?

If you do not qualify for the usual individual health insurance plan, you can buy a health policy for seniors. This ensures that you can pay for the treatment in case of hospitalization without worrying about the finances.

Additionally, it gives you financial independence, as you do not have to depend on your children to take care of you in case of an ailment.

The minimum entry age for such a plan is 55, while the maximum age to buy the policy is 80.

Features of senior citizens health plans

Various insurers offer different types of medical insurance policies for senior citizens. You must compare these plans before making your decision. Some features included in a senior citizen plan include:

  • Lifetime renewability
  • Shorter waiting period for pre-existing conditions
  • Coverage for pre- and post-hospitalization expenses
  • Large numbers of daycare procedures
  • Cashless treatments within network hospitals
  • Domiciliary hospitalization, if required
  • 100% reload of the sum insured (SI)
  • Comprehensive annual health check-up
  • Accumulated No-Claim Bonus (NCB)
  • Personal health coach to manage chronic conditions like diabetes, asthma, hyperlipidemia, and high blood pressure
  • ‘Health returns’ points for an active lifestyle

When choosing health insurance for parents, you need to:

  • Understand the current lifestyle and health conditions to determine the type of coverage required
  • Go through the limits and sub-limits, inclusions and exclusions, and pre-policy medical check-up
  • Evaluate and analyze the co-payment clause
  • Ensure the hospital network is wide with some facilities in close vicinity to your residence
  • Check the waiting period for pre-existing conditions

A mediclaim is important for every individual irrespective of age, as it provides financial protection against an unexpected medical emergency. As you grow older, your health may be affected. So, it is essential to have health coverage to ensure that your financial situation is not impacted due to a sudden hospitalization.