What are some affordable health insurance for senior citizens in 2023? 

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With older people at home, their risk of having diseases increases. Know about some of the affordable health insurance for senior citizens in 2023.

Growing old is a part of life, and none of us can’t get past it. Having older people and seniors at home makes us feel secure. Though aging can be beautiful, it is also important to take care of their health.

One of the best ways to do that is to look for affordable health insurance for senior citizens. A health insurance policy for older people will pay for all the medical bills, hospital visits, check-ups, etc. Sometimes, finance can be a hurdle while getting good medical care. As the expenses of treatments and medicines are very high, it is easy to avail of insurance that covers all health bills.

But now you might have a question. “What are some affordable health insurance for senior citizens”? Let’s find that out in today’s blog. This article will help you navigate through affordable health insurance for senior citizens, the average cost of medical insurance and its advantages.

What is medical insurance for senior people?

Well, just like any insurance, medical insurance for older people covers all the medical costs. This includes the cost of hospitalization, treatments, periodic check-ups, etc. As growing old makes you wiser, you are also prone to have maximum ailments.

These ailments come your way frequently and affect your finances. To prevent that, you need to have a healthcare insurance policy covering all your medical bills.

Medical insurance for senior citizens is made for those who are more than 60 years old. Compared to younger people, the health insurance cost for senior citizens will be much higher. Considering that medical expenses have significantly increased over the years, getting decent healthcare services is difficult.

With older people at home, finding affordable medical insurance can also be difficult. But with the right know-how and extensive research on different insurance policies, you can settle with the best.

As a health ailment is unfortunate, it becomes more prevalent in the older generation. It is important to know about the health insurance policy before applying for it. Here are some features and advantages of senior citizen health insurance:

1. Covering your medical costs:

As said before, we all have seen a spike in medical costs all across the globe. Paying all that money from your own pocket might put you in distress. In such scenarios, healthcare insurance will cover all your medical bills, including hospitalization, daycare, ambulance charges, etc.

2. High renewability:

While some policy providers might not provide you with a lifetime renewability option, most of them give you a chance for lifelong renewal.

3. Post-hospitalization bills:

After you are released from the hospital, the medical insurance company will also pay for the expenses post your hospitalization.

4. Funded home treatments:

No matter what fancy hospital you are in, the luxury of having home treatment is on the next level. The love and care of your near and dear ones also give you peace of mind. This makes the whole healing process even faster. The best and most affordable health insurance for senior citizens will provide you with this facility.

5. Financial stability:

After growing old, you might have to dry up your savings to pay all the medical bills. Sometimes, you must depend on your pension money to cover all these expenses. While it could meet small expenses, it’s better to have insurance for these expenses.

6. Discounts:

Sometimes health insurance costs for senior citizens can be very high. In that case, a discount will help you reduce the price to an extent. Several policies give you renewal discounts and discounts on the premium. This will lower your overall insurance cost.

7. Tax benefits:

Under Section 80D of the Income Tax Act, 1961, you can avail of tax benefits on the insurance policy. If you hold medical insurance for older people in your family, you can get a rebate of up to INR 50,000. In addition to that, if the older person suffers from a serious health condition, you can ask for a rebate of about INR 1,00,000.

If the senior citizen is still earning, Section 80D gives you an extra rebate of INR 25,000 on the mediclaim policy. For preventive health check-ups, you can also avail yourself of an extra INR 5,000 annually.

Also Read: What are the best affordable health insurance plans for 2023?

What are some of the affordable health insurance for senior citizens?

Now that we know what a senior citizen health insurance policy is and why you should have it, here are some of the best and most affordable health insurance for senior citizens.

1. Aditya Birla Active Care Plan:

This is one of the best healthcare insurance policies in the market. You can get a free annual health check-up on renewing your existing policy. The company ensures 10% of the sum for every claim-free year as a no-claim bonus which can go up to 50% max.

It will also cover home treatment expenses and provide you with a decent nurse. It will protect your pre-hospitalization cost for 30 days and post-hospitalization expenses for 60 days.

It comes with three plans- standard, classic, and premier that meet the 586-day care procedure. The hospital network is more than 6000. The waiting period is about 2 years, with a 70.81% claim settlement ratio. The assured sum amount on the insurance policy ranges from INR 3lakhs to 25lakhs.

2. Star Health Senior Citizens Red Carpet Insurance Policy:

Star health insurance plans for senior citizens are also a good option to look for. The minimum entry age is about 60 years, and the maximum goes up to 75. There are 12,000 cashless hospitals that you can go to.

You don’t need a pre-medical test before you apply for the policy. All your daycare procedure costs will be covered, and a 5% discount is given on online purchases.

You can claim from INR 1lakh to 25lakhs as your insured amount. With a good rating, it also covers expenses for 12 modern medical treatments like stem cell therapy, immunotherapy, etc.

3. Bajaj Allianz Health Insurance for senior citizens(silver plan):

The minimum entry age for this plan is 46 years, and the maximum entry age is 70 years. It covers ambulance charges up to INR 1,000 and also provides a family discount of about 5%. The hospital network is about 6500 with a waiting period of 1 year.

The best thing about this insurance policy is its high claim settlement ratio, approximately 92.24%. The insured amount on the policy ranges from INR 50,000 to 50 lakhs.

4. HDFC ERGO- My Health Suraksha:

There is no restriction on entry age! What else could you ask for? It provides benefits, such as all types of ambulance coverage, both roadways and airways. You can also get free annual health check-ups and fitness discounts of up to 10% on the premium amount.

You can claim as less as INR 3laks to as high as 75 lakhs as your insured amount. More than 13,000 cash hospitals are under this policy, and it comes in three variants- Silver smart, gold smart, and platinum smart plan.

5. Niva Bupa Senior First Health Policy:

One good thing about having this affordable health insurance for senior citizens is that it pays for all modern treatments, road and air ambulance costs, and all daycare payments. There are also no sub-limits for common conditions like cataracts, joint replacements, etc. The policy comes in two variants- Gold and Platinum.

The insured amount starts from INR 5lakhs and goes up to INR 25lakhs. The entry age ranges from 61 to 75 years, and there are currently more than 8600 cashless hospitals under the company.

What are the things to consider before going for a senior citizen health plan?

Even if the insurance company assures you of everything, it is always wise to do your research. Here are some things you should know before going for a medical insurance policy for senior citizens.

1. Know what your policy covers:

A medical insurance policy for a senior citizen should cover all the expenses incurred during the admission to the hospital for more than 24 hours.

Some policy providers have sub-limits for some costs. For instance, there could be sub-limits on doctor fees. You should check in with your insurer before going for any insurance plan.

2. Know about post-hospitalization expenses:

The post-hospitalization expenses are another crucial factor you should consider while planning medical insurance. While many policy providers pay for the next 60-90 days, some do not. Take care of this before availing of insurance for any old member of your family.

3. See the conditions for any pre-existing illnesses:

As it is common for older people to have some pre-existing diseases, you should check in with your insurance provider about the same.

In adIn addition to that, you should inquire about the waiting period of the plan, co-payment, exclusions, and restrictions on daycare treatment and compare the premium amount with the medical benefits.

In addition to that, you should inquire about the waiting period of the plan, co-payment, exclusions, and restrictions on daycare treatment and compare the premium amount with the medical benefits.

Wrapping it up:

Older adults are the wisest of all age groups, and it is imperative to take their best care. With so much wisdom, they are also susceptible to frequent ailments.

While paying for small medical expenses can be preferable, larger amounts can increase the financial burden. Affordable health insurance for senior citizens will help you cover all their medical costs.

Before going for any healthcare insurance policy, you should check in with all the terms and conditions of the policy. Make sure to do your own research and compare different policies before settling for one.

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