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Best Senior Citizen Health insurance Plans

Health insurance for senior citizens or parents is a must, considering the rate at which the medical expenses are rising every year. On an average, the medical costs are rising around 15% to 20% every year. Interesting fact is, Indians pay around 75% of their medical expenses from their own pocket.

In last few years, I have seen many companies (employers) stopped offering health insurance coverage for employee’s parents. So, irrespective of whether your employer offers or not, it is advisable to buy health insurance for your Senior Citizen parents.

Why health insurance for Parents?

  • The medical costs are increasing more than the average inflation rate.
  • Parents may have limited income or unstable income after their retirement
  • Parents may be financially dependent on their heirs
  • They are easily prone to illnesses or accidents. There might be sudden requirement of financial help.
  • Their employer’s health insurance policy might be ceased to exist after retirement.

If you are living with dependent parents who are aged above 60 years then buy individual health insurance plans instead of family floater plan. In family floater plans, the age of the oldest family member is considered in determining the premium rates.

Terms to watch out for in a Senior Citizen’s Health Insurance Plans:

  • Co-payment clause: Co-payment means the policyholder will bear a specified percentage of the claim amount. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount (80%) can be claimed.
  • Sub-limit: Health insurance companies may specify limits for certain illnesses or treatments. For ex: the policyholder can claim only Rs 20,000 for a cataract operation but the policy sum assured might be Rs 3 Lakhs. The policies without sub-limits are better but charge high premiums.
  • Pre-existing diseases: You need to check if the existing diseases are covered by the policy. In some policies all the existing diseases may be covered and in some the policy holder has to wait for few years before making a claim.
  • Waiting Period: The policy holder has to wait for certain period of time (in most of the cases it is 30 days) before claiming any expenses.
  • Alternative Treatments: Some policies also cover alternative treatments such as homeopathic, ayurvedic etc.,
  • Critical Illnesses : You need to check if the plan covers any critical illnesses and if there are any respective sub-limits.

Read Latest Article : Corona Kavach & Corona Rakshak Health Insurance Plans | Details & Review

Top 5 Best Senior Citizen Health Insurance plans in India

Below are some of the popular and best Senior Citizen Health Insurance Plans in India;

  1. HDFC Ergo myHealth Suraksha Plan
  2. Star Health Senior Citizen Read Carpet Plan
  3. Max Bupa Health Companion
  4. ICICI Lombard iHealth Plan
  5. Religare Care-9 Plan

Below are the salient features of best Mediclaim policies for Sr Citizens;

HDFC Ergo my : Health Suraksha 

  • This plan provides multiple high sum assured options Rs 75 lakh to Rs 5 crore.
  • All pre-existing diseases are covered except for diseases for which treatment was recommended by or received during the immediately preceding 36 months.
  • No room rent capping.
  • With sum insured rebound cover, the policy holder can get additional sum insured upto the base sum insured even if your existing sum insured exhausts.
  • Free health check-up every year.
  • Cash-less facility for home-care treatments is also available.

Star health’s Red Carpet plan:

  • All pre-existing diseases are covered except for diseases for which treatment was recommended by or received during the immediately preceding 12 months.
  • Constant premium with lifetime renewals guaranteed.
  • Co-payment clause – 30% for other than claims for pre-existing diseases and 50% for pre-existing diseases.
  • No pre-acceptance medical screening is required. But, a discount of 10% on the premium is available if lab tests documents are submitted.
  • Enhancement of SA is permitted during renewal time.

Max Bupa’s Companion Plan:

  • This plan provides coverage on individual basis and also for u pto 19 relationships.
  • For Sum Assured of above Rs 5 lakh, all pre-existing diseases are covered after 36 months of continuous coverage.
  • This plan comes with multiple Variants with coverage of up to Rs 1 crore.

ICICI Lombard’s iHealth plan:

  • No mandatory sub-limits. However the customer can get the hospitalization cover with a reduced premium by limiting the medical expenses pertaining to specified medical and surgical procedures.
  • Co-payment clause is voluntary.
  • Free health check up every year.
  • Certain list of diseases or ailments are not covered for first 2 years.
  • Cumulative bonus of 10% on Sum assured can be accumulated for every claim free policy year.

Religare Care Plan for Senior Citizens :

  • No pre-policy medical check-up.
  • Annual health check-up for all insured person
  • 20% co-payment clause on every claim under senior citizen plan, rest will be paid by the insurer.
  • Care for Senior citizen health insurance offers 10% increase in Sum Insured for every claim-free year.

Tax exemption for Health Insurance U/S 80D :

The below limits are applicable under Section 80D for Financial Years 2019-20 & 2020-21 (or) Assessment Years 2020-21 & 2021-22.

When it comes to health insurance, there is no one-size fits-all plan that you can rely on. Medical Insurance is a contract based policy with legal jargon thrown in. Besides this, a Health Insurance policy has medical terminologies. Of the numerous medical insurance plans in the market, you may find that each one is unique in some way or the other, with its own benefits and limitations.

Kindly note that having a health insurance plan is not the end of your ‘medical insurance’ planning. In fact, it is your first-line of defense only. Considering the ever-increasing medical treatment expenses in India, you have to plan for having an Emergency fund for unforeseen consequences. Don’t depend entirely on health insurance plan alone!

Hope the above information will help you in deciding the best health insurance plan as per your requirement. If you require any suggestions or more information then kindly leave a comment.

You may like reading my other posts on –

This post was last modified on July 10, 2023 11:07 am

Sreekanth Reddy

Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 14 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions." "Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. The information provided, therefore, should not be viewed as financial, legal, accounting, tax or investment advice."

View Comments

  • An excellent education to novices. Great effort.
    Three queries:
    1) The maximum limits for senior citzen plans are low. In case if two policies are taken from two insurance companies, can we claim from both the companies ? what is the method ? Suppose policy with X company is for 2 lakhs taken first and policy with Y company for 3 lakhs later. If the claim is for 6 lakhs can i claim from both companies separately ? if the claim is 3.5 lakhs how to apportion the claim from first policy taken and the policy taken later. If the claim is less than 2 lakhs is the claim is to be made on X company only as it is the policy taken first.
    2) After claim is made for full policy amount, is continuation of the policy is permissible ? if so will the premium increase?
    3) Are Top up of insured amount is permitted in all policies or is it as per the policy of the companies concerned.
    Regards Mr. Reddy gaaru,
    V Krishnamurthy

  • Hi Sreekanth,

    My wife and I both have covered my mother under our employers' medical insurance plans.
    Do you think it is still essential to buy a separate health insurance cover for her? She is 64 years old.
    My wife and I also have separate, individual health covers apart from employer covers.

    Thanks,
    Gaurav

  • Inspiring writings and I greatly admired what you have to say , I hope you continue to provide new ideas for us all and greetings success always for you..Keep update more information..

  • I intend on purchasing health insurance for my parents (Father-63 and Mother-60), a portal has suggested Religare Care Freedom plan. Would you recommend the same? please advice

    p.s: I am considering two seperate plans for them

  • Hello Sir,

    I want advise for Mediclaim Policy for my Parents only.My father is 83 year old and Mother is 78 years.My mother father are Fit . Which Mediclaim policy is best for them.Could you please suggest me best options for me?. I have my policy from my office

    Thank You.
    Kamal

  • Hi,

    Can you please let me know what should be the ideal cover for parents / senior citizens (both aged 60). The premiums keep rising with the age. So should we also have Super top up over and above this, if yes, then how much.

    • Dear Shyam,
      Very touch to suggest on 'how much cover'...
      depends on your affordability, current medical condition, family medical history, sources of income, financial profile etc.,
      Must have is Individual mediclaim (can consider Sr Citizen plans) and then can surely consider a Super top up plan.

  • Hello

    Greetings!

    I am planning to buy health insurance plan for my family which covers my parents as well who are of 61 years.

    Please help me with comparisons of various plans.

    Thanks & Warm Regards

  • I am 60yrs 4 months. Wife is 51 yrs 1 mth. I have only BP and sometimes backpain. Wife has Hypothyroid and Recently mild Diabetic diagnosed. I HAVE retired few months ago. Wife is a homemaker.
    Is a health insurance MUST? , & if yes, suggest a very good company, ,not costly health cover. And suiable cover for both.

  • Hi Sreekanth Reddy,
    thanks for the article it was really useful but in my case my parents dont hold any insurance policy as of now. my father is 60 yr old(had open heart surgery 7 yrs back and sugar) and mom 52 years(has knee problem).so i am looking for a really good sum which will help me out if there is any emergency for my parents .can you please share plans according to that.
    Thanks in Advance .

    Regards,
    Manoj

  • Hello Sir,

    I want advise for Mediclaim Policy for my Parents only.My father is 62 year old and Angioplasty was done to my Father before 3 months.My mother is Fit and 54 year old. Which Mediclaim policy is best for them.Could you please suggest me best options for me?.

    Thank You.

    • Dear Arjun,
      You may consider two separate mediclaim plans for your parents.
      Your father may consider Cardiac specific health insurance plans, for ex; STAR health's 'Star Cardiac care'.

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Published by
Sreekanth Reddy
Tags: best health insurance
July 10, 2023

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