Best Health Insurance for Elderly in India

India, despite being called the country of youth, is predicted to have around 14.4 crore elderly citizens by 2050, making it important to look into safeguarding their health and well-being1.

Medical developments have come at the cost of surging expenses that are hard for a common household to bear. In urban areas, the cost of per-day hospitalisation in public hospitals is around ₹4,452, while at a private hospital, it averages around ₹31,8452.

The need for health insurance for senior citizens is felt the most among seniors because they are more likely to face health conditions and lack a stable means of income to meet the rising cost of medical expenses. A health insurance plan for seniors is a policy designed especially for citizens above the age of 60.

These plans are designed to consider senior citizens' common health conditions and challenges. Owning a comprehensive health insurance plan for seniors helps meet varying medical needs, such as hospital expenses, treatment costs, and other charges arising from pre- or post-hospitalisation cases.

How to Choose the Best Health Insurance in India for Senior Citizens?
An acceptance of the importance of owning a health insurance plan for senior citizens comes with the question: How do I choose the best health insurance in India? Worry not, we have prepared a list of checks that you can keep handy while exploring health insurance plans:

1) Choose a Comprehensive Health Insurance Plan for Seniors
By researching different types of health insurance, you must have realised the varying coverages they offer. Remember that it is crucial to opt for a plan that provides comprehensive coverage specific to the needs of a senior. Check out the coverage features and understand the inclusions and exclusions.

Pro Tips:
- See that the plan covers pre and post-hospitalisation expenses
- Domiciliary hospitalisation is a great feature that can be beneficial for many seniors
- Complementary health check-ups can be a big advantage.

Remember: Every health insurance plan, even plans by the same company, can differ in coverage. Make sure to go through the policy documents carefully and understand the limits and sub-limits.

2) Prefer a Plan that Provides a No-Claim Bonus
No Claim Bonus is a benefit offered to policyholders who have maintained good health and have not claim their policies in a year. Under this, every claim-free year works like a bonus on the sum insured or a premium discount for the next year, thus enhancing the base coverage.

3) Prioritise a Vast Hospital Network
A medical emergency does not always come with a warning sign. Therefore, it is important to prioritise an insurance company with a vast hospital network. This can ensure hassle-free treatment in any city.

Pro Tip: Make sure your health insurance provider offers cashless hospitalisation in your vicinity. This way in case of an emergency, reaching your preferred hospital is easier and quicker.

Did you know that earlier this year, the IRDAI introduced the concept of ‘Cashless Everywhere’ that allows you to access cashless treatment in any hospital, even if the hospital does not come in the insurer’s network?

4) Select a Plan with Low Waiting Periods
You might come across health insurance plans that check multiple boxes but have a long waiting period. Given the higher chances of facing a medical challenge, rising medical expenses and inflation, spending months waiting for approval might not be a good idea. Select a plan that promises you a reasonable waiting period, especially if you are suffering from a pre-existing illness.

Pro Tip: When you buy a health insurance plan early in life, serving the waiting period is typically easier as you are young and healthy. By the time you reach your golden years, you will have served the long waiting period already!

5) Avoid a Plan with Co-payment
Co-payment is an option under which the policyholder agrees to pay a fixed percentage of the total medical expenses. This might sound like a reliable plan when you are still young, and there is less of a probability that you will raise claims often. However, for senior citizens co-payment can become a financial burden given the rising medical costs and unstable income source post-retirement.

6) Get Adequate coverage for Day Care Procedures
Medical advancements ensure the completion of several medical surgeries within a day, and these are part of daycare procedures. While choosing the plan, make sure to get adequate coverage for day care procedures for medical surgeries related to heart, eyes, ENT, tongue, cancer treatment like chemotherapy and radiotherapy, and several other surgeries.

Remember: Choosing coverage for day care procedures requires you to carefully understand the meaning and scope of medical procedures.

7) Choose Add-ons Wisely
In addition to offering base coverage, insurance companies also provide add-on coverages for a minimal extra payment. When choosing add-ons, pick benefits that are specific for senior citizens, like co-payment waiver, zero sublimit on ICU costs and doctor fees, expert opinion, international second opinions, inflation shields, and more.

8) Ensure Easy Claim Settlement Procedure
Every benefit and coverage you pay for comes into use only when there is a seamless claim settlement. You want the plan to have an easy claim settlement procedure to avoid the hassle of running from one window to another to claim what is rightfully yours.

Pro Tip: Check the insurance company's claim settlement ratio. IRDAI releases a report for each company every year.

9) Choose a Separate Plan for Seniors
Did You Know, that cases of unoperated cataracts in people over the age of 60 years is around 58% in North India and 53% in South India.

Senior citizens are generally more prone to certain diseases and health conditions, such as cataracts, joint pain, and kidney failure, making it important to choose a separate plan for seniors. Look for options to customize the plan based on personal medical needs. This will not only help you get better coverage but also save you on the premiums in the long run.

Why are Health Insurance Plans for Seniors Necessary?
The importance of health insurance in today's world cannot be overstated, especially for senior citizens. Along with a wish for healthy and hearty lives for seniors, the obvious health conditions associated with old age must not be undermined, making it crucial to own a health insurance plan. Take a look at these reasons that will get you on board:

1) Medical Inflation:
Medical advancements have helped treat serious health conditions with ease. However, these advancements come at the cost of inflation. Medical inflation is a major threat for those who are not prepared. The way to combat medical inflation is by owning health insurance that provides an inflation shield.

Did you know medical inflation in India is at a whopping 13.6%? This is the highest in Asia.

2) Rising Health Conditions
The developments have come at the cost of our health. Pollution stemming from the modern lifestyle has deadly impacts on the health of senior citizens, especially in urban and semi-urban areas making it important to stay prepared with an insurance plan to meet the medical expenses seamlessly.

3) Battling Critical Illnesses
Illnesses that were not common a few decades ago have now become a critical challenge in India. Treating critical illness requires not only expert hands but also a well-equipped medical institution that can create a huge financial burden in the absence of a medical insurance plan.

While the treatment cost of a critical illness depends upon multiple factors, did you know, that in a big city like Delhi, the treatment cost of cancer starts from ₹4,12,000?

4) Managing the Cost of Premiums
A simple principle on which insurance companies work is that as a person's age increases, the cost of premiums increases. However, opting for a medical insurance plan for seniors at an early age can offer benefits like cumulative bonuses/ discounts, no-claim bonuses, etc. These features become important in creating a shield against expensive medical premiums.

5) Staying Regular with Health Check-ups
One way to deal with rising health conditions is to stay healthy by going for periodic body checks. Owning a health insurance plan lowers the additional burden of getting a full body check-up and works as a reminder to stay on top of your health as well. Early detection can not only identify an illness at an early stage but also help manage the treatment costs.

6) Getting Tax Benefits
When you have health plan coverage, you can also enjoy tax benefits. Under section 80 D of the Income Tax Act, the premium that you pay towards a health insurance policy can get tax deductions. Take a look:

Self and Family Below 60 Years of Age
- Deductions for self and family: ₹25,000
- Preventive Health Check-ups: ₹5,000
- Total deduction limit: ₹25,000

Self, Family, and Parents Below 60 Years of Age
- Deductions for self and family: ₹25,000
- Deductions for parents: ₹25,000
- Preventive health check-ups: ₹5,000
- Total deduction limit: ₹50,000

Self and Family Below 60, Parents Above 60
- Deductions for self and family: ₹25,000
- Deductions for parents: ₹50,000
- Preventive health check-ups: ₹5,000
- Total deduction limit: ₹75,000

Self, Family, and Parents Above 60
- Deductions for self and family: ₹50,000
- Deductions for parents: ₹50,000
- Preventive health check-ups: ₹5,000
- Total deduction limit: ₹1,00,000

In Conclusion
Remember that a health insurance plan for senior citizens is a health companion that must not be ignored. In addition to providing coverage for medical expenses, insurance companies are now offering fitness and wellness activities with exciting rewards that lower premium rates and encourage policyholders to maintain wholesome health.

No matter how young or old you are, taking care of your health by following a balanced diet and a healthy lifestyle is the way forward. For an unpredictable future, a health insurance plan is like a safety net not just during a medical emergency but also for monitoring your fitness and health.

Disclaimers:
1) The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
2) All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.

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