Medical Insurance for the Elderly
Posted by M Gala in Insurance
Senior Citizens who have not had any medical insurance cover till 60 , or were covered by their employers and on retirement suddenly find themselves without a medical insurance net have the going tough for them, simply because many insurance companies do not take new policies after age 55 although they may renew policies till 75 years or even 80 years in many products. Also there is a myth that pre existing illness may not permit them to be covered. We have tried to study the market for products that are available to senior citizens. There may be very few options but they are sufficient to provide a decent cover to those looking for medical insurance after 60 years of age. Some of the products we found are as follows –1) The National Insurance Company offers the Varistha Mediclaim Policy upto 1 lakh only. Any person from above age 60 can avail of this policy .The premium of a 60 year old is about Rs.4180 which is expensive. A Critical Illness rider up to 2 lakhs is also available at extra premium 2) Oriental Insurance Company has a policy called HOPE – for Senior citizens. However there are too many exclusions and it covers only specified illnesses.3) Star Insurance: This Company has two products
Regular Medicare the Regular product allows entry till age 65 subject to medical check up and allows renewals till 70 years. Cover upto 5 lakhs is possible
Senior Citizen Red Carpet - This product allows entry right upto age 69 and allows renewals till 80 years. However the Red carpet product allows a cover uptoRs.200000 only. 4) ICICI Prudential Medicare: A plain vanilla Mediclaim policy that allows entry till 65 and assures cover till 75 years. One can take a cover for upto 10 lakhs 5) Bajaj Allaince Silver Health – This is similar to the PRU ICICI product .Maximum cover is Rs.5 lakhs.A policy cover of Rs. 4 lakhs will cost about Rs.12000 for a person of 60 years .Medical check up is a must except for the red carpet product offered by Star.Pre existing illness like Diabetes, Blood Pressure etc are covered after a certain number of years in all policies except that offered by Oriental.Premium wise all policies offered by the private insurers seem to be on an equal footing. But look out of policy wordings for full list of exclusions and waiting period before inclusion of pre exiting illnesses so that you choose a product most suitable to you. You must take a look at the list of network hospitals should you have any preferred hospital for treatment.You can also look at buying these policies for your parents if they have crossed the threshold limit of 55 years for new policies. Payment of insurance premium on behalf of parent entitles you for deduction upto Rs.20000 under section 80 D. This is over and above Rs.15000 for self.
Regular Medicare the Regular product allows entry till age 65 subject to medical check up and allows renewals till 70 years. Cover upto 5 lakhs is possible
Senior Citizen Red Carpet - This product allows entry right upto age 69 and allows renewals till 80 years. However the Red carpet product allows a cover uptoRs.200000 only. 4) ICICI Prudential Medicare: A plain vanilla Mediclaim policy that allows entry till 65 and assures cover till 75 years. One can take a cover for upto 10 lakhs 5) Bajaj Allaince Silver Health – This is similar to the PRU ICICI product .Maximum cover is Rs.5 lakhs.A policy cover of Rs. 4 lakhs will cost about Rs.12000 for a person of 60 years .Medical check up is a must except for the red carpet product offered by Star.Pre existing illness like Diabetes, Blood Pressure etc are covered after a certain number of years in all policies except that offered by Oriental.Premium wise all policies offered by the private insurers seem to be on an equal footing. But look out of policy wordings for full list of exclusions and waiting period before inclusion of pre exiting illnesses so that you choose a product most suitable to you. You must take a look at the list of network hospitals should you have any preferred hospital for treatment.You can also look at buying these policies for your parents if they have crossed the threshold limit of 55 years for new policies. Payment of insurance premium on behalf of parent entitles you for deduction upto Rs.20000 under section 80 D. This is over and above Rs.15000 for self.