5 Health Insurance Policies for Seniors with Lowest Premiums

In recent times, healthcare has become one of the most expensive necessities. It can be challenging for seniors to identify the right health insurance policy because the plans are too costly or require extensive medical tests that can be difficult to undergo.

Fortunately, by comparing various policies based on the following criteria, you can find the plans that suit your needs the best!

  • Entry age
  • Premium
  • Renewal age
  • Pre-Existing diseases
  • Waiting period
  • Alternative treatments
  • Sum Assured
  • Sub-limit
  • Co-Payment

Premium should not be your sole criteria of consideration while choosing your policy. Benefits like critical care, hospitalization expenses, and the number of network hospitals that your policy covers are essential factors you should consider. Paying a higher premium could be a better option if it provides you with adequate coverage. Due to the spiraling medical expenses, it is better to have a higher amount of sum insured.

Read on to learn more about the best insurance policies for senior citizens with the lowest premiums.

 

1. Star Health Red Carpet:

 

By offering extensive coverage with an increased entry cap of 65-75 years, Star Health Red Carpet is one of the most recommended health care policies for seniors. It was also one of the first insurance policies introduced in India, designed to meet the specific health care needs of seniors.

 

Major Takeaways:

 

  • Premium: 4450-18000 (service tax excluded)
  • In-patient hospitalization charges like ICU expenses, nursing expenses, surgeon’s fees, specialist fees, cost of blood, oxygen, cost of drugs, diagnosis, etc. are covered
  • Pre and post hospitalization expenses of up to 7% are covered
  • Emergency ambulance charges covered
  • Treatment at network hospitals only
  • Domiciliary treatment is covered
  • No medical screening required
  • Pre-existing diseases get covered right from the first year
  • 30 days initial waiting period with no coverage
  • 24/7 toll-free helpline
  • Direct inhouse settlement

 

2. National Insurance Varistha Mediclaim:

 

This is one of the most affordable healthcare policies with valuable benefits. It is well-reputed among customers and the insurance companies for coming up with efficient plans and hassle-free claim settlement. It is one of the most satisfactory policies available for seniors in terms of premium and coverage.

 

Major Takeaways:

 

  • Premium: For Mediclaim: 4180-6890; For critical illnesses: 2007- 2288
  • Hospitalization expenses, including nursing expenses, boarding expenses, ICU expenses, nursing expenses, surgeon’s fees, cost of blood, oxygen, cost of drugs, pacemaker, etc. are covered
  • Domiciliary expenses covered
  • Organ donor’s expenses covered
  • Optional critical illness coverage
  • Pre-existing diseases are covered right from the start with a 10% extra premium
  • 60-80 years entry allowance

 

3. Oriental Insurance HOPE:

 

This insurance policy is designed for all senior citizens above the age of 60; it offers a wide range of coverage, including specified diseases. The policy also provides numerous services along with the health insurance policy. It is well-known for its high claim settlement and high incurred claim ratios.

 

Major Takeaways:

 

  • Premium: 4500-29000
  • Hospitalization expenses, including boarding and nursing expenses and ICU charges, doctor, surgeon, anaesthetist, consultant or specialist’s fees, are covered
  • Emergency ambulance charge is covered
  • Cost of anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, and diagnostic tests like X-rays are covered
  • Cost of medicines, drugs, consumables, artificial limbs, prosthetic devices like a pacemaker is covered
  • Benefit of domiciliary hospitalisation
  • Provides a discount on the premium on voluntary co-payment

 

4. Bajaj Allianz Silver Health:

 

Health care gets expensive as you age, and this policy assures that all your healthcare costs are covered. The plan covers both you and your spouse when you need expensive medical care. It is a comprehensive health care plan that offers great flexibility in terms of the sum assured under the reputed name of Bajaj Allianz.

 

Major Takeaways:

 

  • Premium: 1995-29039
  • Entry-exit age gap is 46-70
  • The policy offers to cover an amount equivalent to 3% of admissible hospitalisation charges
  • Pre and post hospitalisation expenses are covered
  • Ambulance charges in the time of emergency subject to a limit of Rs.1,000 are covered
  • Covers pre-existing illnesses and diseases from the second year of the policy
  • A family discount of 5% is applicable to the policy
  • Waiver of co-payment if the policyholder pays more premium
  • Tax benefits on premium paid under section 80D of the income Tax Act

 

5. New India Assurance Health Insurance:

 

By covering hospitalization expenses including pre as well as post-hospitalization costs, this is one of the most recommended health insurance plans for senior citizens. Seniors are covered against Unani, homeopathic, and ayurvedic treatment too. For an extra 10% premium payment, this plan offers coverage for diabetes mellitus and hypertension.

 

Major Takeaways:

 

  • Premium: 3850-7650
  • The entry-exit age gap is 60-80
  • Pre-hospitalisation expenses are covered for 30 days
  • Post-hospitalisation expenses of 60 days are covered
  • Hospitalisation expenses covered for treating injuries/illnesses
  • Ambulance charges are covered
  • Coverage is limited if the patient is hospitalised in a registered homeopathic/ayurvedic and
  • Unani hospitals or government hospitals
  • Pre-existing disease coverage can be availed only if the patient has continued the policy for at least 18 months with the company
  • Pre-existing illnesses like diabetes mellitus and the issues associated with it, and hypertension, etc. get covered after the policy has continued for a minimum of 18 months, provided the additional premium has been paid
  • The sum assured can be either Rs.1 lac and/or Rs.1.5 lacs depending upon the preference of the customer

Health care can become extremely expensive for seniors. Determining and opting for the best health care policy for you and your loved one can make your next trip to the hospital hassle-free and help you keep your savings in your bank account.