Health Insurance for Senior Citizens

Health Insurance for Senior Citizens

Today, with rapid increase in diseases and soaring medical expenses, health insurance has become a necessity for all. This is especially for senior citizens as they are more prone to these health diseases than younger people. Once people reach their 60s, they suffer a lot medically and require treatments on a regular basis. The expense of treating such old-age diseases is usually quite high. However, these expenses can be cut down with senior citizen health insurance.

What is Senior Citizens’ Health Insurance?

Senior Citizens’ Health Insurance plans cater to the needs of people over the age of 60 who are retired and do not have a steady source of income. As people become older, their chances of developing diseases grow, increasing the need to be financially stable to cover health-care costs; health insurance is essential in this aspect.

It offers elderly people preventative health checkups as well as cashless hospitalization at the insurance company’s network hospitals. Pre-existing conditions, hospitalization costs, severe sickness, pre and post-hospitalization costs, and COVID-19 treatment are all covered under this. 

Features of Senior Citizens’ Health Insurance

  • Room charges and ambulance charges are also included along with other medical expenses.
  • Complete cashless treatment at network hospitals of the insurance company.
  • It also covers daycare treatments under senior health insurance.
  • Any pre-existing diseases related to the heart, lungs, kidney, diabetes and blood pressure are covered after the specified waiting period, based on the insurer.
  • Covid-19 treatment coverage is also provided under this health insurance (up to a specific limit).
  • The cost involved in organ donation is also covered in many senior citizen health insurances.
  • Pre-medical screening is not required, unlike other regular plans before availing of the health insurance (varies from insurer to insurer).
  • Senior health insurance comes with higher sum insured options to offer adequate coverage to elderly people.
  •  It provides a no-claim bonus to senior citizens for every claim-free year, which can range up to 20-100% depending upon the plan.
  • Senior citizen health plans come with a lifetime renewability option.
  • It offers tax exemption benefits on the premium paid under section 80D of the IT Act.

How do you choose the best senior citizen health insurance plan?

Before comparing and choosing health insurance for your elderly parents, make sure you check the following in your plan:

Understand their medical history

You must be aware of your parents’ medical history before purchasing health insurance coverage for them. It would not be wise to depend solely on their knowledge of their medical history in such instances. It is always preferable to cross-check such information before sending it to the insurance provider.

Daycare Treatments Facilities

Hospitals these days often treat and discharge patients on the same day. However, depending on the policy, you may be able to file a claim only if the policyholder has been hospitalized for at least 24 hours. Therefore, it is preferable to choose a senior citizen plan that covers a wide range of daycare operations such as dialysis, chemotherapy, radiation, etc. as per your needs.

Cashless Hospitals

Every health insurance company has a large network of hospitals where you may seek cashless hospitalization. Before purchasing a plan, you should ask and review your insurance company’s list of network hospitals. This will let you know whether a reputable hospital in your area is on the list or not.


Always select a plan with a low to zero co-payment. Several senior citizen health plans have a co-payment agreement that requires the policyholder to pay a percentage of the claim amount. The insurance company only pays the remaining fraction of the claim amount. So, always check this by buying a senior citizen’s health insurance for your parents.

Policy Renewability

Always go for a good health insurance plan with a lifetime renewability option, so you don’t have to purchase another health plan in your old age. Insurance that is not constantly renewed, particularly after 60 years, is not the best option for a senior citizen.

Waiting Period for Pre-existing Diseases

Elderly people are more certain to have pre-existing diseases, which might drain all of your hard-earned money. Therefore, you should choose a senior citizen health insurance plan with a short or zero waiting time for pre-existing diseases.

Potency of Health Insurance Claims

When purchasing a senior citizen health policy, the insurance company’s claim settlement ratio and claim settlement time should also be considered. If an insurance company’s claim settlement time is short and the claim settlement ratio is high, your claim is more likely to be settled swiftly.

Bonus for Making No Claims

Today, most insurance companies provide a no-claims bonus if the policyholder makes no claims in the entire previous year. In this case, either the policy premium or the sum insured amount is reduced.

Your parents’ unexpected hospitalization can be both emotionally and financially draining. Health insurance for senior citizens will help you in managing the financial costs of hospitalization. Just make sure you keep the above-mentioned things in mind before choosing the right plan for your elderly parents.

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