Health insurance policy for senior citizens

           

[Image source : retail.starhealth.in]

India had grown a lot from 1947, from the day we had got Independence; along with that we have also seen the gradual increase in the average age of death of Indians. In 1947 it was 28, now the average age of death is around 63.The increase in medical facility for the common man had increased the average age of death. Everyone is able to afford for the medicine with the money they earn and after retirement with the pension amount.

For the non pensioners they need to make it up with the available corpus if they had built over the years or else it will be difficult to deal with any critical illness which may come at any time. Senior citizen health insurance policy will be from age 65 to 80 based on the IRDA guidelines. Normal policy covers till the age of  65.

Need for Health Insurance for senior citizens

Health Insurance is needed at very early stage and if you had missed taking it up during that time, you need for sure during your old age from 60. Hypertension and diabetes had become common across all and slowly it may show up for sure during old age with any critical illness. The reason for cancer is unknown and it is not about being healthy and protecting for all diseases. Any accident can cause you serious injuries, so it is better to act pro actively. It is always ‘prevention is better than cure’, so have the right insurance policy before onset of any disease.

How to choose

Look at the coverage period and the number of illness they are covering. Though all insurance policies may be covering all the diseases you need to carefully look at the exclusions of certain diseases with insurance agents or brochure. Certain diseases will be covered after certain lock in period only if it is pre existing and any new onset of illness will be covered immediately.

Tricky part is how much cover is essential and you can choose the maximum available. All the critical illness disease will make you to spend more than 10Lakhs and it is best to choose a minimum of 10-15Lakhs as cover. Some of the insurance offers one free check up every year which will be of great benefit to senior citizens. Based on the cover there will be co-payment for some of the diseases, in surgeon fees and room rent as well

Senior citizen policy offered by

It is offered by most of the Insurance companies in India. Bajaj Allianz, National Insurance, Max Bupa, Star health Insurance, Apollo Munich and ICICI Lombard.

Money will be of great help if you had accumulated at your young age, but what if the money is eroded just to cure your disease, protect yourself from any disease with proper health Insurance policy.