Health Insurance

Can You Buy Health Insurance for People Above 70 Years of Age?

Nov 24, 2021

Buying a health insurance plan is a necessity as it helps to deal with the expenses arising in times of medical emergencies. Healthcare in India is sky-rocketing so being prepared to face such financial emergencies is a wise decision. Additionally, a health insurance plan is not just for young individuals but it is equally important for senior citizens as their health condition starts taking a toll and visits to the doctors are on a rise. But one of the most common queries asked today is – can you buy health insurance for people above 70 years of Age?

Yes, the Indian Insurance sector has developed leaps-and-bounds in the last decade, health insurance companies are offering specifically designed plans for people above 70 years of age. These plans are designed by keeping in mind the needs of senior citizens. Read on to know the benefits of health insurance plans for people above 70 years of age.

Importance of health insurance plan for senior citizens

Being 70 years, you are living the best phase of life where you are able to enjoy all the little joys of life with family. However, this golden age has its own limitations as the income flow is reduced post-retirement. Moreover, the lifestyle at 70 becomes sedentary as your mobility is restricted. It is important to buy a good senior citizen health insurance plan for people above 70 years of age because:

  • Medical attention: Being at 70 is hard as the health starts deteriorating making you more susceptible to illnesses and diseases. Additionally, the age does not allow to stay active making life sedentary due to which the immunity is damaged resulting in increased wear and tear of the body.
  • Financial stability: People above 70 years of age must buy a health insurance plan as it offers financial security. With a Mediclaim plan, you can plan to secure your medical expenses thereby giving you peace of mind.
  • Peace of mind: Medical emergencies at the age of 70 are inevitable and frequent visits to the doctor can cause a dent on your savings. This erosion of savings can cause stress so buying a health insurance plan ensures peace of mind even at 70.

Features and benefits of health insurance plans?

Indian Insurance Providers have designed various health insurance plans for people above 70 years of age. These plans are designed keeping in mind their health and financial needs. Following are the common features and benefits offered by various Mediclaim policies designed for people aged above 70 years.

  • Avail higher sum insured benefit
  • Avail income tax benefit on the premiums paid amount
  • Avail yearly health check-up benefit
  • Avail Cashless hospitalization benefit in the event of hospitalization for more than 24 hours
  • Avail pre and post hospitalization expenses 
  • Insurance coverage to cover the expenses related to Pre-existing medical condition 
  • Hassle-free claim settlement procedure
  • Quick and hassle-free renewal of health insurance policy

Factors to consider while buying a health insurance plan for people above 70 years

Buying a health insurance plan for people above 70 years of age is a tedious job, however, it is important to compare before purchasing the best health plan for senior citizens. Here is a list of factors you need to consider while buying a Mediclaim policy for people above 70 years of age.

  • Pre-existing disease: 
    With increasing age, health starts to deteriorate. This is when illnesses, especially chronic ones, affect the senior citizen. Thus, it is important to buy a holistic coverage that covers all the pre-existing ailments and all major diseases.
  • Network Hospitals: 
    One of the most important factors while deciding a health insurance plan is to know the nearest hospital having a tie-up with your insurance provider. It is natural to go to a hospital that is near the residence. So check the nearest cashless hospital while buying a health plan for senior citizens.
  • Waiting Period: 
    Waiting period is the time within which no insurance claim can be registered with the health insurance provider. Health insurance has a waiting period clause for various diseases and illnesses. Check all the terms and conditions related to the waiting period.
  • Deductible and Co-Pay: 
    Co-pay or deductibles are part and parcel of a health insurance plan. Most of the insurance providers offer health insurance coverage with a certain percentage of co-pay and/or deductibles where the insured has to bear a certain pre-determined percentage of the medical bill. Ensure that you buy a health insurance plan with the lowest percentage of co-pay and deductibles clause.

To streamline your search, we have curated a list of few of the top health insurance plans for people above 70 years of age

 

Insurance Plan

Age Eligibility

Sum Insured Limit

Unique benefit

Star Health Senior Citizen Red Carpet

Minimum 60 Years

Maximum 75 Years

INR 1 Lakh to INR 25 LakhsA health insurance plan offering a wide scope of insurance plan and covers expenses of major illness
Tata AIG MediSenior Health Insurance PlanMinimum age 61 years; NO restriction on Maximum age

INR 2 Lakhs Minimum 

INR 3 Lakhs Maximum

Holistic health insurance cover that covers all major medical expenses
National Insurance Varishta Mediclaim

Minimum 60 Years

Maximum 80 Years

INR 1 Lakh (Plain Cover)

INR 2 Lakhs (covers critical illness)

Affordable health insurance plan covering basic illness as well as critical illnesses
Oriental Insurance HOPE – health of Privileged ElderFor everyone aged above 60 years of ageINR 1 Lakh to INR 5 LakhsNo cap on entry age and covers medical expenses 
New India Assurance Company Limited – Senior Citizen Mediclaim Policy

Minimum 60 Years

Maximum 80 Years

INR 1 Lakh or INR 1.50 LakhsOne of the plans offering coverage at the lowest premium amount
Universal Sompo Senior Citizen Health Insurance PolicyMinimum age 60 Years

INR 1 Lakh minimum

INR 5 Lakh Maximum

A perfect Mediclaim policy for people looking for maximum benefits at low premium.

Conclusion

A health insurance cover for senior citizens is the need of the hour. It is wise to be prepared to face the challenges that might come across with aging. Paying exorbitant medical expenses is stressful therefore people must plan to buy a health insurance cover to make the lives of people above 70 years of age comfortable and stress-free. 

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