Comparison of Health insurance Schemes for Senior Citizens

It is completely important that as 1 approaches old age, a single has a enormous health insurance cover. The probability that one particular's health care costs would boost substantially is virtually a offered. In this piece we appear and evaluate the diverse health insurance plans that are offered in the industry for senior citizens. Even though every single health insurance corporation desires to insure the young (and virtually by definition, additional healthier), there are very handful of plans which deliver health insurance to people today beyond 60. A further exciting issue to note here is that most of the health insurance plans for senior citizens is given by the public sector common insurance businesses.

The health insurance plans obtainable for senior citizens are:

1. Varistha Mediclaim by National Insurance
2. Senior Citizen plan by Oriental Insurance
3. Mediclaim for Senior Citizens by New India Assurance
4. Senior Citizen Plan by United India Insurance
5. Red Carpet Plan by Star Health insurance

Varistha Mediclaim by National Insurance: This policy can be purchased by any person among 60 and 80 years of age. Renewals can be completed upto the age of 90. Involving the age bands of 76-80, premiums have an additional issue of ten% and amongst 80 to 90 years of age, premiums are grossed up by 20%. The sum insured below this policy for hospitalization is Rs a single lakh. For vital disease, the sum insured is Rs 2 lakhs. Beneath the important disease cover, ailments such as cancer, renal failure, stroke, organ transplants and so forth are covered. If the individual has currently been insured for three years by way of a health insurance policy, then he or she does not have to undergo a health-related test, else there has to be a healthcare test beneath the potential customer's expenses. For domiciliary remedy, the maximum claim is fixed at 20% of the sum insured. Ambulance fees upto Rs 1000 are covered beneath this policy. For a mediclaim cover of Rs one particular lakh and a essential disease cover of Rs 2 lakhs, the premium varies amongst Rs 6200 (for a 60-65 year old) to Rs 9200 (for a 75-80 year old). One particular fascinating function of this policy is that pre current hypertension and diabetes are covered from the initial year itself of the policy by paying ten% more premium for every single of the 2 illnesses. Pre current is of course not obtainable for the essential disease policy. Other pre current ailments are covered right after one particular policy year. Dialysis, chemotherapy and radiotherapy for preexisting ailment is in no way covered. Claims are paid only for events that happen inside India. Claims which take place inside the very first 30 days of the commencement of the policy will not be covered, unless in the case of the particular person becoming insured with an Insurance Firm without having break for the previous 12 months. For the objective of this policy, pre current illnesses such as cataract, piles, fistula, hernia, benign lumps, joint replacement and so on will not be covered in the 1st 12 months. War connected health-related claims, vaccination, spectacles cost, plastic surgery, corrective dental surgery, venereal illness, vitamins and tonics which are not part of the therapy, nuclear disaster connected health claims, option remedy like homeopathy and so forth are excluded.

Opinion: We consider it is one particular of the finest policies for senior citizens, except that the sum insured is low. They are incredibly generous as far as the norms for entry age and pre current ailments are concerned.

2. Senior Citizen Specified Illness Plan by Oriental Insurance: In this plan, the policyholder has the alternative to pick out sum insured of Rs one particular lakh, 2 lakhs, three lakhs, four lakhs or 5 lakhs. One particular restrictive function of this policy is that 20% of any claim quantity has to be co-paid by the insured. Cashless payment via TPA is restricted to Rs one particular lakh. This plan covers ten specified illnesses: cancer, renal failure, heart illnesses, liver connected illnesses, COPD (lung ailment), stroke, prostrate, orthopaedic illness, ophthalmic illness, accidental injury and knee replacement. The quantity that 1 can claim for a unique illness is restricted as a percentage of the sum insured (for e.g., 50% of the sum insured can be claimed for cancer, Although 20% of the sum insured can be claimed for stroke). A sum insured of Rs one particular lakh will cost Rs 4500 for a 65 year old, When it will cost Rs 6400 if one particular is eighty years old or beyond. When this could look more affordable than National Insurance's Varistha healthcare scheme, it is less wide in scope. This policy has an exciting refund of premium clause if a single withdraws from the policy: if the policyholder gets out of the policy inside the initially month, 75% of the premium is returned and if he opts out amongst three to 6 months of the policy, 25% of the premium is returned. In this policy, pre-current illnesses are not covered for a period of 2 policy years. Other exclusions are very equivalent to these of National's Varistha health-related scheme.

Opinion: a superior scheme in terms of the level of sum insured and expense, but the scope of illnesses covered is restrictive. Yet another thing is that pre-current is covered only immediately after 2 policy years.

Mediclaim for Senior Citizens by New India Assurance: This policy is readily available for senior citizens involving 60 and 80 years, and the sum insured can be Rs a single lakh or Rs one.5 lakhs. Pre current ailments are covered just after 18 continuous months of coverage, Although for diabetes and hypertension to be covered, far more premium wants to be paid. Pre hospitalization is covered for 30 days, Though post hospitalization is covered for 60 days. An insurance of Rs one lakh for a 65 year old will cost Rs 3850 Whilst it will cost Rs 5150 for an 80 year old. Therefore, premiums are very competitively priced. If 1 desires to extend beyond 80 years, then loading of ten% or 20% has to be paid. For pre current diabetes or hypertension, an more premium of ten% just about every has to be paid. 1 intriguing function is that there is a ten% discount if a single's spouse is also covered beneath this policy. This policy also has the very same partial refund norms on cancellation as Oriental's Specified Illness Plan. Claims would be paid only for healthcare therapy in India. The exclusion situations are common, and are very related to National's Varistha Mediclaim.

Opinion: Attractively priced. Sum insured ceilings are low. The solution brochure is silent on co-pay, and Hence there is no co-pay requirement in all probability.

United India Insurance's Specified Illness Plan: In this policy, sum insured of Rs 50,000 to Rs 300,000 is out there to folks in between 60 to 80 years of age. Sum insured of Rs one particular lakh will cost Rs 3715 for a 65 year old, and Rs 8613 for an 80 year old. So When it is less costly for the younger age bands, it is a bit highly-priced for the older age groups. An fascinating function of this policy is that there is a hospitalization cash payment from the 3rd day of hospitalization on payment of a unique far more premium. Although other exclusion options of this policy are equivalent to that of the past three policies that we have discussed, the most significant challenge of this policy is that this has a pre-current waiting period of four years.

Opinion: Pre -current waiting period of four years is restrictive

Star Health's Red Carpet Plan: This plan has been a great advertising achievement. Although a single barely gets to hear about the reasonably broad, nicely priced schemes of the four nationalised firms, the marketplace is very excited about Star Health's Red Carpet scheme. The sum insured beneath this policy can be for Rs a single lakh, Rs 2 lakhs, Rs three lakhs, Rs four lakhs or Rs 5 lakhs. Age of entry is restricted in between 60 and 69 years. Pre current illnesses are covered from the initially year itself, except for these preexisting ailments for which the insured received payment in the earlier 12 months. Subsequently, those pre-current ailments are covered. There are sub limits below this policy wherein distinctive illnesses have distinct limits as a percentage of the sum insured. Sum insured of Rs one particular lakh will cost Rs 4900 at entry, When a sum insured of Rs 5 lakhs will cost Rs 20000.. The greatest catch in this policy is that there is a 50% co-payment for pre current ailments and 30% co-payment for other ailments!! Other exclusions are very equivalent to what is there for the nationalized businesses.

Opinion: Uncomplicated, effectively marketed claim. But the co-payment terms are a big adverse! The ceiling for maximum age at entry is very low (69 years), While the assured renewal function is a substantial constructive. Also, the sum insured levels of Rs 5 lakh is extremely high and attractive in those days of escalated healthcare expenses.

In summary, we consider that National's Varistha Plan is the widest in scope. The only factor with the plans of the Nationalised Insurance providers is that the sum insured levels provided could not be sufficient for today's high health-related expenses. On the other hand, they are at least providing senior citizen health plans. It is very tough to find any meaningful health insurance scheme for senior citizens given by any private health insurance business, except Star Health. The only issue that we see with Star Health's Red Carpet plan is that of the Co-pay restriction.