Comparison of Medical Health Insurance Schemes for Seniors

It’s incredibly important that as you approaches senior years, you have a considerable medical health insurance cover. The probability that a person’s healthcare expenses would increase substantially is nearly confirmed. Within this piece we glance and compare the various medical health insurance plans which are available for sale for seniors. While every medical health insurance company really wants to insure the youthful (and almost obviously, much healthier), you will find very couple of plans which offer medical health insurance to individuals beyond 60. Another interesting factor to notice here’s that the majority of the medical health insurance plans for seniors is provided through the public sector general insurance providers.

The insurance coverage readily available for seniors are:

Varistha Mediclaim by National Insurance

Senior plan by Oriental Insurance

Mediclaim for Seniors by New India Assurance

Senior Plan by U . s . India Insurance

Red Carpet Plan by Star Medical Health Insurance

Varistha Mediclaim by National Insurance: This insurance policy can be purchased by anybody between 60 and 80 years old. Renewals can be achieved up to age 90. Between your age bands of 76-80, premiums come with an added factor of 10% and between 80 to 90 years old, premiums are grossed up by 20%. The sum insured under this insurance policy for hospitalization is Rs 1 lakh. For critical illness, the sum insured is Rs 2 lakhs. Underneath the critical illness cover, illnesses for example cancer, kidney failure, stroke, organ transplants etc are covered. When the person was already insured for several years via a health insurance plan, then she or he doesn’t have to endure a clinical test, else there needs to be a clinical test underneath the prospective customer’s costs. For domiciliary treatment, the utmost claim is bound at 20% from the sum insured. Ambulance charges up to Rs 1000 are covered under this insurance policy. For any mediclaim cover of Rs 1 lakh along with a critical illness cover of Rs 2 lakhs, the premium varies between Rs 6200 (for any 60-65 years old) to Rs 9200 (for any 75-80 years old). One interesting feature of the policy is the fact that pre existing hypertension and diabetes are covered in the first year itself from the policy by having to pay 10% additional premium for each one of the two illnesses. Pre existing is absolutely not readily available for the critical illness policy. Other pre existing illnesses are covered after 1 policy year. Dialysis, chemotherapy and radiotherapy for preexisting condition isn’t covered. Claims are compensated just for occasions that occur within India. Claims which occur inside the first thirty days from the commencement from the policy won’t be covered, unless of course within the situation of the individual being insured with an insurer without break within the last 12 several weeks. With regards to this insurance policy, pre existing illnesses for example cataract, piles, fistula, hernia, benign protuberances, joint substitute etc won’t be covered within the first 12 several weeks. War related medical claims, vaccination, spectacles cost, cosmetic surgery, corrective dental surgery, venereal disease, vitamins and tonics which aren’t area of the treatment, nuclear disaster related health claims, alternative healthcare like homeopathy etc are excluded.

Opinion: We believe it is among the best policies for seniors, with the exception that the sum insured is low. They’re quite generous so far as the norms for entry age and pre existing illnesses are worried.

2. Senior Specified Disease Plan by Oriental Insurance: Within this plan, the policyholder has got the choice to choose sum insured of Rs 1 lakh, 2 lakhs, 3 lakhs, 4 lakhs or 5 lakhs. One restrictive feature of the policy is the fact that 20% associated with a claim amount needs to be co-compensated through the insured. Cashless payment through TPA is fixed to Rs 1 lakh. This plan of action covers 10 specified illnesses: cancer, kidney failure, heart illnesses, liver related illnesses, Chronic obstructive pulmonary disease (lung condition), stroke, prostrate, orthopaedic disease, ophthalmic disease, accidental injuries and knee substitute. The quantity that you can claim for the disease is fixed like a number of the sum insured (for e.g., 50% from the sum insured could be claimed for cancer, while 20% from the sum insured could be claimed for stroke). An amount insured of Rs 1 lakh will definitely cost Rs 4500 for any 65 years old, while it’ll cost you Rs 6400 if your are 80 years of age or beyond. Although this may appear less expensive than National Insurance’s Varistha medical plan, it’s smaller in scope. This insurance policy comes with an interesting refund of premium clause if a person withdraws in the policy: when the policyholder will get from the policy inside the first month, 75% from the fees are came back and when he decides out between three to six several weeks from the policy, 25% from the fees are came back. Within this policy, pre-existing illnesses have no coverage for 2 policy years. Other exclusions are much like individuals of National’s Varistha medical plan.

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