Is 65 Too Late for Health Insurance?

Touching 65 and still without health insurance? Thankfully it is still not too late. Here are some health insurance plans you can consider.

Being busy handling your family responsibilities all these years, you never had the opportunity to save enough to buy health insurance. And, as a senior citizen, one assumes that it is too late now. Thankfully, as per IRDAI guidelines, insurance companies are mandated to provide health insurance to senior citizens as well. These plans are usually provided to those above the age of 65 years. They would cover medical expenses along with provisions for free health check-ups too.

Why is it Critical to Buy Health Insurance for Senior Citizens?

 With an increase in age, there’s a stark rise in health ailments and risks of diseases as well. And, at such a time, you surely don’t want your life’s savings to be spent on just medical costs. For such times, health insurance is likely to take care of these costs for you. Be rest assured, the processes of planning and getting insurance are not time-consuming, and it can help reduce the risks of a huge financial blow.

Types of Health Insurance Plans for Senior Citizens

There are various kinds of health plans you can choose for senior citizens. However, these should be compared and reviewed on the basis of the following factors:

1. Sum assured – Considering senior citizens are prone to health ailments; it is best to opt for a higher sum assured or amount guaranteed.
2. Coverage provided – Daycare/outpatient treatments, pre- and post-hospitalisation costs, pre-existing diseases should be covered.
3. Special privileges – Senior citizens are entitled to certain free check-ups, waiting period is reduced, etc. Usually, there are some pre-policy check-ups involved here as well.
4. Exclusions and inclusions – Don’t just go by the cover of the book! Read the fine print of the health insurance policy and it will give you a gist of the inclusions and exclusions of the policy. Don’t assume that you are covered for all kinds of medical expenses.

Here are some health insurance plans for senior citizens.

Individual Health Insurance

As the name suggests, this is just a regular health insurance policy. Most companies have increased their health insurance upper-limit age to 65 years. So, if you are around 60 years and in good health, you can get a suitable policy.

Family Floater Plans

In case your son/daughter already has an existing family floater plan, you can be a part of the same plan. Family floater plans are based on the one-family-one-policy concept. Being in the plan works out to be economical in most cases, as premiums tend to be more budget-friendly.

Senior Citizen Plans

As the name indicates, this health insurance plan is dedicated to senior citizens. They provide coverage for hospitalisation including cashless treatments. Day care costs for treatments such as chemotherapy and dialysis are covered. It also covers pre-existing diseases and ambulance charges as per sub-limits.

Top-ups and Riders

Even though health insurance for senior citizens gives basic coverage, it may not suffice financially. You can consider some top-ups or riders in such cases. These are basically an extension or special coverage offered for certain diseases. For instance, if you had a previous history of cancer, you can take a top-up for it. These plans come into action once your basic claim amount maxes out.

Particularly, those under family floater plans can avail this. For example, there is a sub-limit of Rs. 4 lakhs for critical illnesses in your existing plan. So, you can take a rider for this of about Rs. 10 lakhs. At a nominal rate, you would get extensive cover here. It means you get a cover of Rs. 14 lakhs (10+4).

Here are some options offered by various companies:

So, carefully compare and evaluate these plans to make an informed decision for senior citizen health insurance.