Best Health Insurance/Mediclaim for Senior Citizens in India?

Question

I have seen that in India people above 45 find it difficult to get a good Health Insurance Cover. Moreover for people above 60 it is a daunting task to get a simple coverage with least sublimits. Can anyone help on this? I will be really grateful.

Also how much can I claim as Tax Benefit for Parents?

Answer 1

hiiiiiiiii,

ur parents can be easily insured by taking a good mediclaim. ICICI Prudential is the co. which provides best plans with full coverage.

The following features of ICICI Prudential are as follows:

ICICI Prudential, India's No. 1 private life insurer presents a comprehensive insurance policy that has:

    * Facility of cashless hospitalisation in more than 3000 network hospitals.

    * Benefit amount will be paid in addition to payment received by you from other medical insurance plans.

    * You will receive lump-sum benefit amount, irrespective of the actual billing.

    * Long term guaranteed coverage up to 20 years.

    * Tax benefits on premium paid up to Rs.15,000 under Section 80D.

The premium of Mediclaim depends upon the age of the person i.e if the age is more the premium will be more and vice-a-versa.

Log on to the link below which shows the various plans offered by our Co.:

http://iciciprulife.com/public/Health-pl...

If you want me to help u in doing the same,you can write on

[e-mail]

Answer 2

Your move is right. Protecting your parents under medi-claim, especially if they are over 60 years, is good and the best move.

The obstacles are, most of the companies not providing medi-claim for seniors. If it is there, that would be costly. for your parents, you should select one which doesn't require more informations or documents.

Approach STAR HEALTH INSURANCE the only company dealing with only health insurance in India, providing medi-claim to seniors. the amount shouldn't vary year to year. You can cover your parents till the age of 75 to 85 (please check this).

There are other companies like ICICI lombard or some others have the facility but the premium is more than double compare with star health.

Does this make sense?

Answer 3

If you want the best one, then just contact any of the Max New York Life Insurance in your city...

Answer 4

You are right. Taking a good health insurance cover after 45 is a big challenge...more if you have BP, Diabetes or any other negative health condition. This does not mean we get discouraged and again (??!!) postpone our plan to take a Health Cover.

This Insurance cover if ignored, least said could result in huge financial instability in the future. Health Costs are rocketing through the roof and it is increasingly becoming difficult to cover Senior Citizens and People above 45 for Health Insurance or Mediclaim. Everyday we at InsuranceMall.in hear a company coming out with new restrictions OR increasing the price of Senior Citizen Products.

Remember, now buying a Health Insurance for your Sr. Citizen parents, dependant or working would give you an additional Rs. 20000 of rebate, over and above Rs. 15000 for you, your spouse and kids that you can take rebate for

Myths which need to be broken:

1. My Office covers my parents - so I dont need to cover them:

Yes, your office covers them, but what if you leave your job and join a new company where they dont cover your parents. Parents would not be covered after age 70 under Group Medical Insurance taken by corporates, what after that?

2. I will buy it when they turn older. Currently my Office Insurance is enough. There are Insurance Companies which will cover them later.

This would be very difficult year after year, as your parents grow older. If your parents would have BP, Diabetes - this is restricted for first 3 years. So the earlier you take the cover, the cover on Major/Critical Illnesses like Heart Attack etc. would be covered.

3. I have a 1.50 Lakh cover for my parents. It is good enough.

Most of the major costs including surgeries in quality hospitals with good doctors could cost more than Rs. 3 Lakhs. Rs. 1.50 Lakhs is definitely not enough.

4. My Father has Diabetes and Mother has BP. I will buy when an Insurance Company will cover such illnesses/Health Conditions from Day 1.

This is not possible. Please understand that Insurance Companies are for-profit organisations. To cover existing illnesses at the time of proposal, would be just impossible for a good Insurance Company.

Important Points to check when buying a Health Insurance for your parents:

1. Check for Important Exclusions if any in the policy wordings - Call for Policy Wordings of your shortlisted product.

2. Check Capping on Room Rent. There are some companies which have a 2% capping on the room rent. Room Rent above this would have to be paid by you.

3. Check Maximum Renewal Ceasing Age. Most Companies stop renewals from 70 to 75.

Best Health Insurance Floater for Parents below age 60:

Among options currently available in the market, our analysis says the best and most reliable floater product for parents in the age span of 45 to 60 would be Apollo DKV Easy Health Standard.

Highlights:

1. Life Long renewal

2. Good Background of DKV. DKV is one of the largest Health Insurance Companies in the world.

3. Free Health Assessment every year

Click here for quotes and even purchase: https://www.insurancemall.in/Forms/frm_G...

Best Senior Citizen Health Insurance Product:

From our analysis, the best Senior Citizen Product in the market would be Bajaj Silver Health.

Bajaj Silver Health from Bajaj Allianz, though an expensive product, is the best you can give to your parents.

Click here to check quotes: https://www.insurancemall.in/Forms/frm_G...

Highlights:

1. Pre-Existing covered after 1 year for 50% of Total Sum Insured.

2. Cashless Hospitalisation till age 75  

3. Covers Pre-existing from Year 2.

4. Covers Domicialiary Hospitalisation

5. 20% Co-payment at non-network hospitals.

6. Family Discount of 5%

7. Good Claims Record

Negatives:

1. Bajaj is very strict on Medical Results. If the results are very negative, they could reject the proposal at inception itself.

2. Joint Replacement Surgery [other than accidental] excluded for 4 years.

3. Life Time Limit of Three Times the Sum Insured. So if you have taken a cover of Rs. 3 Lakhs, the maximum that one can claim in the lifetime is 9 lakhs per policy.