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  • Category: Insurance

    What are the best medical insurance plans for elderly people?

    Search for best Medical health Insurance plans? Follow our experts here to know about various schemes available for the customers from our members here.

    I would like to know the best medical insurance plans for people aged above 50. I want to know which insurance provider provides better options, good coverage of benefits and cashless treatment in hospitals. Also, in terms of waiting period for utilizing the benefits of insurance and better customer service, which medical insurance is best suited for aged people? Request insurance experts in ISC to help me know about this.
  • Answers

    6 Answers found.
  • Medical insurance market has risen tremendously in the recent years and there are many companies offering it.

    Some of the reputed companies are Apollo Munich, Bajaj Allianz, Religare, New India Assurance, Bharti AXA, Oriental Insurance etc.

    Most of these companies have initial 30 days waiting period. They also have 4 years waiting period for existing diseases and 2 years for some specific diseases like knee replacement, cataract etc.

    They all cover age of 50 years. If you want to go through the subtle differences in the policies of these companies like allowed maximum period of hospitalization, post hospitalization days, family discount, pregnancy treatment and things like that then you can go through the detailed information in internet at -

    You will find detailed offers of various companies including the above mentioned and standout and exclusion features mentioned there will help you to choose a particular plan.

    Knowledge is power.

  • For all the points that you desire, you would have to be prepared to pay a good premium. To suggest a specific policy we would need a lot more personal details, hence I suggest that you can all the private and personal detials in the comparison sites and check once, instead of revealing illness, income and other private data on this site.

    The best medical insurance plan deals as far as premiums are concerned are the ones that you take much early in the age around the 30-35 years before the onset of any illness.

    Around this age, presence of common diseases like BP, Diabetes, coronary artery disease, Hypercholesterolemia all are more likely, If there is a family history of cardiac illness etc all this will increase the premium that you have to pay because more are the chances of a payout or a claim to be honored by the insurance company.

    Many people go for a family floater policy which is good for a couple with two growning children. This may not be a good option now.

    Whatever company you choose, there are few things to remember

    1.Get the medical history in order

    2.Don't hide any illness or claims made by family members (parents, brothers)

    3.Declare the diseases that have been diagnosed so far

    4. A medical check-up would be mandatory for many companies.Please be careful about smoking and alcohol consumption as this cannot be hidden and the cost of premium will be higher.

    5. Check for the cover provided, cashless, daycare treatment, critical illness, and ICU stay and no claim bonus.

    6.At this age as premiums are higher, some choose a co-payment option wherein the premiums are little less but you have to pay 10%-25% of the hospital bills if hospitalized. If you are 50 without any illness or the above-mentioned family illness then you can go for this option.

    7.If you are buying this insurance for a hernia surgery, gallbladder removal, prostate or uterus surgery, joint or stent placement, then please read the terms and conditions as it would take at least 2-4 years to be eligible for these before you can actually claim for it.

    8.If there is a requirement of dialysis, chemotherapy or radiotherapy, then please check because some policies will not cover this even if you declare it upfront. can the claim settlement rates and the time taken to settle the claims from the IRDA (insurance regulatory and development) website

    You can choose one of the below

    Bajaj Allianz, ICICI Lombard, Apollo Munich and Max Bupa. f the person is 60 years, then National insurance Varistha mediclaim is a good option. please check on, and

  • The primary points you need to consider while buying a health insurance plan for senior citizens are:

    1. Maximum Coverage
    Select a plan that covers most of the medical ailments. Make sure that critical conditions are also covered.
    2. Waiting period
    The insurance plan must have least waiting period. Better to select which has less than one year waiting period.
    3. Renewal age
    Select a plan that has maximum renewal age.
    4. Amount assured
    The insurance plan must offer maximum amount.
    5. Co-payment and Exclusion
    Always prefer a plan which has minimum co-payment and least exclusion of medical ailments.

    With all these in consideration the most popular plans for elders are:

    1 )National Insurance: Varishta Health care Plan
    2) United India Insurance: Senior Citizen Plan
    3) Bajaj Alliance Health Insurance: Silver Plan
    4) Max Bupa Insurance: Heartbeat Plan
    5) Star Health Insurance: Senior Citizen Red Carpet Plan
    6)New India Assurance: Senior Citizen Mediclaim policy
    7) HDFC Ergo
    8) ICICI Lombard

    Do a comparison of all the available schemes and select that suits you best.
    Good Luck.

    Thank You
    Dr. V. Shashikanth

  • There are many insurance companies who are offering health insurance policies for the people.
    These policies are for individuals as well as for family members. You can take insurance cover including your children and your parents and if any other dependents. You can cover all in one policy. Almost all types of policies are there for all the service providers but names may be different. You can go through the websites of each company and their policies datils will also be there.
    I suggest companies like Kotak life, HDFC life, Icici life, United India
    Insurance, New India insurance, Bajaj Allianz, and many other companies are there.
    You can talk to the companies agent and get the details of each insurance Basing on the facilities they are proposing you can select any plan from

    always confident

  • Nowadays people are well aware of medical insurance and its utility, especially in old age. So many people are purchasing these plans. Due to this emerging market, there are a lot of companies offering their product.
    Though prima facies the inclusions and exclusions are more and less same in these policies the net premium to be paid varies from one to another.
    There are some sites (like: where you can enter your details and they will calculate and help you in finding the best product as per your need.
    Some of the well known players in this line are - Apollo Munich, Bajaj Allianz, Max Bupa, Religare, New India Assurance, Bharti AXA,
    Oriental Insurance etc.

    Thoughts exchanged is knowledge gained.

  • If the person is employed, then there would be some kind of reimbursement or medical cover by way of insurance. The reimbursement there would be only a particular percentage of the expense incurred. In that case another insurance cover can be taken for a reasonable sum, so that the residual amount not reimbursed by employer can be claimed from the insurance company. I such a case even a bancassurance, linked and tied up with with your bank account is also a suggestion.
    But there needs medical insurance protection after retirement also. As generally existing disease are covered only after a period of four years, it is advisable to start a medical insurance about five years prior to retirement, and continue the coverage by proper renewal on time every year.
    For a generally healthy person of age fifties it is preferable to have a family floater policy as it can cover the dependant family members also. However the premium will be as per the elder person's age. The benefit here is that the coverage will be available to all the members listed therein subject to overall limit as total. In case a son, or spouse or dependant daughter has a medical insurance policy which covers you also, then it is preferable to have a residual policy coverage to fill gap for the co-payment portion.(However this has to be properly discussed and made sure before taking a policy).
    It should also kept in mind that whenever the coverage amount is enhanced subsequently, the enhanced cover comes into effect after the 'waiting period only'.

    It is always better to take a insurance which covers some pre hospitalisation expenses, domiciliary treatment, charges for house visit, ambulance transport etc. However that will also entail higher premium.

    So one should do a careful understanding and analysing the various terms and conditions and the premium difference for each ride and then take an optimum amount of coverage and also select the most apt policy plan.

    One need not be scared of a policy needing medial test. and certificate. One should factually correct and honest in all the details asked for.
    All parameters being same one should go for a plan that has coverage for long age say seventies and eighties. One should also decide whether 'cashless' admission coverage is needed and available.

    To summarise the factors deciding medical insurance after middle ages it should be an optimum of maximum coverage, minimum premium, maximum age period covered, co-payment portion, cashless facility, domiciliary treatment coverage, pre-hospitalisation expenses cover,easy formalities etc. To select a provider, one should better go for the well established and reputed insurance company.
    If buying through an agent, ask all questions coming to mind and get it cleared. Ask for alternatives and not just depend on the plans the agent promotes. If buying directly, then read al the fine prints and starred portions carefully and understand what 'is' and what is 'not'.

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