Due to medical advancements, life expectancy has been growing in recent years. However, these medical advancements have been becoming expensive as well. Therefore, it is necessary to assess the opportunities available to save on medical expenses by purchasing health insurance online.
In India, majority of people think that they cannot buy a mediclaim policy once they turn 60 years of age. Health insurance for senior citizens is not easily available and buying this policy as comprehensive as mediclaim for those who have not yet crossed the age of 60. Some insurance companies in India such as Oriental Insurance, Max Bupa, Apollo Munich, National insurance and others do provide healthcare plans for old age people.
Sometimes, these policies are restricted when compared to basic health insurance, so it is essential to read policy documents carefully. Understand what the plan gives you, and exactly what it does not provide you. Below are some of the features related to policies provided by insurers;
- Entry Age
Some insurance companies in India offer health insurance for senior citizens between the ages of 60 to 80 years. Some insurers limit entry age to 69 years of age and person is not eligible to buy a policy once he or she cross 69. Private insurers such as Apollo Munich and Max Bupa offer healthcare plans with no maximum entry age.it means the plans are not only for senior citizens, all can apply to buy a policy.
- Renewal Age
Renewal age is the time till which he or she can renew his or her mediclaim plan. Generally, the age limit is around 90 years but it may vary from insurer to insurer.
- Pre-Existing Diseases
Pre-existing diseases are those diseases which policyholders might already be suffering from and are insured after one or two years from the date of buying a plan.
Premium amount for health insurance for senior citizens is usually high because the age of the life to be covered is above 60 years and in case of pre-existing diseases, the insurer will charge some extra premium to cover that specific disease.