Health Insurance for Senior Citizens in India

Health Insurance for my pa and ma!
Our parents took all pains and sacrifices to cover us from all difficulties and made us what we are today. We would always want our parents illness [god forbid] to be treated at the best hospital possible in our city. How do we do it? We do it by buying a Smart Insurance Policy or start preparing to save unlimited money for such an eventuality.

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 Income Tax u/s 80D 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 TO BUY ONLINE
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 below TO BUY ONLINE https://www.insurancemall.in/Forms/frm_G_Health_Insurance.aspx

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
CLICK HERE TO BUY ONLINE: https://www.insurancemall.in/Forms/frm_G_Health_Insurance.aspx

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.