Health insurers provide the option of lifetime renewability for most policies and it is advisable that we buy them before long but that does not mean you cannot buy a new policy after the age of 70. While most insurers have an upper cap of 65 years for buying a new policy, there are many senior-citizen-specific policies that you may opt for. But before you buy a policy there are a few things you need to know:
1) They are more expensive
Since senior citizens are at a higher risk, health wise, the premium charged for the policies are also higher. Furthermore, the premium costs can keep rising the more you grow in age. Religare Health Insurance Care Plan, for example, has a premium of Rs 25,265 for a 60-year-old person and Rs. 58,151 for a 75-year-old person, for a cover of Rs. 10 lakh.
2) Co-payment
To reduce the cost of premiums, several plans provide senior-citizens with the option of co-payments. A co-payment percentage of 20%, for example, means that for any claim generated, the policyholder will pay 20% of the claim and the insurer would pay the remaining 80%.
3) Limits on sum insured
Again, since senior citizens are at a higher risk, the insurance companies do not provide a large cover for them. Furthermore, there are also smaller sub-limits in the policy in terms of ambulance cover, room rents, etc. Furthermore, they are not provided cover, by most insurers, without a thorough medical check up. The underwriting of such policies are, therefore, much stricter for senior citizens.
4) Pre-existing clause
The most important factor to remember is that even when you buy a policy at the age of 70 and above, there might be waiting periods for pre-existing conditions to be covered. This is a time you may not be able to afford. And finding an insurer that provides coverage since day 1 can be extremely expensive.
That being said, there are indeed some health policies that you can opt for even after the age of 70 and we will have a look at them here:
1) Aditya Birla Activ Care Senior Citizen Health Insurance
This policy provides for a cover of Rs 3lakh to 25 lakh and can be brought before the age of 80. It provides for post-hospitalisation coverage for nursing and medical equipment at home. It covers 586 day-care procedures and also the expenses on ventilator, oxygen cylinders, etc. The policy, however, does have a pre-existing illness clause of 24 months before it protects you against such conditions.
2) Star Health Red Carpet Health Insurance Plan
This plan can be brought before the age of 75 and the sum insured ranges from Rs 1lakh to 25 lakh. It does not require pre-insurance medical screening and can be renewed for a lifetime. It provides cover for outpatient medical consultation, 30-days pre hospitalisation expenses, Post-hospitalisation coverage up to Rs. 10,000, and for all day care procedures. This policy too has a 2 year waiting period for pre-existing conditions.
3) Religare Care Freedom Health Insurance
The minimum age for buying this policy is 46 years and there’s no upper age limit for purchasing a new one. It provides cover to the tune of Rs 3,5, 7 and 10 lakh, and the policy tenure can be 1-3 years. It provides cover for annual health check-ups, dialysis, companion benefits, and a 100% restoration of sum insured in case of exhaustion. It also covers up to 6 members of the family and provides lump sum payment of consumable allowance on a daily basis if hospitalised for more than 3 days. The policy, however, does not cover pre-existing diseases for 2 years and does not cover OPD expenses.
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