Health is a depreciating asset. As such, senior citizens must plan for health-related consequences by taking pre-emptive steps like keeping fit with light exercises and plenty of outdoor activities. A healthy lifestyle can keep many age-related issues at bay, but you must also be prepared for illnesses like cancer, strokes, etc., that can surface without a warning and are expensive, too. The National Health System Resource Centre (NHRC) in 2022 estimated that India’s medical inflation paced at a double-digit rate compared to the country’s overall inflation in the same year. It has made healthcare unaffordable for many people, underscoring the need for a Comprehensive Health Insurance Plan for senior citizens for protection against unexpected medical expenses.

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Choosing A Comprehensive Plan

A comprehensive health insurance policy can protect you against all medical emergencies. If you are a senior citizen, opt for an all-inclusive health plan, as can’t speculate what you may suffer from in the future. If cost is a factor, consider exploring government-backed policies like the National Varishtha Mediclaim Policy, Pradhan Mantri Jan Arogya Yojana, United India Healthcare Insurance, or New India Assurance Mediclaim Policy.

These are available for people aged 60-80 and can be renewed till the subscriber reaches 90. They cover critical illnesses, like cancer and heart stroke, and provide costs for medicines, organ transplants, blood, oxygen, diagnosis, doctors’ consultations, etc. However, the sum assured can be less than private insurers’ policies. However, premiums for health insurance policies get tax rebates under Section 80D of the Income-tax Act 1961.

However, before buying a health policy, whether private or government-sponsored, you must consider its premiums, check-up services, coverage for pre-existing diseases, waiting period, hospital network, OPD benefits, claim settlement process, no claim bonus, etc. Reading the fine print and comparing the plans is key to securing a better deal.

Generally, the higher the sum assured or illnesses covered, the higher the policy cost. If you buy the policy post-retirement, premiums can be higher because of higher health risks. Insurers set the prices based on age, family medical history, etc.

Moreover, insurers demand a mandatory health check-up when buying a policy after a certain age. The premiums increase significantly due to higher risk. Also, the coverage for pre-existing diseases kicks in after a waiting period based on the policyholder’s age and medical history.

So, it is prudent to buy a comprehensive policy when you are young.