Healthcare costs in India are increasing at a distressing rate. Based on some estimates the annual healthcare inflation is the range of 15 – 25%. A hospitalization for a serious illness can cost Rs 5 lakhs or above. Health insurance becomes even more relevant for senior citizens, because health risks increase substantially with advancing age. Unfortunately in India, the senior citizens are still under serviced as far as health insurance on concerned. Having said that, health insurance is a critical need during retirement. Increased health related risks and associated costs coupled with lower income during retirement, makes health insurance one of the most important aspects of financial planning for senior citizens.
Senior citizens, who were covered under their employer’s group health insurance plan before retirement and did not have an additional individual health insurance or Mediclaim plan, have two options, upon retirement.
Seniors should evaluate both the options and then make an informed decision on choosing the right option. They need to assess several important factors when buying individual health insurance. These factors are as follows:-
For the sake of illustration we have chosen five health insurance plans for senior citizens from five different insurers (one from public sector and four from private sectors) and compared them across the five parameters, discussed above. The five plans that we have chosen for our analysis are the Varishta Bima plan from National Insurance, Heart Beat (Silver) policy from Max Bupa, Red Carpet plan from Star Health, Silver Health plan from Bajaj Allianz and Optima senior plan from Apollo Munich.
*Depending on age between 60 to 75 years
Conclusion
Health insurance is a critical need for senior citizens. In this article, we have discussed some important considerations in choosing the best health insurance policy for seniors. All of us should educate ourselves about health insurance. It becomes even more important if you are a senior citizen or if your parents are senior citizens. You can also consult a financial or insurance adviser, with sufficient experience and expertise in health insurance, to help you choose the right plan for senior citizens. Retirement years are golden years of your lives. With the right health insurance, you will be able to enjoy these golden years to the fullest extent.
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