Everything You Need To Know About Health Insurance For Senior Citizens

Sound financial standing is the dream of everyone. With the exponential rise in the cost of healthcare services, a medical emergency can ruin this dream. There is always a high possibility that a medical emergency can result in financial strain and cause additional stress.

A health insurance policy can be your protection cover against monetary strain due to a medical emergency. Medical expenses can quickly eat up all your savings, and arranging funds during a medical emergency can be a daunting task. Therefore, It is not wrong to say that a health insurance policy for a family is a must. Here you can check the details of a health insurance policy for senior citizens and what it covers.

What is a health insurance policy for senior citizens?

It is a medical insurance plan for people who have attained 60+ years of age. Like other insurance plans, it is a contract between the insured  person (the policyholder) and the insurer (insurance company). The insured has to pay the premium to the insurer. In return, the company promises to pay the medical expenses incurred during treatment. Depending on your chosen policy, it may include hospitalisation, daycare, pre/post-hospitalisation, etc. 

Why is a health insurance policy for senior citizens important?

Health is a necessity for all, and so is a health insurance policy. Avoid any excuse that delays the decision on a health policy for your elderly parents. You may think that your group health policy that covers your parents also is enough, but it is not. As the age increases, the list of ailments also increases, resulting in repeated hospital visits. A group policy may not cover the high-cost treatments. Therefore, you need a standalone health insurance for senior citizens.  

If you are a retiree, while planning for your retirement, you should not forget about financial security against unforeseen medical expenses. 

Factors that determine a health insurance premium

  • Age factor: Age is a significant factor in determining the premium of an insurance plan – the older the insured, the higher the premium. As senior citizens are more prone to medical issues, the premium for health insurance plans for senior citizens is higher than plans meant for younger people. 
  • Medical history: Medical history also determines the cost of the policy. A person without a medical history can buy a health insurance policy for a lower premium. 
  • Claim-free years: Insurance companies also consider the claim-free years to determine the premium. It can benefit you with a low-cost health insurance policy as it automatically reduces the premium.

Features and benefits of health insurance policy for senior citizens

  • Hospitalisation Cover 

A health insurance plan for senior citizens includes hospitalisation cover. The insurance company pays medical bills and room charges at the hospital.

  • Comprehensive Coverage 

Health insurance for senior citizens saves you from the stress of pre-and post-hospitalisation expenses, domiciliary expenses (reimbursed fully), and ambulance expenses. It also covers daycare expenses. Day-care describes the medical procedure or surgery that requires hospitalisation for less than 24-hours. It is a key parameter to compare different health insurance companies.

  • Cashless treatment 

With a cashless treatment facility, you can easily avail of cashless medical treatment at a hospital tied up in the network of the insurance company. It relieves you from the stress of arranging funds for hospitalisation. You need not pay anything. The insurance provider will bear all the costs incurred for the treatment. A policyholder can get these benefits for planned treatment as well as in an emergency. 

  • No pre-screening 

A health insurance policy for senior citizens is available to buy without medical tests. However, this facility depends on the terms of insurance companies.

  • Pre-existing diseases coverage 

Generally, such policies cover pre-existing ailments after two years of purchasing the policy.

  • Preventive health checkup facility 

A health insurance policy comes with a preventive checkup facility for senior citizens.

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  • Faster and hassle-free settlement

Insurance companies understand the crisis and keep the settlements on priority to put the policyholder at ease.

  • Life-long renewability 

Most insurance companies offer an insurance policy with a lifetime renewability feature. There are no restrictions or age limits.

  • Save Taxes 

You can save taxes up to Rs.1,00,000 under Section 80D of the income tax Act, India.


Thus, today, when the cost of healthcare services in India is increasing day by day, make sure you have an adequate health insurance cover that can pay for most old-age health ailments. You can protect your golden years with the right medical care. Annual health checkups and support for a healthy lifestyle from your insurance provider can also help elders in your family. Without burdening your wallet, you can target old-age health issues and stay calm during a medical need if you have the right health insurance coverage. 

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