Best health insurance for senior citizens in India

These policies provide protection that you can count on, covering hospital bills, surgery bills, and other health care costs that otherwise might be overwhelming. In this guide, we will review the top health insurance plans for senior citizens in India, the availability of cashless treatment options, and how significant a company's claim settlement ratio is. 

Top Health Insurance Plans for Senior Citizens in India 

Several health insurance companies in India cater specifically to those over 60, ensuring that senior citizens can access proper medical care without fear of economic cost. Plans like this often have higher premiums because a greater probability of more frequent or significant medical expenditures is expected in old age. But, they are essential for older people who have developed health problems.

On top of the list is Star Health's Senior Citizens Red Carpet Health Insurance Plan. This plan is tailored to meet the specific healthcare needs of older adults. Pre-existing conditions are also covered. Under it, hospitalization services, domiciliary treatments (a sort of patient care at home), and pre-and post-hospitalization expenses among others are covered. Its entry age is 60, and you can renew the insurance for a lifetime which is a great advantage.

New India Assurance's Senior Citizen Mediclaim Policy can suit the bill as well. After a waiting period, numerous hospital expenses can be reimbursed by this coverage plan. Ambulance cost is also taken care of under the policy and it covers pre-existing diseases. Plus you'll enjoy tax benefits since it is implementable under Section 80D of the Income Tax Act. There are only good points here.

After a waiting period, Bajaj Allianz's Silver Health Plan also takes care of almost any kind of hospital expenditure like ambulance charges, and pre-existing diseases. Co-payments are also on offer from the plan which will reduce your premium if you prefer to share the cost of treatment.

Besides, Religare Health Insurance brings you the Care Senior plan - another beloved health insurance option. This plan offers hospitalization, insurance coverage, room rent, ICU charges, medical expenses, and travel budget. Daycare options and no-claim bonuses are also a part of it.

Lastly, the National Insurance Varistha Mediclaim Policy. It is a government-supported program that provides comprehensive health insurance benefits for the elderly. It offers hospitalization insurance, with a grace period following admission. One can also enjoy critical illness protection and even full coverage of all pre-existing conditions after joining the plan with a waiting period. 

Cashless Treatment Options Available 

Senior citizen health insurance policies often promise cashless treatment facilities. Policyholders can receive medical care at network hospitals without making any upfront payment with cash. Instead, the insurance provider directly settles the bill with the hospital. The whole process is thus convenient and trouble-free for senior citizens and their families.

The best on the list are Star Health, New India Assurance, and Bajaj Allianz. Senior citizens and their families do not have to worry about how to come up with funds ahead of time when there is a need for emergency hospitalizations. The availability of cashless treatment at various hospitals across India is one key feature to be sure of and search for before choosing health insurance that elderly individuals need.

Before selecting an insurance policy, care should be taken to review the list of network hospitals. Make sure that the hospitals are in convenient locations and offer the specialized treatments needed for senior citizens. This is an important point when thinking about how to choose health insurance for senior citizens. 

Claim Settlement Ratio: Why It Matters 

When choosing a health insurance policy for seniors, the most important thing you can consider is its claim-settlement ratio (CSR). The CSR is a percentage that shows how many claims an insurer was able to settle successfully out of the total received in a fiscal year. A higher CSR for senior policies means that the insurer is reliable and efficient at paying out claims -- something that can matter a great deal to older people.

For example, Star Health has a great Claim settlement ratio for senior plans. This is one reason why it continues to earn trust among senior citizens. A higher CSR also means that people holding insurance policies can believe that the company will pay their claims whenever they need it and won't trouble them with any unnecessary hassles. 

Insurers with a low claim settlement ratio can be a red flag as they indicate difficulties in getting claims settled. Senior citizens frequently face urgent medical problems. Under such circumstances, a reliable insurance company that will promptly approve and settle claims can help improve the quality of medical treatment received by them. Always check the insurer's CSR before finally picking out health insurance for elderly people.