Buying a senior citizen plan? Here is a complete guide that will assist you

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Surging healthcare costs and an increase in the number of disorders and diseases can imbalance your financial budget and wipe off your life savings. It is a high time everyone had health insurance. But more importantly, our senior citizens must. All elderly people must have senior citizen health insurance coverage. If your elderly parents are financially dependent on you, you must buy a senior citizen health plan for them and fulfill your responsibility.

This article will help to understand the significance of purchasing a health plan for individuals over 60 years of age and will guide you through the factors you must take into account.

The Age Factor

Due to the age factor, elderly people are highly prone to falling sick. In no time, a health emergency can transform into a financial emergency.  Thanks to senior citizen insurance plans, the future of elderly individuals can be financially secured.

With many insurance plans available in the insurance market, the insurance buyers are spoilt with various options. To search for a good plan that fits your budget, you must be aware of your insurance expectations so that you know what to look for.

What exactly is a senior citizen medical insurance plan?

Senior citizen medical insurance plans are offered by various insurance providers. It financially secures individuals aged 65 and above. These health insurance plans are formulated to provide cover against all types of healthcare expenses incurred by the insured’s treatment. Gifting a medical insurance plan to your elderly parents is a good way to look after their healthcare needs.

It’s important to purchase insurance for your elderly parents because of the reasons mentioned below.

Old age and Vulnerability to Illnesses

 After a particular age, an individual has to retire from work and gradually becomes so weak that he/she has to survive either on pension or by using the interest accumulated on savings. Old age tends to attract various illnesses. Keeping that in mind, one must take plan accordingly for all healthcare needs.

A Stress-Free Life

Health insurance plans are formulated to keep stress arising out of financial issues at bay by taking care of the emergency medical expenditure in a hassle-free and systematic way.

Avoid Financial Crisis

A sudden financial crunch can act as a big burden for your family members. If your elderly parents don’t have senior citizen medical insurance cover, then the earning member of your family would be loaded with the additional financial responsibility.

Benefits and Features of Senior Citizen Medical Insurance Plan

Here are the benefits of opting for the best medical policy for senior citizens:

  • Get higher amount insured benefit.
  • Enjoy tax deductions on insurance premiums.
  • Daycare expenses arising out of the usage of specific equipment while undergoing treatment such as chemotherapy and dialysis are covered.
  • Free medical check-ups can be availed on an annual basis.
  • Various benefits such as cashless hospitalization, doctor fees, room charges, medical bills can be enjoyed in case insured person is admitted for a time period of more than 24 hours.
  • Pre-decided ambulance charges for the insured will be covered by the insurance provider.
  • Pre-hospitalization expenses and post-hospitalization expenses are covered.
  • Pre-existing ailments are covered based on the policy terms.
  • Hassle-free and quick claim settlement is provided.

How to choose the best health plan for senior citizens?

When you buy a senior citizen health plan for your elderly parents, don’t do it just for the heck of it.
Consider the points mentioned below while selecting the health plan.

Consider the Medical History

 At the time of purchasing a health insurance plan for your elderly parents, it’s important to know their medical history. It helps in identifying the coverage they need and the various insurance benefits they can enjoy in the future.

Comparison is the Key

There are plenty of senior citizen health insurance policies available in the insurance market. Comparing various insurance features such as premium, coverage, riders, inclusions, exclusions, etc., will help you to come across the desired insurance plan that offers adequate insurance coverage.

Furnish Correct Information

While choosing an insurance plan, provide accurate information as incorrect information can create problems at the time of filing a claim. As a result, your claim might get rejected.

Don’t Let the Insurance Premium be the Sole Criterion

While we all want to enjoy maximum insurance benefits at minimum insurance costs, its premium shouldn’t be the only factor to set the store by. Adequate insurance coverage must be given more preference. It will help them enjoy various insurance benefits.

What are the parameters to compare senior citizen medical insurance policies?

In order to compare various insurance plans, keep the following factors in mind.


It plays a significant role since an insurance plan is issued on the basis of age. One must buy it as early as possible as it enhances the chances of enjoying better coverage.

Go for an insurance plan that will remain active for a longer duration.

The Amount Insured

Approximate computation of the annual healthcare charges will be helpful in figuring out the amount insured.


The senior citizen medical insurance premiums are a bit expensive but the benefits are absolutely worth it. The cover protects the elderly against any serious complications that may arise later.

Coverage for Particular Illnesses

You must read through the insurance documents and check if all the old-age-related illnesses are covered by the policy.

Hospital Network

During an emergency, a hospital in the vicinity is of great help. Even for the planned claim(s), the elderly people are more comfortable visiting a hospital in the vicinity. So, do check the list of network hospitals of insurance providers, and choose the one that provides hassle-free services at a nearby hospital.

Co-Payments and Deductibles

Various senior citizen policies come with co-payments and deductibles. Thoroughly check the plan details, and opt for the plan that has minimum co-payment and lowest deductible clause.

The Bottom Line

Carefully go through the fine print of your policy and check out the inclusions as well as exclusions of your particular insurance plan. This way you will have a clear understanding of your policy coverage and won’t be uncertain about anything.

Hopefully, this article helped you in understanding senior citizen medical insurance better.

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