June 13, 2024
Importance of Senior Citizen Health Insurance plan

When do you think you face the highest health risk? Is it in your youth or when you are in your older age? It is at older age? As old age is fraught with health risks, shouldn’t there be health insurance plans covering us when we are older? Earlier, health insurance companies offered health insurance plans only to individuals aged below 60 or 65 years. But, to cater to the health insurance requirements of senior citizens, insurers have started offering senior citizen health plans. But are these plans useful?

They definitely are and there are many reasons why. But before we jump to their importance, let’s understand the concept of senior citizen health plans.

What are senior citizen health insurance plans?

Senior citizen health insurance plans are health plans which specifically cover individuals aged 60 years and above. The coverage features are designed keeping the health insurance requirements of senior citizens in mind.

Importance of senior citizen health insurance plans

Senior citizen health insurance plans are important because of the following reasons:

  • Health costs are a nightmare in older ages

Did you know how expensive medical costs have become? Sample this – a survey conducted by the National Sample Survey Office across India in 2014 showed the average healthcare costs in 5 urban Indian states. Here is what they found:

The costs are staggering, aren’t they? Add to this the high incidence of medical contingencies in older ages and it becomes a nightmare! In this scenario, a health insurance plan proves very beneficial. By taking care of the medical expenses which are very frequent in older ages, a senior citizen health insurance plan takes care of your finances.

Importance of Senior Citizen Health Insurance plan

  • Atolder ages, you might face a financial crunch

When you cross 60 or 65 years of age and become a senior citizen, you also retire from active employment. After retirement, your income dries up. If you are entitled to a pension, such pension payments are also not very high. In such situations, facing a medical contingency without a health insurance plan is difficult. You might face a financial crunch when trying to meet healthcare costs. A senior citizen health plan establishes its importance in these situations. It pays off your medical bills and spares you the financial burden.

  • The plan provides a good scope of coverage

Senior citizen plans are not stingy on their coverage features. They provide sufficient coverage to take care of your varied medical expenses. You can avail coverage for:

  • Hospitalization expenses which include pre and post hospitalization and also in-patient hospitalization
  • Ambulance charges
  • Day care treatments
  • Organ donor expenses
  • Coverage for treatment of specific diseases
  • Free health check-ups, etc.

Moreover, the plan allows cashless claim settlement facility and covers pre-existing illnesses after a short waiting period.

  • You can also save taxes

If the above reasons are not sufficient, here is another reason to sweeten the deal. Premiums paid for your senior citizen health plan, up to Rs.30,000 is exempted from Tax under Section 80D of the Income Tax Act.

Do you need any more reasons stating the importance of a senior citizen health plan? I suppose not! A senior citizen health insurance plan is beneficial and also important. Here are some popular senior citizen plans and their features –

Features Apollo Munich Optima Senior Star Health Senior Citizens Red Carpet plan Oriental Insurance HOPE policy
Entry age 61 years and above 60-75 years 60 years and above
Sum Assured Rs.2,3 and 5 lakhs Up to Rs.10 lakhs Rs.1-5 lakhs
Pre-existing waiting period 3 years 1 year 2 years
Coverage features Pre and post hospitalization, organ donor expenses, domiciliary treatments, day care treatments, e-opinion for critical illnesses, etc. Outpatient consultation in network hospitals, day care treatments, pre and post hospitalization, etc. Pre and post hospitalization, AYUSH treatments, ambulance cost, in-patient hospitalization, etc.


A senior citizen health plan is important because of the coverage it offers and its need in older ages when medical incidence is higher and a common man finds it difficult to bear the medical expenses. There are various plans available in the market and you can choose a senior citizen health plan as per your requirements. Coverfox offers you a list of available plans and lets you make an easy choice. You can see the plan features along with their premium rates and make a choice. So, if you are over 60 years of age or have senior citizen parents, buy a senior citizen health plan today.

Leave a Reply

Your email address will not be published. Required fields are marked *