Is there an Age Limit for Availing of Health Insurance ?

Posted on: Feb 14, 2019 | 3 mins | Written by: HDFC ERGO Team

Is there an Age Limit for Availing of Health Insurance ?

As you grow older, it is likely that you may suffer from serious ailments. Treating such diseases is becoming expensive with increasing inflation. Securing your financial stability especially during your senior years when you primarily depend on pension income is crucial.

Availing of a health insurance for seniors is recommended and you may opt for a comprehensive cover available for individuals aged between 65 and 80 years. This ensures that you do not face a financial crisis in case a sudden medical emergency arises.

Although insurance companies offer plans for people at any age, it is better to avail coverage at an early age. Here are three benefits of purchasing medical insurance early.

Lower premium

When you are young, the possibility of suffering from serious ailments is lower. Therefore, insurance companies offer coverage at a lower premium because of lesser risks.

Medical examination

Another benefit of purchasing a health plan early is that most insurers do not require you to undergo the medical examination.

Waiting period

Almost every insurer includes a certain waiting period in its health policies. This is the period when you are unable to claim policy benefits in case you are diagnosed with the covered illnesses. Availing the plan early ensures the waiting period is long over before you may actually suffer from any of these conditions.

Here are four things you must consider while purchasing health insurance for parents above 60 years.

Choose a plan that is renewable for a maximum age
Opt for an insurance policy that requires a minimum co-payment.
Buy a plan that offers maximum coverage at an affordable premium preferably for critical illness as well.
Avail of a policy that has a shorter waiting period for pre-existing conditions.

Pros of senior citizens health plan

Cashless hospitalization covering room rent and medical bills.
Ambulance charges up to maximum limit coverage.
Day care expenses coverage that arises from special equipment and procedures.
Pre and post-hospitalization expenses for specified number of days.
Pre-existing conditions coverage but may vary from one company to another.

Cons of senior citizens health plans

Higher premium
Co-payment requirement, which requires you bear certain percent of the total expenses
Certain medical conditions may not be covered

Under senior health plan

Pre-existing conditions
Treatment costs incurred due to drugs use
Non-allopathic treatments
Any illness contracted within 30 days of buying health insurance for senior citizens
Expenses incurred for self-inflicted injuries

Insurance companies provide different products to encourage people to avail health coverage. It is recommended that you compare different policies offered by various insurers to understand the inclusions and exclusions, premium, and other terms and conditions.

Although there is no medical insurance age limit at the time of entry, it is recommended you buy one early to ensure the benefits are available when the need arises.

To know more about our Health Insurance Plans and its benefits CLICK HERE

Investments for Senior Citizens - Income Tax and Other Benefits

Find Out Why Senior Citizen Health Insurance is Better than a Regular Health Plan

Is it possible to renew health insurance policies after 80? Find out

Common Causes For Limited Mobility In Senior Citizens

7 Must Do Exercises For Senior Citizens