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  • Importance of Health Insurance after 60 Years of Age

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    Health insurance is the latest buzzword in insurance circles and is seeing a sharp increase in sales as well as awareness. With the incidences of lifestyle diseases on the rise in an increasingly sedentary workforce and stress levels rising with each salary hike, health insurance is the need of the hour. Add the burgeoning cost of quality healthcare to the mix and you’re presented with a situation where health insurance is needed to keep you afloat financially.

    While most working professionals have woken up the need to have a health insurance policy to cover the cost of medical treatment, the general trend is to discontinue these policies at retirement. With the steep premiums and without a monthly pay-check, it becomes difficult to maintain a lifestyle as well as keep contributing to the pension fund.

    So health insurance is left out in the cold as most of us enter our ‘golden years’. But could that be the biggest mistake we make?

    Need for Health Insurance after Retirement:

    As we get older, medical check-ups become more frequent and the cost of our lifestyle catches up with most of us. With stressors from past jobs and the higher risk from disease and illness due to natural factors, most of us are exposed to the risk of health complications as we age. Covering the cost of these illnesses or trips to the hospital can be a serious drain on resources, especially for those living on savings or a pension.

    To illustrate with an example, the cost of heart surgery is around Rs.2 lakh at present. Given inflation and other allied costs, it could be as much as double the cost in 20 years’ time, which is when the current workforce would retire. Unless working professionals have built up savings to prepare for this eventuality, they would have to dip into investments or borrow to undergo such life-saving and necessary procedures.

    Thus, getting health insurance as we age is necessary in order to ensure healthcare costs do not swallow your retirement nest egg.

    Health Insurance Plans for Senior Citizens:

    Having a health insurance plan as a senior citizen enables you to put aside a sum of money periodically towards the future medical expenses without having to shell out a large sum of money at once. With a wide range of policies and coverage offered in the market today, individuals are spoilt for choice when it comes to picking a health insurance policy.

    Choosing a health insurance plan especially suited for a life after retirement is also a good idea, as such plans will take into account the advancement in age as well as the possible situations which would require cover at such a stage in life.

    Benefits of Senior Citizen Health Insurance:

    As individuals age, the chances of them contracting certain illnesses and being susceptible to some diseases increases. Having a health insurance plan that covers these very illnesses would go a long way in easing the financial strain on the individual in the event they contract such an illness or have to undergo a particular procedure.

    Health insurance also provides coverage for post-operative care such as medical tests and medication for certain conditions. In this way, the individual ends up saving on these expenses as well, which amount to quite a high number when put together.

    With thehealth insurance sector introducing plan that have no maximum entry age limit, it becomes easier for individuals to choose a health insurance plan at a later stage in life and make premium payments only for illnesses and procedures that could occur then.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Health Insurance after 60 Reviews

  • Page 1 of 2 1 2
    • Tata AIG Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with TATA AIA insurance from last 1 month, the premium amount of this insurance is Rs 33000 which has to be paid every year. I do not have claim experience so far with this insurance and i have a coverage of Rs 60 lakhs for this insurance.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 16, 2018
    • ICICI Lombard Health Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Health Insurance with ICICI Lombard,the premium amount is 10800 its a one time payment.They cover including the dependants 40% and for the primary holder its 60%they give 100% for cashless treatment.I would say its the best for an individual take a policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • Apollo Munich Health Insurance
      "Premium Charges Increased a lot"
      0.5 1.0/5 "Really Bad"
      I used this Health some years back and the reason I switched from it was because they increased the premium by 60% within a year. I took a coverage of Rs.1 Lakhs. The number of Hospitals is quite good in it. Their cashless option is a good one though.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 06, 2018
    • Bajaj Allianz Health Insurance
      "Okay"
      0.5 4.0/5 "Great!"
      I am having the health insurance policy with the Bajaj allianz general insurance company. I have got the claim reimbursement from them, where I have got around 60% of the cost of treatment as return back. I am happy with the Bajaj allianz general insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 26, 2017
    • United India Health Insurance
      "Helath care"
      0.5 3.0/5 "Satisfactory"
      United health care is very specific they are providing 50% to 60% of the amount. They took around 2 to 3 days they are very fast in doing that the terms and condition's are rigid if it is a primary applicant he is or she is entitled to get 100% claim and if it is a dependent its 50% to 60%
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2017
    • United India Health Insurance
      "Helath care"
      0.5 3.0/5 "Satisfactory"
      United health care is very specific when it comes to coverage, they are providing 50% to 60% of the amount. They took around 2 to 3 days they are very fast in processing and the terms and condition's are rigid if it is a primary applicant he is or she is entitled to get 100% claim and if it is a dependent its 50% to 60%
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2017
    • Star Health Health Insurance
      "Rate of premium is less"
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with star health regarding the health Insurance.They are processing the clam earlier and fast process.They are reaching customer on time.They are able to gve 60-70% for the billed amount .They have many hospitals covers under this insurance
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 23, 2016
    • United India Health Insurance
      "Value is less..."
      0.5 4.0/5 "Great!"
      Friends whoever claimed with United India Insurance has shared that the claim is bit difficult. For health insurance the claim value is 80% in market but at United India Insurance they are just giving 60%. Medical coverage cost should be high. Otherwise they cover for eyes and teeth.
      Was this review helpful? 0
      , salem
      Reviewed on Jan 05, 2016
    • HDFC Ergo Health Insurance
      "Fine.."
      0.5 3.0/5 "Satisfactory"
      Along with my personal loan I have taken Health insurance. HDFC ERGO offered me a yearly basis policy which is 3600rs. I used to make the payment through ECS so, I have no issues with them. 1lakh for accidental coverage and 60% for claim experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 29, 2015
    • National Insurance Health Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the health insurance policy with the National Insurance company and the coverage of 1 lakh Rupees for four persons in the family. I faced claims and they have reimbursed around 60% of the cost of the treatment.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 28, 2015
    • National Insurance Health Insurance
      "Delay to get approval.."
      0.5 3.0/5 "Satisfactory"
      Thrice I made claims where it was not very good. It is infact a corporate offer where company contribution is 60% and employee contribution is 40%. One time the claim was smooth but twice it was delayed by National Insurance. I got cashless but still delayed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 19, 2015
    • Apollo Munich Health Insurance
      "Health with him"
      0.5 5.0/5 "Blown Away!"
      Apollo Munich has given the medical coverage of 3 lakhs. Cashless treatment is available . Pre matured diseases are covered only after 2-3 years of the policy. They special benefit like they cover 60 days before the operation and 30 after the operation all the medical expenses.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2015
    • Cigna TTK Health Insurance
      "Claim would be smooth.."
      0.5 4.0/5 "Great!"
      The company where I am working is tied up with Cigna TTK where it is US based health insurance company. So far I never claimed anything but according to my friendâ??s experience I would say they are good. They covered 80% when my friend was admitted in hospital and they reimbursed the amount in 60 days from the time of request.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2015
    • Star Health Health Insurance
      "Need for life "
      0.5 3.0/5 "Satisfactory"
      I do have a Health Insurance with Star health and the service provided is really good.They provide coverage around 10Lakh in this Insurance.If a customer doesnâ??t avail the claim for that year the nest financial year he will get 60% added to the coverage amount.I pay a premium around 14000Rs for this Insurance.
      Was this review helpful? 2
      , dehradun
      Reviewed on Oct 06, 2015
    • New India Health Insurance
      "Delay in reimbursement.."
      0.5 4.0/5 "Great!"
      At times New India Assurance will take more time to reimburse the claim amount but they are good for health insurance. Atleast they would take 60 days to settle the amount. Normally dental, optics related diseases are not covered on the health insurance and they are following policy documents. Cashless treatment would take sometime to get approval if someone is admitted and in that case I am not satisfied.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 23, 2015
    • Cigna TTK Health Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      Good response from the executive of the Ttk insurance company. Medical coverage offered is 4 lakhs 50 thousand for the individual. Cashless treatment is available and they have good hospital in the panel. Ambulance facility is been provided. The post and pre hospitalize for 60 days . Health maintain package in which we can do the test.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 18, 2015
    • Tata AIG Health Insurance
      "Excellent..."
      0.5 4.0/5 "Great!"
      Paying 24k as premium and specifically I have opted this health insurance for my parents. As they are below an age of 60 so they did not allow them for a medical checkup. I was told that Tata AIG General insurance would cover both OPD and IPD. Overall coverage is up to 6lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 12, 2015
    • United India Health Insurance
      "Good offers on premiums"
      0.5 4.0/5 "Great!"
      I have taken my health insurance with United India. The coverage is for One lakh. The insurance is only for myself. They did not have the option for my dad as his age is above 60. The best benefit is the lower premiums they offer. I have taken this insurance through my company.
      Was this review helpful? 0
      , thane
      Reviewed on Aug 08, 2015
    • Oriental Insurance Health Insurance
      "Have not explored.."
      0.5 2.0/5 "Expected more"
      Just I have started with Oriental Insurance and this health insurance was opened through my organization. They are going to cover my entire family with medical coverage of 2lakhs. My mother is more than 60 years so as per their norms she is not covered. I heard that Oriental will be not good for health insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2015
    • National Insurance Health Insurance
      "Average!!"
      0.5 2.0/5 "Expected more"
      There is a delay in settling the claim amount as it takes nearly 3 months for the claim amount to get credited from National Insurance for the health insurance. It is a very long process as there are so many documents required to get the claim amount. The insurance does not covers 100% as only 60% is covered.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 03, 2015
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