5 Factors To Know Before Buying Senior Citizen Health Insurance

Although none of us enjoys seeing our parents age, ageing is a wretched and unavoidable process. They get old, retire, and rely on us to see them through their second innings. One of their main concerns is health issues and their associated costs.

As people age, the likelihood of developing health problems increases. At the same time, the healthcare expense for seniors is nearly four times greater.

How, then, do we explain such huge medical costs?

Senior health insurance coverage is among the most popular options most people choose.

Your parents won’t have to spend their entire life savings on medical expenditures if you do this. You can care for your parents while doing so without having to sacrifice your financial security.

This senior citizen health insurance plan is particularly designed to cover the high costs associated with potential health issues that may arise as people age.

But wait to purchase a health insurance policy until you’ve given it some thought.

  • Examine policies for the Critical Illness Benefit

Cardiovascular conditions, cancer, paralysis, kidney failure, etc., are examples of critical illnesses. The costs associated with these illnesses’ medical care are significantly higher than other ailments.

Seniors are also more vulnerable to a number of serious ailments. Therefore, be sure to look for health insurance plans that cover severe conditions.*

  • Select insurance policies that include domiciliary care

If your parents are unable to leave their home for treatment or if it will take a long time and require individualised care, geriatricians may occasionally recommend that they receive it there.

Insurance companies cover costs associated with in-home treatment under domiciliary care. Given that older people frequently need this, consider purchasing a senior citizen health insurance policy to help cover these costs.*

  • Locate policies that address daycare practises

For the majority of senior citizens, health insurance plans do not provide coverage for costs associated with daycare procedures. A hospitalisation that lasts less than 24 hours or 1 day is referred to as a daycare operation.

Sometimes a lengthy hospital stay may not be essential, but the associated costs may be enough to drain your finances. Therefore, look for policies that pay for such costs.*

  • Check for a cap on ICU room rent or no cap on room rent.

It is preferable to look for policies that do not place a cap on room rent as long as it stays beneath the total sum insured. This way, a person can select the room of their choice without worrying about the cost.

Further, without a room rent cap, it is simpler for senior persons to seek longer care because the rent for an ICU room is significantly greater than the rent for a standard room.*


  • The Ratio of Claims Resolved

The claim settlement ratio measures how many claims an insurance firm has received compared to how many of those claims it has resolved.*

You could find a policy for your parents or yourself with the lowest likelihood of having valid claims denied by comparing the claim settlement ratios of several companies.* 


Before buying an insurance policy for your parents or if you are over 60 years, you should take into account a few things. It is your duty to make the best decision for yourself or your parents and not just choose the simple route, particularly regarding their health.

Remember to take advantage of tax breaks: premiums paid for senior citizen health insurance policies may qualify for a tax exemption of up to Rs. 50,000 under the Income Tax Act of 1961 (Section 80D medical expenditure).**

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.