I have to buy medical insurance for my 53 and 60 year old parents. But when I saw the premiums and reviews of the policies, I was confused about which one to select. Some insurance companies only charge ₹10,000-15,000 for a coverage of ₹5 lakh, while others charge ₹30,000-40,000.
Is there any reliable source that can compare various health insurance plans?
You are probably referring to two different sets of health insurance plans. Some insurers offer a special health insurance plan for seniors, in addition to the usual health insurance plans.
In general, plans for seniors have a sum insured up to a maximum of ₹5 lakh. These plans may offer lower premiums compared to regular plans.
However, it can lead to some sub-limits, including the limitation of some diseases such as cataracts. You can also have a copayment for all claims, for pre-existing illnesses, or for out-of-network hospital claims.
In general, issuing a plan for seniors is easier compared to regular plans, especially if the policyholder has pre-existing conditions.
When considering health insurance, you should look for an insured amount equal to your annual income with a minimum coverage of ₹10 lakh.
One more reason to consider an advance purchase is that some regular plans apply a copayment if the policyholder’s age of entry is over 60 years old.
Please note, however, that the premium for health insurance plans will increase with age and is subject to review upon renewal.
You can check out the Mint SecureNow Mediclaim rating for a complete evaluation of all the regular health insurance products offered by various insurers.
Is there a difference between Mediclaim and a health insurance policy?
The standard health insurance plan is colloquially known as Mediclaim. The Mediclaim plan or the standard health insurance plan reimburses the cost of hospitalization up to a certain limit of the sum insured. There are several other types of health insurance plans. Examples include serious illness plans, top-up medical insurance, and hospital cash plans.
Abhishek Bondia is the CEO and CEO of SecureNow.in.
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