The most important financial decisions that families make today is to secure a Senior Citizens Health Insurance policy.  Families have to take into consideration how their medical needs change with age when they are trying to find a health insurance policy from an insured company. There are many different types of health insurance policies available; however, the company with the Best Health Insurance Company for Seniors in India has a higher claim settlement ratio, more hospitals in their network and they provide special plan features for older adults.

This guide lists the top four providers of Senior Citizens Health Insurance in India and helps you choose between these companies to find the one that matches both your financial needs and your complete coverage needs.

Top Four Providers of Senior Citizens Health Insurance in India

1. Niva Bupa Health Insurance (formerly known as Max Bupa)

Niva Bupa has established a reputation for its customer service and innovative insurance plan structures that offer a long-term value to people. 

Key Plan: Niva Bupa ReAssure 2.0 or dedicated senior citizen option.

Why Niva Bupa Stands Apart from Other Companies: Niva Bupa has one of the best "No Claim Bonus" programs available and their program rewards people with a higher sum insured due to their claim-free years, as opposed to simply providing a discount on the premium amount. Niva Bupa plans emphasise the use of restoration benefits and provide coverage for modern treatment techniques.

2. Star Health Insurance

Star Health, a specialist health insurer, is a strong choice for senior citizens seeking health insurance. Their specialization in the area of senior citizen’s health insurance allows them to know exactly how to meet the needs of their customers.

Most Popular Plan: Star Health Senior Citizen Red Carpet Health Insurance Policy

What Makes Them Stand Out: Star Health has features such as no pre-medical screening up to the age of 75 for new members, coverage for consumables (such as gloves and masks), and has a large network of hospitals. With such a large focus on total coverage for the elderly, they make a strong case for being the Best Health Insurance Company in India for senior citizens.

3. HDFC ERGO Health Insurance

HDFC ERGO has received many accolades for their digital solutions and customer service. When HDFC ERGO health insurance is purchased with the proper riders, their plans are excellent for senior citizens.

Most Popular Plan: HDFC ERGO Health Optima Restore

What Makes Them Stand Out: The Optima Restore Plan has the benefit of an unlimited restoration of benefits that is very beneficial for seniors who may require more than one treatment per year. HDFC ERGO consistently has one of the highest claims settlement ratios in the industry and provides the technology-enabled claim process which eliminates a lot of the time and effort required by families to submit claims.

4. Care Health Insurance (Formerly Religare)

Care Health has established a reputation as a provider with transparency in their communication and a reputation for providing holistic policies with no hidden surprises.

Key Plan: Care Freedom (Senior Citizen)

What Makes Them Unique: Their senior citizen plans do not have a room rent cap, have waiting periods before pre-existing conditions are covered, and provide automatic benefits to recharge the sum insured. Their customer-friendly approach to insurance and a comprehensive range of daycare procedure coverage is well known.

5. ICICI Lombard General Insurance

With the benefits of an economical and large operating scale, ICICI Lombard provides a well-established, reliable, and convenient way for senior citizens to access health insurance.

Key Plan: ICICI Lombard Health Advantage

What Makes Them Unique: They have a combination of a large network of providers, simple claims processes and the backing of a respected brand. Most of their plans provide a complete range of coverage including wellness benefits and alternative treatment options.

What to Look For When Choosing the Best for You

Although the companies listed above have all been mentioned as reasonable candidates for the best health insurance provider for seniors in India, your final selection should involve a direct comparison of features:

Compare Feature-to-Feature to Identify Key Differences

While each company may offer a different brand name, compare their respective senior plans. Carefully analyze their restoration benefit, co-payment clauses, room rent sub-limits, and the waiting period for pre-existing diseases.

Validate the Claim Settlement Ratio (CSR)

Prior to making a final decision, review the most recent IRDAI annual report for the claim settlement ratio of each insurer. A company with a CSR greater than 95% for many years will be considered ideal.

Confirm Cashless Networks of Hospitals

Your parents will not be able to use their health insurance plan if they do not have access to the cashless network of their preferred hospitals. Check each insurer's website to obtain a "cashless" hospital list for each city in which your parents reside.

Identify Coverage Exclusions by Reviewing the Policy

As previously stated, you need to understand the conditions that will not be covered by the health insurance policy. Most insurers have listed the types of pre-existing health conditions or treatments as one of the primary exclusions during the first few years of coverage for seniors.

Conclusion 

Choosing health insurance for senior citizens is a journey to find the right healthcare company to support you through your loved one's health care needs. The right health care company for your family will be the one with a plan that offers the most comprehensive level of coverage against the many risks associated with aging. Look for a health care provider that will live up to their commitment to honorably settle claims.

Take your time to compare all available options. A good health insurance company has more to offer than just monetary assistance; they also provide a sense of security, and will assure that your parents' later years will be filled with both your support, and a solid commitment from your health insurance company to their overall health and dignity.