While evaluating the best health insurance policies for the elderly, Forbes Advisor India analyzed the policies and selected the best ones based on the following metrics:
Sum insured range: We only considered policies that have a wider range of sum insured as well as several options to choose from.
Eligibility criteria: Post-60 policy renewals usually cost a bomb. We therefore took policies that have high entry age criteria or policies with no entry age limit.
co-payment clause: Generally, health insurance plans for seniors include a co-payment clause, where the insured has to pay a certain amount of his medical expenses and the rest is paid by the insurance company. It is wise to buy that senior health insurance policy that has the lowest copayment amounts.
Sub-limits and deductibles: Always check for sub-limits or caps on room rent and intensive care costs, which could affect your decision whether or not to purchase a certain policy.
Waiting periods: Waiting periods mean that the guarantee would not apply to the insured if he falls under a certain period. Since older people usually have pre-existing conditions, it is better to buy the policies that have less waiting times for pre-existing conditions such as diabetes, blood pressure, etc.
Additional benefits and freebies: We rated senior health policies based on benefits and endorsements such as free annual health checkups, OPD cost coverage, home care, AYUSH treatment costs, services health coach and medical opinions online.