In a groundbreaking move to bolster healthcare accessibility for older people, the Insurance Regulatory and Development Authority of India (IRDAI) has scrapped the age limit of 65 years for purchasing health insurance policies. This pivotal decision signifies a departure from traditional constraints, opening avenues for comprehensive coverage regardless of age.

Some private-sector health insurance options currently available for people above 60

1. Standard/Classic/Premier Plans

• Offer sum insured options ranging from ₹3 lakh to ₹25 lakh.
• Cover pre-existing diseases/illnesses after a waiting period of 2-4 years.
• There may be co-payment requirements of 10-20% for certain treatments.
• Pre-policy medical check-ups are often required, especially for higher-sum insured options.

2. Senior Citizen Specific Plans

• Designed for individuals who are 60 years and above. 
• Sum insured options range from ₹1 lakh to ₹25 lakh.
• Pre-existing disease coverage starts from the 2nd or 3rd policy year.
• Co-payment requirements can be 25-50% for pre-existing disease claims.
• Pre-policy medical check-ups are mandatory for these plans.

3. High Sum Insured Plans

• Offer sum insured options from ₹30 lakh up to ₹5 crore.
• Cater to senior citizens requiring higher coverage limits.
• Pre-existing disease coverage starts from the 3rd or 4th policy year.
• Co-payment requirements may be applicable, especially for a higher sum insured.
• Pre-policy medical check-ups are compulsory for these plans.

4. Basic/Essential Plans

• Provide basic coverage with sum insured options from ₹1 lakh to ₹10 lakh.
• Suitable for senior citizens with limited budgets.
• Pre-existing disease coverage starts from the 2nd or 3rd policy year.
• Co-payment requirements can be 10-20% for certain treatments.
• May need pre-policy medical check-ups, depending on the sum insured.

5. Comprehensive Plans

• Offer extensive coverage with sum insured options from ₹3 lakh to ₹50 lakh.
• Cover various medical expenses, including pre-existing diseases.
• Pre-existing disease coverage starts from the 2nd or 3rd policy year.
• Co-payment requirements can be 10-20% for certain treatments.
• Pre-policy medical check-ups are often mandatory, especially for a higher sum insured.

Choosing the Right Plan

When choosing health insurance for seniors, it's essential to consider factors like coverage for pre-existing conditions, sum insured, affordability, network hospitals, co-payment terms, waiting periods, policy renewability, and claims process efficiency. By comparing different policies and choosing one that aligns with specific needs and budget constraints, individuals can find perfect affordable and comprehensive health insurance providing financial security and peace of mind during retirement.