I am 62 years married and reside in Karwar. I have a family floater health insurance plan which I had purchased from a reputed insurer more than 20 years ago which covers me and spouse. A friend has advised me that as I am a senior citizen, I must now avail a senior citizen health insurance plan. Should I pick up a senior citizen health insurance plan for me and spouse. Please advise?
If you have already bought a health insurance plan anytime before the age 60 or 65, it is better to continue with it. Individual or family floater health plan allows you to buy them till age 65, and have lifetime renewability. As per the IRDAI guidelines, you may continue renewing the family floater health insurance plan for a lifetime. Senior citizen health insurance plan, in that case, is not required to be purchased. Continuing your current family floater health insurance plan also helps as you are eligible for the benefits of the waiting periods and for pre-existing ailments. These points should convince you to continue with the family floater health insurance plan: 1. The coverage under senior citizen plans is generally more restrictive compared to regular plans offered by insurers. 2. It is better for you to continue a regular plan rather than switch to a senior citizen health insurance plan. The senior citizen plans are intended for people who are buying insurance for the first time at an older age and they might not be eligible for regular plans. 3. Co-payment is typically a mandatory feature in all senior citizens health insurance plans. When the hospital bill comes, the insured has to share a portion of it i.e. make a co-payment.