One of my relative is 78 years old with no pre-existing diseases. Can he apply and get a health insurance plan?

Ans: Yes, they can get insurance at this age. They will need to undergo a pre-policy medical test as these are mandatory for most insurance companies and help the insurance company to make decisions on appropriate cover for the insured or denial of the same. These tests play a pivotal role during the claims process.

A claim can get rejected if the insurance company discovers that the illness was caused due to a pre-existing medical condition that was not disclosed by the policyholder. So, it is advisable to disclose all pre-existing illnesses and to go for such pre-medical test as it makes it easier for both the insurance company and policyholder at the time of the claim.

Ans: Yes, you can claim exemption under Section 80D for medical expenses incurred on family members aged 60 years or more, who do not have health insurance coverage.

Family members include self, spouse, dependent parents. One can claim a maximum deduction of Rs 50,000 in a financial year.

To claim the deduction, all the medical expenses need to be paid in any valid payment mode like net banking, digital channels, etc, except cash.

Ans: Health Insurance for Senior Citizens with Pre-existing Conditions

1. Availability of Health Insurance for Senior Citizens:

Coverage Challenges:

Health insurance for senior citizens, especially those with pre-existing conditions, can be challenging. Most insurers have strict underwriting guidelines for elderly applicants.
Pre-existing Conditions:

Existing conditions like CAD, elevated creatinine, and urea levels often lead to higher premiums or exclusions.
Policy Options:

Some insurers offer policies for senior citizens but with specific terms related to pre-existing conditions.
2. Insurer Considerations:

Age Limits:

Choose insurers that cater to elderly individuals. Many insurers have age limits that might exclude those above 70-75 years.
Pre-existing Conditions Coverage:

Look for insurers who provide coverage for pre-existing conditions after a certain waiting period.
Hospital Network:

Ensure the insurer has a broad network of hospitals, especially those known for treating cardiac conditions and renal issues.
Cashless Facility:

Verify if the insurer offers cashless treatment in a wide range of hospitals.
Premiums and Terms:

Compare premiums, policy terms, and sub-limits. Policies with higher premiums often offer better coverage for pre-existing conditions.
3. Recommended Insurers:

Leading Insurers:

Reputable insurance companies in India like Star Health, Max Bupa, and HDFC ERGO often provide policies for senior citizens.
Specialised Plans:

Some insurers offer specific plans designed for senior citizens, covering various medical conditions with benefits like no claim bonus and coverage for pre-existing conditions.
4. Steps to Take:

Consult Insurers:

Contact multiple insurers to discuss policy options based on your brother's health conditions.
Medical Examination:

Some insurers may require a medical examination. Ensure all relevant health information is disclosed.
Professional Help:

Consult a Certified Financial Planner or insurance consultant to get the best policy recommendation and to navigate the options available.
Policy Review:

Carefully review policy documents and terms before purchasing. Ensure that all pre-existing conditions and future medical needs are covered.
Final Insights

Securing health insurance for an 82-year-old with pre-existing conditions requires careful consideration. Look for insurers with policies catering to senior citizens and those that cover pre-existing conditions after a waiting period. Leading insurers like Star Health, Max Bupa, and HDFC ERGO might offer suitable options. Consulting a Certified Financial Planner can provide personalized assistance and ensure that you choose the best policy for your brother's needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in