Most people after retiring from their job start worrying about their health insurance especially at the age of 60 as they are no longer covered by their company group health insurance policy.

Generally, health insurance policies have restrictions on the entry age at 60 or 65. Hence, while opting for an insurance policy after that age, there are many who are unable to get any cover.

Having said that, today a number of insurers offer health policies designed especially for senior citizens. Note that a senior citizens’ policy allows entry even at an advanced age, which ranges from 65-74 or some even go up to 85 years of age.

Unlike normal health insurance policies, these policies don’t come cheap. Insurers charge a higher premium for these policies as the probability of getting any disease increases for the people at that age.

Alternatively, for senior citizen parents, experts advise one could also opt for their parent’s coverage under the group health policies provided by the employer.

Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance, says, “One must consider including their senior citizen parents under the group health insurance provided by their employer.”

Here are some of the reasons why one should consider including their senior citizen parents under the group health insurance provided by their employer:

  1. No medical examination – No medical checkups are required for plans provided by one’s employer. The whole family is automatically insured from day one without any hassle of documentation.
  2. Low premiums – The premiums offered in a group health policy are lower than the amount payable for individual health policies, leaving room for more investments and savings.
  3. No waiting period – It is considered as one of the most important benefits; there is no waiting period for any illness coverage. Deshpande adds, “One’s parents are covered right from day one. In a standard policy, cataract treatment has a minimum waiting period of 1 or 2 years. However, it is covered from day one under a group health plan. The same is the case with pre-existing diseases, which are also covered from day one.”
  4. Adding top-up or super top-up – While employers provide options for a higher sum insured under the base group health policies, many employers provide Group Top-up or Super Top Up policies. Deshpande says, “Even if the employer does not provide such options, one can cover their parents under retail super Top-up policies with a deductible equal to the base sum insured.”