Home / Money / Personal Finance /  What type of health insurance is best for seniors?

I am nearing retirement and so far I was covered under my corporate insurance policy. I will retire in the next 1 year and my age is 58. Please suggest a good health Insurance plan for me and my wife (55) as we both are senior citizens. Should we go for senior citizens specific plans or the normal health Insurance plan? What cover should we look at buying? We do have PEDs- I am a heart patient & my wife is diabetic.

- Manohar Kumar

Life after the age of 60 is considered as a new innings with the least responsibilities and maximum time for self and family. Health insurance - at any age - is not only important if you have regular high medical bills to pay but also because one needs a financial safety net. Talking about your situation, you & your wife both have PEDs, you may choose from ABHI- Activ Health Platinum Enhanced Chronic Plan, Prime Active - Manipal Cigna & Energy by HDFC Ergo for diabetes. For heart ailments - Care Heart Plan from Care Health Insurance or Star health Insurance - Cardiac Care.

I am 28 years old, I have a corporate insurance policy of 3 lakhs. I recently got married & my wife is not covered under any health insurance policy. She’s 27 years old. I want to buy a health Insurance policy that could cover both of us. Please guide, how to go about it and what should be the ideal amount I should look at buying.

It’s good that you want to cover yourself & your wife under a comprehensive health insurance cover. Considering medical inflation and the uncertain environment we live in, 3 lakhs sum insured is very less. You should at least have 10 lakh sum insured to cope with rising medical bills. Since you recently got married it is important that you keep in mind the maternity benefit while deciding which plan to go for. Maternity benefits in your health insurance coverage are designed mainly for expecting couples to protect them from costs incurred during delivery. Some plans worth considering are Care Health Insurance’-Joy Today/Joy Tomorrow, Niva Bupa Health Premia & Future Generali Super Saver Plan. One should always have a retail health Insurance over & above their corporate health Insurance policy.

Queries answered by Sanjiv Bajaj, joint chairman and managing director, Bajaj Capital. Write to us at mintmoney@livemint.com to get your personal finance queries answered from experts.

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