One should start investing in a health insurance policy as soon as you start earning. Since health insurance has just picked up in recent years, many of our senior citizens would not have availed of this policy when they were young. Insurance Companies have now come out with medical policies for the senior citizens as well.

But, these exclusive mediclaim covers for senior citizens are a little different than the ones for the younger age group. If it is a fresh policy or renewal the cost is very high. This is cause of the risk factor is higher for senior citizens, hence the premium amounts are high.

The clauses in these policies also differ. One should look out for a clause on co-payment in your policy document, which may differ from one company to another.

Also sub-limits are very common in the policies. Most of these policies cap the room rent at 1% of sum insured a day and the cost of ICU at 2% of the sum assured. The overall limit is capped at 25% of the sum insured for an illness or injury.

Another, clause to check out for is on pre-existing diseases clause. When applying for the policy one should be clear and open about his health conditions, like if he has diabetes or maybe blood pressure he should mention the same. The insurance company may even cover the policyholder after 2-3 years from the effective date of policy. Like in Varishta Mediclaim the policyholder can be covered for 2 pre-existing diseases, diabetes and hypertension for an additional premium from the effective date of the policy.

Insurers like National Insurance, offer a cover for the age group of 60-80 years. This policy can be renewed up to 90 years of age with an increase in the premium cost. The maximum cover amount is capped at Rs.1 lakh. United India offers a cover up to Rs 3 lakh.

Private insurers like Bajaj Allianz covers up to Rs 5 lakh. Star Health covers the age group of 60-69 years under its Senior Citizens Red Carpet policy with a maximum cover of Rs 2 lakh.

Hence, it always advisable to invest in a health insurance policy when you’re young as the cost is minimal.