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Budget 2016 – Govt to Launch Health Insurance for Senior Citizens

Budget 2016 – Govt to Launch Health Insurance for Senior Citizens – He also added that a top-up of Rs 30,000 will also be available additionally.

Budget 2016The government has launched a new health insurance scheme for senior citizens in the below poverty line (BPL) families. Finance Minister Arun Jaitley in his Budget speech said this scheme will offer a health cover of up to Rs 1 lakh for senior citizens of 60 years and above.

He also added that a top-up of Rs 30,000 will also be available additionally.

At present, there is no such scheme for senior citizens. India only has the Rashtriya Swasthya Bima Yojana (RSBY) that was envisaged to provide health insurance coverage to Below Poverty Line families.

Its beneficiaries are entitled to hospitalisation coverage of up to Rs 30,000 for most diseases.

RSBY was launched by the Labour and Employment Ministry on April 1, 2008. Here, the coverage extends to five members of a family-head of the household, spouse and up to three dependents. Beneficiaries need to pay only Rs 30 as registration fee, while Central and state governments pay premium to the insurer. 

Inflation in health insurance is in double digits according to various estimates. In this segment, health insurance costs are high for senior citizens as also premium for health covers since risks associated with them are high.

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