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5 Things To Keep In Mind While Buying Health Insurance For Senior Citizens

Remember the days when your parents ensured you get all that you need? Your parents have always looked after you all through your childhood and adult life. But now as they grow old, it is our job to look after them; after all, old age is the second childhood.

With increasing age, there are chances they might be a victim to increasing health ailments. To be prepared for such times, it is advisable to opt for a health insurance plan. But there may be situations where a standard health policy will not offer much coverage to older people. Also, some health plans may not provide coverage for senior citizens. At such times, it is advisable to purchase a senior citizens health plan. These plans are specifically designed keeping in mind the common ailments during such old age.

Let us learn more about what to remember when buying health insurance for senior citizens-

1.    Higher Sum Assured

When buying a health insurance plan, you must select an adequate sum assured. With the increasing cost of medical aid, it is easy to consume most of your health cover in a single treatment. It will leave you uninsured for the balance policy year. There are varied plans that you can buy, depending on the requirement of insurance coverage.

2.    Pre-Existing Ailments

Pre-existing diseases are those that the policyholder is ailing at the time of availing the health insurancepolicy. Rising age brings medical conditions. So you must buy a health insurance for senior citizens that includes these ailments. Some insurers have a list of exclusions which exclude pre-existing diseases. Whereas, some others have a long waiting period after which the insurance benefits kicks in. It is advisable to check for lower waiting periods and coverage of the majority of diseases for comprehensive protection from your insurer.

3.    Cashless Medical Treatment

Spending your savings for paying medical bills disturbs your financial goals. For such scenarios, you must look for the cashless hospitalisation facility in your senior citizen health insuranceplan. With a cashless facility, the treatment can be availed in a network hospital. All you have to do is provide your policy number, and the insurer settles the bills. It is a handy facility to look for when buying a health plan. In the case of senior citizens, the interest on savings is their source of livelihood in their retirement days.

4.    Premiums

While buying a health policy, the premiums charged are an important factor. The insurance companies charge higher premiums as age increases. At such times, you can opt for a senior citizen health cover in case the regular insurance plan does not provide coverage. You can use a health insurance premium calculator as available on the insurer’s website to estimate the premiums that’ll be charged.

5.    Co-Payment Option

Generally, the premiums go on increasing as the age increases. It is true for the premiums for a senior citizen. So a way to keep the premiums affordable is to opt for a co-payment option. If you can afford some part of the medical bills, a co-payment clause will help you keep the premium of the health insurance plan well in check. The percentage of co-payment differs among each insurance company. Make sure you get informed about the same before finalising on one.

Ensure you get an appropriate policy that offers extensive coverage.Browsing online for various plans across different insurance companies will assist in buying the best health cover for senior citizens.

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