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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