Health insurance is one of the most vital yet basic needs that people of all ages should consider availing and senior citizens are no exceptions.
The rising cost of the medical treatments and assumptions of future diseases as people are not living a balanced life have made the health insurance all the important.
In more cases than other, it is common for aged parents and senior citizens to be financially dependent on their children. As a result, more than anyone else, senior citizens need health insurance plans because they are prone to diseases.
Hence, if you don’t have a plan for senior citizens in time, you may have to pay from your own pockets to cover the cost of their hospitalizations, medicines and more.
However, before you opt for the best health insurance plan for senior citizens, you should consider some factors or tips to help you settle only for the best deal.
Here are some deciding tips to factors before subscribing to health insurance plans for seniors.
- How much coverage is the policy offering
The sum assured or the health cover is a vital factor before availing a health insurance policy for senior citizens. Senior citizens need a higher cover to safeguard their health as their risk for diseases increases with age. As a result, opting for a policy that also offers a large coverage or the sum assured will be beneficial in the long-run.
- Premiums
Premiums are what you pay for availing any health insurance policy. Since the health insurance policy of senior citizens will be risk-prone for claims, they may have higher premiums. Thus, before enrolling in such a policy, check the premium charged by companies.
- Compare before you buy
With everything available online, can health insurance policies for senior citizens be left behind? Yes, there are many third-party websites that can offer you a detailed comparison of many leading plans. These comparisons can work as insights for you so that you can subscribe to a plan that works best for you.
- Co-payment clause
You should also be aware of the fact that senior citizen health insurance policies come with a co-payment clause. It means that the insurer should share medical expenses’ portion incurred. The co-payment policies may differ from service providers to service providers.
- Check the waiting period for pre-existing ailments
As per the norms of the health insurance policies, there is always some waiting period included in a policy before someone can claim for pre-existing diseases. Most of the health insurance policies for general citizens have 3-4 years as the waiting period for covering existing diseases. You need to consider this clause of the policy before applying as senior citizens have a higher risk of illness and hospitalization. Thus, opting for a policy that could offer you with an immediate coverage is necessary. Yes, you may have to pay a higher premium for availing immediate coverage-based policies, but they would surely help you save money in case you need them.
Also Read: Guide to Compare Health Insurance Plans for Senior Citizens in India
The Bottom Line
Some of the public health insurance companies may also require some medical tests to be done before awarding a policy. However, most of the companies do not conduct medical tests these days.
If you are willing to apply for the best health insurance plan for senior citizen and super seniors, considering the discussed aspects will help you get the best deal. You need not go to a physical insurer as you can easily opt for health insurance plans online!