Things to Consider When Buying Health Insurance for Seniors

People who have crossed 60 years of age fall under the senior citizen segment. With age, diseases and health problems increase and this is exactly why having a cashless Mediclaim policy & health insurance plan that meets your requirements is very important. Furthermore, healthcare costs are rising every day, and as a senior citizen, you won’t have a regular income to meet your healthcare needs. Hence, it is important to have a senior citizen health plan.

There is a range of cashless Mediclaim policy & health insurance plans available for seniors. However, comprehensive legwork is important in order to purchase a plan that meets your needs as well as your budget. Here is a list of things to consider when buying health insurance for seniors –

·    Age

Generally, insurers offer health plans for senior citizens in the age group of 60-80 years. There are some health plans that put limits on the entry age of the insured, but provide lifelong renewability. However, there are plans for senior citizens without any age limits as well. So, choose a plan which offers lifelong renewability without any entry age restriction, and also provides comprehensive coverage.

·    Coverage

The coverage offered by a senior citizen health plan is the most important factor to consider. As chances of developing critical illnesses increases with age, having a critical illness cover is essential. Read through the terms and conditions, benefits, coverage, and even exclusions, to understand whether the policy satisfies your requirements.

·    Premium

Health insurance premiums for senior citizens are very high, as the associated risks are also higher. Therefore, to get the best deal, compare the coverage and premiums of different health insurance policies before buying one. 

·   Co- payment

Co-payment refers to an amount which is fixed at the time of purchasing the plan, which the insured has to pay at the time of hospitalization or while availing medical treatments. Generally, the co-payment percentage varies between 10-20 per cent; however, it may vary. 

·   Pre- existing diseases

Pre-existing diseases are the health problems that the insured already has before buying the policy. If the person to be insured has any pre-existing diseases, these diseases will be covered only after the completion of a waiting period, which is usually one or two years of the policy. There are a few insurers who do not cover pre-existing diseases at all, so check with the insurer about the pre-existing disease coverage.

·  Sub-limits

Health insurers may have specified sub limits or caps for certain illnesses or treatments. So, when buying a health plan, check the sub-limits.

·  Wide hospital network

The insurance provider that you choose should have a wide network of hospitals. And this requirement is a must in case of senior citizens, as seniors need to have health plans with a network of good hospitals that are in their vicinity.

Cashless Mediclaim policy & health insurance plans are a must for seniors to have complete protection against sudden medical emergencies. There are a variety of senior citizen health insurance plans available. Hence, it is best to assess your requirements first and then purchase a health plan.

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Created on Apr 19th 2018 05:02. Viewed 420 times.

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