4 Reasons to Get Health Insurance
With
sky-rocketing hospitals bills and dependence on private hospitals for quality
treatment, it has become imperative to buy health insurance in India. Every individual wishes to live a happy, fulfilling life.
Unfortunately, as we grow old, the body becomes feeble and prone to a number of
health problems.
When we are young and covered by our employer’s group medical
policy, we tend to avoid taking health
insurance for ourselves and our
family. For people who rely completely on group medical insurance, retirement
can be a worrying time. Without health insurance, a senior citizens would have
to deal with problems of limited income and rising healthcare costs, which can
completely ruin their financial life. If they are not already covered, senior
citizens need to buy health insurance online or through an agent.
Thankfully, there are a number of great senior citizen health insurance policies in the market. Considering the risk of
falling victim to a number of health problems and disorders, these health
policies are a bit pricey. However, considering the strain on financial
wellbeing that sudden medical expenses can be, these health insurance policies
are worth the price.
7 Tips
for Choosing the Best Health Insurance for Senior Citizens
Entry Age
According to IRDA guidelines, health insurers have to offer
coverage to individuals’ upto 65 years of age. Different insurance providers
have varying maximum entry age. Most insurers have a maximum entry cap of 70 to
75 years. You need to check and compare the entry age of various policies while
choosing a senior citizen health
insurance cover in India.
Benefits
of the Policy
It is important to compare the policy benefits and coverage. Since
the risk of various diseases escalates with increasing age, senior citizens
need better coverage and a higher sum insured. The senior citizen plans should cover hospitalization expenses
including doctor fees, room charges, cost of drugs, and etc. Other benefits
include pre and post hospitalization expenses, cashless facility at network
hospitals, day care expenses, free health checkups and ambulance charges.
Sub
Limits
Watch out for sub limits in the policy such as room rent in
individual policies. There are many health insurance policies for senior
citizens where limits for certain illnesses or treatments are specified.
Premium
Rates
While taking any insurance plan, it is important to compare the
premium. However, this should not be the only basis of comparison. It is
important to check the features of the different policies as well as the
quality of service before opting for a specific policy.
Pre-existing
Health Conditions
Most senior citizens health insurance policy in India provide cover
for pre-existing diseases. However, if a senior citizen has a pre-existing
disease such as diabetes or hypertension before taking the policy, then there
is a specified waiting period before the health condition is covered. It is
important to read the fine print to understand the waiting period before buying
the policy.
Exclusions
Read the exclusions in the policy. Most insurance policies for
senior citizens do not cover diseases/injuries existing at the time of
proposing this insurance, diseases contracted during the first 30 days of
commencement of policy, cosmetic, aesthetic or related treatment, and treatment
of any mental illness or psychiatric illness.
Nature of
Co-payment
Co-payment refers to the amount you need to pay from your own
pocket during the time of claim. Check the co-payment clause in the policy to
avoid shelling out a lot of money at the time of a claim. The co-payment can
differ if the senior citizen is suffering from any pre-existing diseases.
Finding the best health
insurance for senior citizens is not an easy task. There are many
things that you need to consider while buying the policy. An ideal health
insurance would be one which provides the right balance of coverage and price.
So review health insurance online to find the perfect policy to support you in
the advancing years.
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