Points to Consider before buying a Senior Citizens Health Insurance plan

by Himani Mathur Content Writer

Investing in health insurance policies has become quite crucial today, especially due to the steep rise in medical expenses and increasing spread of lifestyle related diseases. While the advancements in medical science have contributed positively to the quality of life, the consistently rising prices of quality medical facilities has made availing quality healthcare unaffordable for many. Hence, every person should invest in a comprehensive health insurance plan so they can avail the required medical facilities in times of need, without burning a hole in their pockets.

While health insurance is vital for all, they are especially crucial for senior citizens owing to the following reasons:

People become more susceptible to various ailments as they grow older. Chances of elderly individuals falling sick are much higher as their immunity system tends to weaken with age and that is when they need constant medical attention; which obviously comes at a price.
After retirement, most people have to be depended on pension and their life savings. Paying off medical bills with the limited sum of savings can often put strain on their finances but with a medical insurance in place, this issue can be sorted.
Having a health insurance policy enables senior citizens to be financially independent as they do not have to depend on their children or other relatives for healthcare related expenses.

As there are a number of insurance policies available for the elderly people now, people need to put a lot of thought and deliberation in identifying the ideal plan. Here are a few points one must consider while choosing a health insurance plan for senior citizens:

Sum Insured: As medical expenses for senior citizens are usually on the higher side, it is imperative that a policy where the sum insured is quite substantial is selected. It is additionally recommended to opt for a policy that provides an option to renew the sum insured during the time of policy renewal.
Sub-Limits: Sub-limits basically refers to certain reimbursement limits set for a few particular ailments. These limitations might be there for a number of diseases, including angioplasty and cataract operation. So, while opting for a policy for senior citizens these criterions must be especially taken into account.
Waiting Period Clause: Almost every health insurance policy includes an initial waiting period during which the insured is not re-reimbursed for any medical expenses. In most cases, the initial waiting period is the first thirty days from the date of issuance of the insurance plan, excluding hospitalization and accidental injuries. In case of pre-existing diseases the waiting period is usually around two years. So, even this clause must be carefully considered before opting for a senior citizen health insurance plan.

As a number of companies offer senior citizen insurance today, people should be very clear about their requirements from the coverage, so that they can opt for a suitable policy. Each of the policies available has their own benefits and limitations, and hence it is imperative that people do not waste their money on a plan that does not meet their requirements. In order to arrive at the correct decision, buyers can seek out the assistance of a good insurance brokerage firm. These firms can help people compare various plans available and zero in on the one that is best and most suitable. Also, these brokerage companies have strong online presence with user-friendly web interfaces, so most buyers can do their bit of research in a manner they deem suitable.