06 Smart Tips to Buy Health Insurance for Senior Citizens in India

The pandemic has been an eye-opener for almost everyone across the globe. A time that reminded all of us of the importance of having a health insurance policy. In today’s world considering the medical inflation and rising health care costs, it becomes prudent to be secured with a health insurance policy. Another thing that needs to be understood is that with aging comes along various complications. And when we talk about senior citizens who are 60 years and above are more prone to illness or diseases. The chances of having serious health issues are more at such an age and the treatment expenses could be daunting. Sometimes managing these medical expenses could feel like a burden. Hence, it becomes extremely important to buy health insurance for senior citizens.

Why Health Insurance for Senior Citizens?

The health requirements for senior citizens are different when compared to a younger age. Besides, the medical treatment costs are slightly on the higher side when compared to others. So, health insurance for senior citizens is a smart decision, as you would not want you or your parent's money to be spent on paying hefty medical bills. Health insurance for senior citizens is a dedicated plan catering to the varying health needs of senior citizens. The dedicated senior citizen health insurance plans have added benefits that at times a normal health insurance plan does not offer. In this article, we will let you know some key tips that would help you to choose the right health insurance for senior citizens.

Tips to Choose the Health Insurance Policy for Senior Citizens

Health insurance coverage is important for senior citizens as it helps to meet their medical expenses. A medical emergency can occur at any point in time. An inadequate cover might put you in a stressful situation. Here is a rundown of some of the key tips to choose the apt health insurance policy for senior citizens:

1. Type of Illness and Waiting Period

Health insurers at times restrict cover for a certain duration. It normally varies from 02-04 years. When buying health insurance for senior citizens, look for a plan that has the minimum number of illnesses under its waiting period list and with less waiting period.

2. Co-payment

There are health insurance companies that offer health coverage to a senior citizen on the premise wherein a specific percent of the complete treatment expense will be borne by the policyholder. This payment obligation is termed a co-payment. While looking forward to buying a senior citizen health insurance plan go with a policy that has either minimum or no co-payment requirement.

3. Annual Health Checkups

Senior citizens require health checkups regularly. There are health insurers that permit reimbursements of expenses incurred towards preventive health check-ups in the year to that claim-free year. This is subject to a specific ceiling limit with applicable terms and conditions. Choose a health insurance senior citizen plan where the health check-up is borne by the insurer. Have a look at the plan and understand health insurance benefits.

4. No Claim Bonus

With most health insurance products, for each claim-free year, the policyholder is rewarded. Here, the insured is allowed an enhancement of the sum insured up to a fixed percentage. The sum insured enhancement varies from one insurer to the other depending upon the base policy size.

5. Sub Limits and Capping

With some categories of health insurance products, there is some capping on the maximum claim sum for the specific type of illnesses or medical procedure. It is known as sub-limits. For instance, if the health insurer puts a cap on the room rent for a specific class of room occupied by the policyholder. Beyond the capping, the insured has to bear the expense. When choosing health insurance for senior citizens, choose a plan that has no capping or sub-limits or least items with any such restrictions.

6. Understand the Exclusions

Before you zero down a senior citizen health insurance plan, it's important to understand the inclusions and exclusions offered under a plan. There is a standard set of exclusions under every plan for which claims cannot be made. Check the list of exclusions and ensure if any pre-existing disease is under it or not. *Standard T&C apply

Wrapping it Up

It's not a great feeling when we see our parents aging. We cannot deny the fact that aging is an inevitable process. Eventually growing old, retiring, and banking on children for their second innings will happen. The primary concern shall always remain the health-related complications leading to expenses. The health care costs are almost three times when it comes to senior citizens. Let the senior citizens enjoy their golden age without any financial worries. A secured future for senior citizens with health insurance.   Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.