How to Find Best Health Insurance for Senior Citizens

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 looking into health insurance plans 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

1. 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 health insurance for senior citizens in India.

2. 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.

3. 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.

4. Premium Rates

While taking any insurance plan, it is important to compare the premium, which can be done simply using an online health insurance premium calculator. 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.

5. 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.

6. 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.

7. 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.