Health insurance for senior citizens is a must-have in today’s world as it makes sure they can meet emergency medical expenses when the need arises. With the progress of age, many medical problems begin to show up and cause problems in older people. Repeated medical emergencies can drain one’s account and cause them to be helpless when meeting the costs of treatment. To avoid this, senior citizens should have good health insurance that will take care of all their medical costs.
What to look out for while buying health insurance for senior citizens?
Health insurance for senior citizens should be availed by all older individuals who have reached a vulnerable age. With the presence of a huge variety of health insurance, it may become difficult for you to select the perfect insurance plan that will benefit you or your family in the best way. Health insurance for seniors comes with various clauses and limitations that one must look out for when selecting a plan. Here is a list of things you must consider when selecting a health insurance plan for senior citizens:-
- Entry age
Some health insurance plans have a maximum entry age for people opting for them. Some health insurances have a lower entry age which means older citizens will not be able to avail them. Some insurances are available chiefly for the senior citizen age group of 60-80 and provide exclusive benefits tailored for their age. You can select insurance like this or avail health insurance for senior citizens that allows an entry age of at least 80 years.
- Renewal Age Restriction
Some health insurances do not allow the renewal of the insurance after a stipulated age. Most health insurance for senior citizens stops their renewal approval after the age of 80 years. Try to select a health insurance plan that has the highest renewal age limit possible so that they are insured for a longer time.
- Coverage Benefits
Senior citizens tend to face a variety of medical problems which might require professional help. Older people require coverage for a large number of diseases that only appear after a certain age. When selecting a plan for senior citizens, make sure you check the coverage benefits and waiting period for pre-existing medical conditions. Select health insurance that provides coverage over a large number of diseases and has a smaller waiting period for claiming benefits on pre-existing medical conditions.
- Network of hospitals
A good health insurance policy will cover a wide variety of hospitals. Not all hospitals specialize in treating all diseases. You might need to visit several hospitals to find your perfect one and even opt for a specific hospital that specializes in treating certain diseases. Senior citizens need extra care during treatment and it’s better to have health insurance for them that has the top hospitals in India included in its coverage.
- Co-payment of medical bills
There might be a clause in your health insurance that has a co-payment stipulation for medical bills incurred for a senior citizen. This is something you should be wary of when selecting health insurance for senior citizens. A co-payment clause would make it compulsory for you to pay a part of the medical bills and the rest will be covered by insurance.
- Premium and coverage limit amount
Health insurance for senior citizens tends to have a higher premium amount due to age and frequency of medical issues. Therefore, you need to look through all the available options so that you find the best possible health insurance within your budget. You should also consider the coverage amount and the limits to decide on the best insurance policy available.
These are some of the things that you should consider before choosing health insurance. For senior citizens, the risk is higher and the frequency of medical problems will also be higher. Therefore, you should make sure the policy has good coverage and includes a variety of hospitals. You can compare several policies before choosing your final health insurance plan.