Senior Citizens Generally Avoid Shopping health insurance Due to the complicated process involved and cannot understand what they need from what is being offered. They often miss out on reading the clauses in the fine print, which can cause problems while filing a claim as health insurance for senior citizens includes various clauses. Hence, it is necessary to read and understand the entire scheme before taking a decision.
Naval Goel, Founder and CEO, PolicyX.com, said, “Selecting the appropriate health insurance for senior citizens helps in getting complete coverage at the time of emergency. The maximum in health insurance policies primarily for senior citizens Entry age and lifelong renewal so that they have uninterrupted medical assistance,
“The way to select a policy for senior citizens is to go for a comprehensive health plan that can cover existing health conditions and critical illnesses. The plan should offer minimum waiting period and minimum co-pays to avoid out-of-pocket expenses. Since they may require constant check-up and treatment, the policy should have OPD and home benefits for continuous medical assistance.”
Let us understand some important things that you should keep in mind while buying a health cover in detail.
Know the sub-limit and coverage capping: A sub-limit is a monetary limit placed as a limit on the claim amount for specific medical procedures or expenses.
“Sub-limits can help you save money on your premium, but on the other hand, they can affect your claim as well. It is not advisable for senior citizens to go for a plan with a sub-limit as ideally you should have a plan that completely approves your claim,” says Jayan Mathews, Co-Founder & Chief Product Officer, Vital, an insurtech firm said.
There are different waiting periods: Depending on the policy you choose and the health conditions, each insurance policy has a different waiting period that can range from one month to four or five years.
Also, a separate waiting period is applicable for pre-existing conditions prior to the cool-off period, which is approximately 1-4 years. However, if you go for a higher premium, some insurance companies may offer a policy with no waiting period.
Select a combination of individual plans and top-up plans: Mathews said, “Given the health status of senior citizens and rising medical costs, it is important to avail a policy with maximum coverage. Hence, choose a combination of policies that offers maximum coverage even when there is a chance to control your premiums. Super top-up plans with varying amounts to guarantee Rs.
Get a clear understanding of policy inclusions and exclusions: As one ages, they become more vulnerable to health problems that require frequent hospital visits.
As health risks increase, health insurance for senior citizens comes with a number of conditions and exclusions. It is essential to read policy documents to understand the coverage and exclusions of specific health conditions.
Pre-existing health conditions: Any chronic disease or condition diagnosed in the last 48 months, known as pre-existing disease, before purchasing a health insurance policy. While insurance coverage is available for many of these conditions such as diabetes, heart conditions, high blood pressure, etc., providers are cautious about approving the coverage.
Mathews said, “For an elderly person, the existing cover increases the risk manifold, making it even more difficult to get a policy. If you are buying a plan for your parents who also have a chronic condition, be prepared to undergo medical screening tests, pay very high premiums and go through a waiting period of 3-4 years. Though you can go for policies with day one cover, you can expect those premiums to be exorbitantly high.”
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