After dedicating the golden years of their life to children, family, career, now don’t you think they i.e. your parents deserve something better to indulge later? Life, for senior citizens should be all about pursuing much relaxed daily routine with enjoyable hobbies and freshening vacations time to time. And, if in case, they need medical attention, it should be comforting without any concerns about affordability. Having right health insurance policy for senior citizens makes that all possible.
Today, there are few good insurance companies who offer health insurance plans specifically designed for senior citizens. And keeping this in mind, the enrolment for such plans is usually allowed at least till 65 years, however there are some insurers who put no restriction at the entry stage, hence making it easy for senior citizens to access quality health care.
Well, initially choosing a right health insurance policy for senior citizens can be a daunting task as there are so many insurance companies with various plans and products. Here, we enlist 5 things that you need to keep in mind while purchasing health insurance policy for senior citizens-
Most of the health insurance policies have an entry age criteria that one has to fulfil in order to be eligible. However, the entry age guidelines varies between insurers and their plans; so most of the financial pundits advises to check and compare their products, policies before opting for the one. This exercise will eventually help you out in gauging the extent of coverage available under a health insurance plan and the corresponding premium to it. With this, you will get a clear picture of the entry age criteria.
The senior citizens health insurance plan specifies a maximum age until which you can renew that policy. This is referred as renewal age. It is similar to the entry age mentioned above, as this factor also varies from one insurance provider to another. So, you have to keep this thing in mind before making a final decision.
The Extent of coverage
Ideally, higher the coverage, you opt for them, the better it is. While selecting health insurance plan, you make sure that you pick the one that offers protection from a wide range of illness, particularly the pre-existing diseases. In health insurance, the pre-existing is referred to the diseases that the insured has already suffered in the past or currently suffering from. However, you will find a direct correlation between the premium you would pay and the coverage your parents receive. There are some insurance companies who offer cover to cover more than the basic hospitalization, pre and post hospitalization expenses. So, you must be ensuring that you get a value for your money.
It is also known as health cover. The health insurance policies reimburse the expenses incurred for the medical treatment up to the pre-defined sum assured. So, if you opt for a health insurance plan with a high sum assured, then your parents or senior citizens can receive a larger amount during medical exigencies. And, we think that it makes sense to opt for a large cover for your parents. In addition to this, there are some policies which allow you to recharge the sum insured (SI), i.e. up to 100% of the original SI. You can look for such options for your parents that build flexibility into your plan.
Health insurance policies usually have a clause of co-payment. What does it mean? It simply means that the insured has to bare some portion of the claim amount, which is specified in the policy. So, you have to look for a policy that gives you the best deal in this regard.
Well, with the entire checklist mentioned above, one must remember that “health is your real wealth”. Hence, make sure that you keep all these points in your mind, and understand how the policy works for senior citizens well in advance, so that you do not lose time or effort, especially while filling claim.