How to Choose a Senior Citizen Health Insurance Plan? Know It All Here
Senior citizen health insurance plan is a necessity, especially when you (or your parents) are planning retirement and there is no source of income other than pension or interest from savings. A medical emergency can lead to a financial crisis. To avoid a similar situation, you must get a senior citizen health insurance plan. This plan is certainly for the people aged between 65-80 years.
Below are enlisted major factors to consider before buying a senior citizen health insurance policy for your parents.
1. Age limit
Many health insurance companies offer health insurance plans for senior citizens who are 65 or more in age. Whereas some offer it to the ones who are of 80 years or above so that the ones who are yet to buy a policy for their parents aged more than 65 years, can still purchase it.
While choosing health insurance for your parents, you must go for the one that will get your parents covered for the maximum number of years possible. Some health insurance plans have restricted entry whereas some offer open entry age. It is advised to compare different plans and choose the one suiting your needs.
2. Policy renewal
When it comes to senior citizen health insurance policy, different policies have different age limits for renewal. While buying one for your parents, be sure of the age and time till that it can be renewed.
3. Illnesses that are covered
Considering the fact that in old age, people mostly have some pre-existing illnesses. It is your responsibility to check the number of illnesses that the policy is covering. Make sure you go for the one that has fewer exclusions but a larger number of existing and other critical illnesses.
Also, there is a certain time period after which these illnesses are given a cover. These are some terms and conditions that you should be informed about.
4. Amount of sum assured
Sum insured is the maximum amount you will get after you claim your health insurance policy with your insurer. This means that your insurer is liable to reimburse your medical expenses up to the amount that is assured in your policy given you fulfil the conditions mentioned in that.
Which means, the sum assured and reimbursement against the medical expenses are directly proportional to each other. High the amount assured, higher your parents would be reimbursed against medical bills.
So, while choosing which one to buy, go with the one which offers maximum cover for medical expenses within your budget.
5. Network hospitals
Every insurer has an empanelled network of hospitals under their network. You can which ones are nearby your residence and are covered in the policy. This makes it a convenient choice for the policyholders as they don’t get delayed in getting the patient treated at the time of emergency due to travelling to long distances. Also, everyone prefers visiting the nearest hospitals in their vicinity that offer specialised treatment.
6. Premium amount
The medical cover can be a little costly for senior citizens. As the number of diseases the senior citizens are prone to grow, the premium amount grows. But that does not mean that you risk your parents’ health by picking a policy with a lesser premium. The premium depends on various factors such as parents’ age, types of illness and diseases covered. It is a wise option to get your parents covered under senior citizen policy instead of a family health insurance plan.
You must also read Top 5 health insurance plans available at low premiums
Some other important features that should not be missed while buying a senior citizen health insurance plan are-cashless reimbursement of your bills; seamless and quick claim settlement procedure; optional medical screening; the cost of daycare expenses and hospitalisation charges such as room rent expenses, ambulance expenses and total medical treatment expenses.