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7 Points to Check before Buying Health Insurance for Senior Citizen
One of the best ways to make aging parents feel cared for is to get them the best senior citizen health insurance policy. These customizedsenior citizen health insurance plans are critical; because it is assured that they are financially independent and well taken care of in the event of critical illness.
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- 7 Points to Check before Buying Health Insurance for Senior Citizen
With numerous senior citizen health insurance plans available today, comparing and choosing the best one can be a daunting and cumbersome task. To make sure you pick the best policy, it is imperative to evaluate all options and essential aspects, and make a well-informed decision thereafter.
1. Age
Entry age: A critical aspect in senior citizen health insurance plans is the age factor. Even the best features are far from useful if one cannot avail the health insurance plan in the first place due to age exceeding the limit permitted by the policy. Some insurers, especially in the public sector, offer health insurance plans for senior citizens in the 60-80 year age group. Certain other insurers have health insurance policies without any maximum entry age.
The best senior citizen health insurance plans are those that allow entry even at the age of 80. Pick a plan that provides the longest coverage tenure, allowing entry at any age, along with medical cover that goes on for a longer period.
Renewal age: This is the age or time until when the health insurance policy can be renewed by the insured. Certain health insurance plans allow renewal only till 80 years of age, following which the policy cannot be renewed. This age limit for renewal varies between companies, so pick a plan that suit your requirements.
The sum insured or health cover is another vital consideration when selecting a senior citizen health insurance plan. With advancing age, health risks increase and therefore senior citizens need higher health cover protection. Consider the right face value - higher the face value, higher the final coverage provided.
It is essential to ensure that the best senior citizen health insurance plans cover a broad range of illnesses, particularly critical illnesses, as chances of such incidences increase with progressing age. You must also thoroughly review all terms and conditions concerning exceptions, i.e., the illnesses that the policy does not cover, especially the pre-existing medical conditions.
Hereditary medical conditions such as diabetes, hypertension, must be watched out for. The best health insurance plans for senior citizens offer maximum illnesses’coverage with minimum exceptions.
Defined in the health insurance policy itself is the waiting period before a claim can be made for a pre-existing medical condition. This is a critical factor because the threat of illness and resultant hospitalization due to a pre-existing medical condition increases with age and is hence higher for senior citizens.
A senior citizen’s health insurance policy should ideally have a broad network of hospitals, including the good ones in their immediate vicinity. This is particularly helpful when senior citizens need emergency medical care and/or hospitalization. It is therefore necessary to opt for a health insurance plan that includes a wide network of hospitals specializing in a broad range of treatments.
Read More About-: Best Senior Citizens Health Insurance Policy
Premiums are another important consideration when comparing health insurance policies for senior citizens. Because senior citizens are at higher health risk levels, insurance companies usually charge higher premiums.
Senior citizen insurance policy rates vary as per age. Other factors affecting the rates of such policies are lifestyle, family history, overall health, etc. Healthier senior citizens get better coverage at lower premiums.
Choose wisely by comparing the various senior citizens’ insurance policies that different insurance companies offer at varying premium rates. Keeping in mind the above-mentioned criteria, these comparisons/evaluations make it easier to choose a good health insurance plan with affordable premiums.
Health insurance policies for senior citizens have a co-payment clause that varies from insurer to insurer. A co-payment clause means that the insured has to share a part of the medical expenses they incur.
To get a good senior citizen’s health insurance policy in tune with your specific needs, budget and requirements, it is advisable to consult an experienced financial/insurance advisor specializing in health insurance. Getting old and spending the old age in peace and happiness is what everyone wants, and having a good health insurance policy can make these golden years happy, healthy and stress-free.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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