Safeguarding the future of the elderly with health insurance

While investing in a health plan, you need to decide which policy will fulfill your family’s needs and cover every member adequately. When planning to invest in a health plan for yourself, your spouse and your kids, one can go for family floater plans as it gives protection to each member of the family sufficiently. However, it is advisable that you should buy an individual health plan for your parents as covering them under a comprehensive plan will give them extra protection which is much needed in old age. In addition, under family floater plans, there are certain restrictions like sub limits and waiting period, which may become a hurdle as your parents age and may require hospitalisation. 

Typically, senior citizens can look into two options  - they can either opt for a comprehensive health plan like mentioned above, where there are no limitations which means that in case of hospitalization, the entire cost is borne by the insurer. The other option is senior citizen specific plans which are relatively cheaper. However, the disadvantage is they have certain limitations. For instance, some plans may have a 20% copayment clause, which means that 20% of the total hospitalization bill will be borne by the customer and the remaining 80% by the insurance company. Thus, based on one's needs and finances, one can decide which plan they should invest in.  

Further, with so many senior citizen health insurance plans on the market today, deciding which one is the best can be tricky. To ensure that you select the best policy, it is crucial to evaluate certain factors like, room rent capping, OPD coverage, no claims bonus and restoration benefits among others. 
 

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