Health insurance is an indispensable requirement that everyone should invest in to avoid expenses arising from unforeseen health emergencies. As you grow old, health worries amplify, making a comprehensive health insurance policy vital.
While there are a plethora of insurance providers with various policies and features, it would be best to do a little research before investing in a policy for senior citizens and the elderly. If you are seeking tips on finding affordable insurance for your loved ones above 60, this article has you covered.
As you age, the risk of contracting diseases increases. This phase may not only be physically and mentally challenging but could impact your finances and life’s savings. Hence, you need to scout for an affordable insurance plan that will not pinch your pockets.
Who should buy a health insurance plan for senior citizens?
Health insurance for senior citizens or the elderly is aimed at individuals who are retired and don’t have any regular income. One can avail this type of health insurance plan for their ageing parents. Some insurance companies may reject the proposal for your parents. However, some plans, such as Aditya Birla Health Insurance, aim to provide comprehensive health coverage, chronic management programs, health benefits and access to expert health coaches.
At a low premium, with Aditya Birla Health Insurance for senior citizens, you can expect a personal health coach, cashless treatment at home, no claim bonus and in-patient hospitalisation, and several other benefits.
While medical insurance for senior citizens from top-rated providers ensures a wide range of advantages, specific exclusions must be considered when weighing your options. Some of the clauses most frequently not covered under senior citizen health insurance policies include:
– A pre-existing injury or disease
– Any diseases contracted within 30 days of availing of the policy
– Expenses incurring from diseases arising as a result of drug abuse
– Cost of lenses, spectacles or dental treatment (unless arising out of an accident)
– Non-allopathic treatment and a few others
Make sure to read the policy document well along with the terms and conditions before buying a policy. In particular, joint replacement surgery coverage is only eligible for a claim after two years of purchasing the policy. Similarly, there might be a waiting period associated with other surgeries.
Things to consider when seeking an affordable insurance plan for elderly
Compare the features of various policies
A health policy with features covering an individual’s specific needs is a better investment to make. Make sure to check if the policy you buy allows co-payment, has a sub-limit on room rent or pays the doctor consultation charges and caters to other needs such as donation, dialysis, etc.
A high co-pay and low sub-limit may lead you to pay a higher amount out of your pocket. Most insurers offer senior citizen medical insurance with co-payment options where the policyholder will have to bear the expenses. In most cases, the co-payment amount is usually a minimum of 20% of the claim, while some insurers offer a reduction in the co-payment during every renewal.
Choose a high sum assured
The sum assured is better when high as this refers to the total amount your parents will be insured for. While fixing this sum, ensure to take into consideration anticipated medical uncertainties and medical inflation.
Check the waiting period
A lower waiting period is beneficial for senior citizens, especially if your parents are suffering from a pre-existing disease. You can choose a plan with a lesser waiting period so that the insurance coverage can come in handy when they need it the most.
Buying a medical insurance scheme can safeguard any such urgent health expenditures. The best medical insurance for senior citizens offers a score of benefits. These span from cashless hospitalisation to critical illness cover, pre-existing disease cover, high assured sum coverage, hassle-free settlement, ambulance charges and more.
Consider a separate policy for parents
It is always better to get separate medical insurance for senior citizens than include your parents in the family floater plan. This is because the premium of such plans is based on the family’s eldest member. Moreover, the renewal age also depends on the age of the family’s most senior member. Hence, everyone shares the sum assured, which could otherwise be utilised by a parent in a single claim.
Also, ensure that the shortlisted policy offers the maximum renewal age. It is essential to first asses the insurance requirements of the individual, especially taking into consideration their existing health conditions. Moreover, compare policies from top-insurance providers available in India. Read the inclusions and exclusions, waiting period and claim process to ensure that you buy an affordable plan that suits all your needs and preferences.