Medical inflation is on a rise over the past few decades which makes medical treatment expensive. Considering these soaring treatment costs, having some form of financial cover becomes necessary. It becomes even more crucial as you start ageing and the probability of health risk increases. Here is where health insurance plans come to the rescue.
Health insurance plans offer a financial safety net for unexpected medical treatments. Who doesn’t want to have a backup for their medical needs? Worrying about finances is no longer required once you purchase an adequate health insurance policy. When it comes to old age, there is an increased chance of health ailments and more frequent requirement of medical attention. Hence, buying medical cover for senior citizens is something that should not be overlooked at all. With a plethora of health insurance plans
to choose from, selecting the right insurance policy can be confusing. When buying a senior citizen health insurance policy, comparison of the following factors will help you select the right policy with an adequate insurance coverage. This guide elucidates on the same -
#1 Lifetime renewability option
The most important feature in senior citizen health insurance comparison involves looking at the lifetime renewability of your policy. Some insurance companies allow the health insurance policy to be renewed up to a specified age. After this age, there is no option available to renew such a policy but this is when you most require a medical insurance. So, make sure you look for a plan with lifetime renewability when conducting a senior citizen health insurance policy comparison.
#2 Co-payment clause
The co-payment clause of your insurance policy requires you to bear an out-of-pocket expense for certain services like doctor visits or prescription drugs. Since the frequency of these services for senior citizens is more as compared to a young individual, it might require a higher outflow for treatments. Thus, you need to check the co-payment clause at the time of senior citizen health insurance comparison. This co-payment facility on the other hand helps to reduce the premiums too. Hence, if you have some contingency funds earmarked for medical needs, you can consider reducing the premium of your policy. Read up on meaning of copay
, how it works and its purpose.
#3 Coverage for pre-existing ailments
When buying a senior citizen health insurance, comparison needs to be made for coverage of pre-existing ailments. Older age is when most individuals start to contract illnesses. At such a time, buying a health insurance policy that does not cover these already contracted ailments will defeat the purpose of buying one. Thus, the waiting period is something to compare when selecting health insurance plans for senior citizens. Different insurance companies have different waiting period usually ranging between 24 to 48 months. Selecting a policy with a lower waiting period is advisable for faster policy coverage.
#4 Adequacy of sum insured
Lastly, make sure to check the adequacy of the sum insured of your policy. Treatments can be expensive, and an inadequate insurance cover will require out-of-pocket expenses when a claim is raised. A periodic evaluation of the approximate treatment costs vis-à-vis the sum insured of health insurance for senior citizens
can help you increase the policy coverage if required. This way you need not worry about having to pay additional costs for the treatment.
If you keep in mind the above factors for senior citizen health insurance comparison, it will ensure and an all-round and comprehensive coverage for age-related ailments. Further, a senior citizen health insurance is the smartest decision that can help you get a financial backup for medical contingencies as well as save tax while doing so. Keep in mind the above tips for comparison and select a suitable insurance cover for your parents. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.