To meet the increasing demand for health insurance for senior citizens, many insurers have now launched plans exclusively for seniors. Here are four tips to help you select one such plan amid the plethora of available options-
1. Entry and Renewal AgeAge is one of the most important considerations. As the possibility of suffering from severe medical conditions increase as you age, especially once you cross 60-65 years, many insurance providers keep the entry age limited to 55-60 years.
You should look for a policy with an entry age of 60-70 years and renewal up to 80 years. This will ensure that you remain protected for a longer duration and in the years when you need a health plan the most.
2. Policy CoverageMany health plans have several exclusions and unfavourable clauses. For instance, there are senior plans that do not cover pre-existing health conditions such as hypertension, diabetes, cholesterol, etc. or have a long waiting period for the same. Also, many of the plans have a co-pay clause.
Check the terms and conditions thoroughly and compare them with other popular plans to make the right decision. The best policy is the one that offers maximum coverage, has no co-pay clause, and has minimum exclusions.
3. Sum InsuredThis is the total amount that the insurance provider will pay in a year for your medical expenses. A senior citizen should buy health insurance with a higher sum insured as compared to someone in their 30s or 40s as the chances of needing healthcare is considerably higher.
Compare the maximum sum insured offered by different policies along with their premiums to make the right decision.
4. Network HospitalsCashless facility is far more convenient than the reimbursement option. But to use the cashless facility, the insurance provider will require you to get treated at one of their network hospitals. This also means that you should select an insurer that has maximum hospitals in their network. Moreover, there should also be at least a few network hospitals close to your home and office.
Making the Decision
A senior citizen health insurance scheme shouldn’t just be about money. It should abundantly focus on the policyholder’s health and offer a host of features that meet the healthcare needs of the seniors.
Consider these points if you are looking for a health plan for seniors and you are sure to make the right decision.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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