Logically, at this point of time, people need more health attention and frequent medical visits and quality healthcare can be expensive. A retired person may not be able to afford the sky-high medical expenses or end up spending his/her life-savings in paying the bills.
But many of us often skip the insurance wagon the moment we start earning; a few are there who don’t realise the importance until it is too late. The reason is that they only rely on the health coverage offered by their respective employers.
They completely ignore to insure themselves under individual health insurance thinking that whatever coverage is offered under the group health insurance will suffice their needs. Let’s face it! You wouldn’t be covered under employer’s benefit scheme once you leave the organisation or retire. No matter the amount you’ve accumulated in your pension fund, any serious medical emergency can wipe it off easily. Hence, it is essential to have senior citizen health insurance plans to live your golden years worry-free.
It’s better late than never. Luckily, many insurance companies have introduced affordable and trustworthy health insurance plans. But how do you choose the best insurance cover among them?
Thankfully, many insurance providers are coming forward with reliable and affordable senior citizen health insurance plans. But, how do you know which one to choose?
We recommend certain pointers that need to be considered at the time you purchase a senior citizen health insurance plan for yourself or your parents. Let’s have a look-
Tip 1: Maximum Entry Level
At the time of buying a plan or settling for the insurance premium, always consider the entry level. It’s better you choose the maximum entry-level age. Mostly, insurers offer entry until the age of 70 years. But there are, obviously, some insurance companies that allow entry at a late age as well. The best option is to side with those insurers that offer entry up to the age of 80 or more.
Tip 2: Wide Hospital Network
Look for the plan that offers maximum network hospital options. There are insurers with minimal hospitals in their networks. It may not be convenient for senior citizens to travel a long way to avail medical services. Make sure the hospitals are within your reach. Also, keep the list of network-hospitals and their contact details handy.
Tip 3: Co-Payment
Insurance service providers have come up with an option of ‘co-payment clause’. As per this clause, the policyholder has to pay a portion of the total claim amount. Whether it is 5% or 15%, the pay-out amount can be decided on the basis of the total amount of medical expenses. Prefer going for the plan with no co-payment clause.
Tip 4: Pre-existing Illnesses
When it comes to covering pre-existing illness, many insurers have their own criteria and waiting period. Without serving the waiting period, the insured can’t file a claim.
In case of a senior citizen, possibilities are that most of the illnesses developed prior to buying the plan. This means that only after serving the waiting period can the insured claim the insurance. When you can’t do anything about this, make sure you choose a plan with the minimum waiting period. The shorter the waiting period, the lesser are the chances of your claim getting rejected.
Tip 5: Wide Health Coverage
Different companies come up with different coverage. While some provide coverage for diseases like hypertension, Cardiac issues, diabetes etc., the others may offer coverage for various critical illnesses like Cancer, Kidney transplant, Stroke etc. Opt for a health insurance plan that is willing to cover you extensively. There is no point of having a plan with insufficient coverage.