Purchasing a health insurance policy for a senior citizen is a thoughtful move because it doesn’t only ensure that their wellbeing is taken care of as they age but it also saves you a lot of money in case of a medical emergency. But do you even know what things you must consider before buying health insurance for senior citizens?
Let's have a look at 7 most important things one must take into consideration before choosing the right health insurance plan:
1) Check for Pre-existing condition(s)
Do go check with your insurer about the coverage of pre-existing medical conditions under health insurance plans for senior citizens before buying the policy, as most of the health insurance for senior citizens above 60 years have a compulsory waiting period for pre-existing medical conditions. Go for a health plan with a minimum waiting period in case of existing medical conditions, so as to avail the benefits as soon as possible.
Also, most of the health policies for senior citizens do not cover all the medical expenses. For instance, dental surgeries, pre, and post-hospitalization expenses, or hereditary conditions are not covered for most of the health insurance policy for senior citizens. So, to make the best choice, prefer going for a mediclaim policy that comes with the least number of exclusions even if it demands a greater premium.
Senior citizens are a lot more susceptible to life-threatening ailments like cancer, kidney failure, heart attack, stroke etc. Treatment costs of such diseases are increasing day by day and it is predicted that by 2030, it will be almost double the cost today. No matter, we are sure sometimes it could be beyond one’s financial capability.
Health insurance for senior citizens provides financial coverage to them against treating critical illnesses mentioned in the policy. Make sure to check for this before buying any policy which can help save lakhs of rupees that may otherwise incur in the absence of the best health policy for senior citizens.
3) Beyond Sub-Limits
Senior citizens surely need comfort and privacy while undergoing any medical treatment or care. If your senior citizen mediclaim policy doesn’t come with any room rent capping, you will not need to pay an extra amount during your treatment in a hospital room of your choice. Thus it will save your pocket from additional out pocket expenses!
So, opt for health plans that have no sub-limits and no restrictions when it comes to the room tariff.
4) Insured amount
The purpose of medical insurance for senior citizens is to reduce the burden of hospital bills and medication costs. It is essential for you to learn about sum insured before making a decision to purchase a health policy for senior citizens.
Before you buy a mediclaim policy for senior citizens, firstly assess your needs and buy a policy prioritizing high coverage features over the low amount of premium. You may also opt for a super top-up rather than buying a new health insurance plan for senior citizens.
5) Network hospitals
Do check for the empanelled hospitals under the mediclaim policies for senior citizens you are considering to buy. The reason this point is important to consider while buying a mediclaim policy for your parents is that travel during a medical emergency is not a good idea for senior citizens. So making sure if the hospitals covered under the mediclaim policy for senior citizens is located at nearby locations so that one can avail immediate care in case of an emergency.
6) Should Cover In-Home Health Care
As age progresses, the elders prefer the comforts of home when it comes to seeking medical advice and attention. If your doctor agrees with providing home health care, go for health insurance plans that cover such facilities.
7) Co-payment Clause
Co-payment is a common feature in senior citizens health insurance plans. Co-payment is mainly applicable on three things - Specified ailments, specified hospital charges and treatment hospital. For example, copayment could be applicable on room rent and specific illnesses and surgeries including daycare surgeries. In some plans, there could be 20% co-payment, if the treatment is taken in a hospital other than a network hospital.
In some plans, the insured has to bear 20 per cent of the admissible claim amount in each and every claim. Over and above that, one may opt for a higher co-pay to further lower the premium while buying a mediclaim for senior citizens. So, do get clarity on the applicability of co-payment. Ask your insurer for the waiver of copayment on payment of additional premium, if possible.
In order to choose the best one from the widest range of senior citizen health insurance plans covering your requirements, compare the health insurance plans that other health insurance companies are providing.
Emoha is a virtual community that offers senior citizens of our country access to a range of support & elder health care services - right from remote health monitoring, to emergency support and a dedicated care manager to coordinate COVID support; we empower senior citizens with everything they need to live a safe, healthy and energized life in the comfort of their own home. We know you want the best for your parents & we do exactly that. For us, it is always #EldersFirst