Buying the right health insurance policy is about understanding your requirements and then either finding a Mediclaim policy which best fits the requirements, or making a customized health insurance policy. In addition, Mediclaim plans come with their own set of terms and conditions around cover, sub-limits and exclusions making the overall process more daunting for normal individual. Given the high probability of advent of various illnesses in old age coupled with the high cost of healthcare services in India, it is important that our parents are covered with a health insurance plan for seniors.
However, given how different can be the need of senior citizens compared to ours, finding out the most suitable one is a tough nut to crack. If you take a quick look at the range of health insurance plans available for senior citizens, you will be left confused. To help you out, we have jotted down a few tips on how to buy the best health insurance plan for senior citizens. Accordingly, we want to help you out by highlight the more important aspects that you should particularly focus on to chose the right health insurance for parents:
Aspects covered by the best health insurance for senior citizens
- Lifestyle diseases: There are certain diseases that are more common among senior citizens, such as diabetes, stroke, atherosclerosis, obesity, and arthritis. As we step into our 50s and 60s, we become more vulnerable to such health issues. The best plans cover almost all sorts of lifestyle diseases. Once you get your parents or grandparents covered by such a policy, you will not have to worry at least about the medical and healthcare expenses.
- Adequate cover amount: When people get old, they require medical treatment and healthcare services on a more frequent basis. It means, they end up spending more on their treatment. In such a scenario, one must make sure the cover amount or the sum insured provided by the insurance policy is sufficient enough. HDFC Ergo is one such health insurance company that provides its senior citizen customers with an ample amount of coverage.
- Less waiting period: Majority of the policies come along with a compulsory waiting period. There are many pre-existing medical conditions on which this waiting period is applied. The period is usually between 24 and 48 months. In the case of senior citizens health plans, the best policies maintain a lower waiting period. You would never want to buy a policy for your parents that refuse to cover their pre-existing medical treatment.
- Renewal limit: Every health insurance policy comes with a renewal limit. For example, if the renewal limit of a policy is 75 years, it means you can’t renew it once you cross the age of 75. For this reason, when looking for health insurance policies for your parents, you should aim for the ones that come with the maximum age limit.
- Cashless hospital network: As life is unpredictable, therefore we must always be prepared for the worst. Senior citizens fall ill more often, and all of a sudden. If the health insurance policy does not have many hospitals in its network, you may find yourself in trouble, particularly in an emergency situation. Having a network hospital nearby can provide you with a lot of relief. When you compare the policies, do not forget to take a quick look at their network of cashless hospitals.
Include critical illness cover
Without any doubt, critical illnesses like kidney stones, lung cancer, and heart stroke can make a huge dent in your savings. The cost of treatment related to such diseases has turned out to be quite expensive. If the senior citizen health insurance policy purchased by you does not cover critical illness, you must opt for the add-ons. You will have to pay a little higher premium, but it will provide you with a sense of relief.
If the policy comes with sub-limits on certain common diseases, particularly the ones that your family’s medical history has, you should avoid buying it. Sub-limits can restrict the benefits offered by the policy. The point here is to choose a policy that best fits the healthcare requirements of your parents. This way, you will be able to avoid situations where the claim made by you will not get rejected.
What aspects are covered by senior citizen health insurance policies?
- Day-care costs (it includes medical procedures like chemotherapy or dialysis)
- Hospitalization charges
- Ambulance charges
- Pre and post-hospitalization charges
- Medical costs
Besides them, there are many more aspects that these policies cover. So, that’s all about you need to know about the senior citizen health insurance policies. Before finalizing your choice, you must go through the terms and conditions of the policy. Having a well-designed policy will make you feel less worried about the health situation of your parents or grandparents. You will be able to provide them with the best possible medical treatment and healthcare facilities in the town.