Having a overall health insurance coverage policy for senior citizens is a must these days. However, shopping for one is difficult as there are so numerous plans obtainable in the industry. A overall health insurance coverage strategy permits senior citizens to go ahead with the expected therapy with no worrying about savings and monetary safety.
“Owing to different plan options offered by different health insurance companies, choosing the best possible plan with comprehensive coverage can be daunting. The COVID-19 pandemic has exposed our vulnerability to health emergencies. The elderly being the most vulnerable group need to be secured against such medical emergencies,” Ankit Agrawal, Co-founder and CEO InsuranceDekho, told FE Online.
However, overall health insurance coverage for senior citizens is extremely advised. Having a overall health insurance coverage policy by side at a vital stage of life not only gives monetary safety but also delivers mental help when required the most.
Therefore, cautious choice of a overall health insurance coverage policy for the elderly is a must to make the general encounter worthwhile. Policy terms and circumstances ought to be completely study to stay away from confusion at the last moment and stop inconvenience, stated Agrawal.
According to Aatur Thakkar, co-founder and director Alliance Insurance Broker, it is crucial to pick out a policy that guarantees maximum coverage, as these days, therapies are incredibly high priced. One should really generally pick out a policy that gives maximum coverage in terms of covering illness, like important illnesses. Senior citizens should really also verify what is the waiting period for pre-current illnesses (lesser the waiting period much better will be the policy).
Also, one should really generally pick out a policy with the shortest waiting period as there are more possibilities of hospitalization amongst senior citizens.
“There are different age criteria for buying a policy or renewing it and this varies from insurer to insurer Some insurers do not allow the purchase of a policy if the policyholder has crossed 80 while some policies do not have any maximum entry age. Some policies only allow renewal up to the age of 80 while some policies do not have that limit. To avoid further surprises, one should be aware of these age criteria while buying a policy,” Aatur Thakkar told FE Online.
“Domiciliary Treatment and daycare cover also forms an important aspect. One should always check with the insurer whether the policy he/she chooses will be considering home care treatment cost on the prescription of the medical practitioner or not. Senior citizens should notice that the claim settlement process is easy. While buying a health insurance policy, it is advisable to look for an insurer that has simple settlement procedure with both cashless and reimbursement facility,” he added.
Key points to look at
Ankit Agrawal shared some crucial factors to look at when shopping for overall health insurance coverage for senior citizens:
Age Cap: Many policies have an entry cap of 60-75 years. Extensive coverage with an enhanced entry cap is perfect for senior citizens as it gives monetary help for a longer period. Several overall health insurance coverage providers present policies that do not have any entry age limit. While entry age is an aspect to look at, you ought to also take into account the renewal age for the policy as numerous overall health insurance coverage policies for senior citizens do not let renewal immediately after 80 years.
Network Hospitals: Always pick out a overall health insurance coverage policy that can be accepted at a wide network of hospitals. Make sure you generally verify the list of network hospitals prior to shopping for a strategy for the elderly. The more hospitals in the network, the more probably there will be one in your vicinity, which would be a big help for you for the duration of health-related emergencies.
Coverage for Diseases: Since senior citizens endure from distinct types of ailments, look at a policy that gives you with sufficient coverage against most illnesses. Opting for a overall health insurance coverage policy with complete coverage against a wide variety of illnesses will stop inconvenience at the time of health-related emergency.
Existing Health Issues: If the elderly in your family has an current overall health problem, look for a policy that gives coverage for the identical. Do not neglect to verify along the waiting period connected with the illness. Go for a policy that has the shortest waiting period for the current illness, as possibilities of getting hospitalized due to the identical could be greater. It ought to be noted that pre-current circumstances ought to generally be declared whilst shopping for the overall health insurance coverage policy. Not declaring the pre-current circumstances can lead to claim rejection.
Claim Process: A easier claim approach leads to quicker claim settlement. When it comes to the choice of a overall health insurance coverage policy for the elderly, this is an crucial aspect to look at. So, make sure you verify the claim settlement approach for the policy you obtain for the elderly in your family and make their overall health insurance coverage claim encounter smooth and hassle-no cost.
Premium: Health troubles boost with the passing age. Since overall health dangers are higher in the case of senior citizens, their health-related therapy is also high priced. The healthcare price in India could not be sky-higher, but this should really not be one of the motives for you to settle for a decrease sum insured just to spend decrease premiums. Some insurance coverage policies provide the facility of sum insured refill, which signifies that you can restore the sum insured in case you drain the current quantity in a unique year. So, make sure you choose a policy not due to the fact it comes at a low premium cost, but due to the fact it delivers you advantages beyond a low premium cost.