Key Things To Check Before Buying Health Insurance For Senior Citizens
Health Insurance is necessary for everyone, especially senior citizens, to live a peaceful life without worrying about medical bills. In times of medical inflation, senior citizens can secure their hard-earned savings from exorbitant medical bills with Health Insurance. There is a common misconception prevailing among people about whether senior citizens can purchase a new Health Insurance policy. The answer is YES.
There are many health insurance providers who offer exclusive medical insurance plans for senior citizens. As the medical needs of senior citizens may differ from people of other age groups, it is crucial for them to check the coverage, what is covered and not covered, available optional features and add-ons, etc.
Here are some key factors to check before purchasing a Health Insurance policy:
Check the Premium
The health condition of a person can influence the premium of a medical insurance plan. As people in the higher age groups tend to develop health issues and risks when compared to the younger age groups, the premium for senior citizens can be slightly higher. However, there are certain features that reduce the policy premium. Moreover, not all Health Insurance companies offer similar coverage, which results in varying premiums. Hence, before purchasing Health Insurance for senior citizens, it is important to compare various plans across different health insurance providers. This helps in choosing the best policy with the coverage one needs at an affordable premium.
Co-Payment
A co-payment is a cost-sharing feature in Health Insurance. That is, the accepted claim amount will be split between the insured and the insurer, where a certain percentage of the claim amount will be paid by the insured person and the rest will be paid by the insurer. This is a common feature in many senior citizen Health Insurance plans.
However, in some policies, the insured can choose whether to opt for a co-payment or not. If the policyholder opts for a co-payment clause or purchases a policy that has a co-payment by default, the premium will be low. However, during claims, a certain portion of the risk needs to be borne by the insured. In addition, the co-payment varies from one insurer to another. Hence, it is wise to choose a policy that best fits the people’s requirements.
Out-Patient Cover
In current times while lifestyle diseases are rising on one hand, medical inflation, on the other, is soaring due to the huge demand for healthcare. At such times, it is critical to invest in a Health Insurance plan to get access to quality healthcare. Usually, when it comes to Health Insurance, many of us only think of hospitalisation cover; however, the cover for out-patient expenses is equally important, if not more. Out-patient expenses such as lab tests, doctor consultations, health check-ups, etc. can put a huge financial burden if unchecked, especially for senior citizens, as most of the time, people pay out-of-pocket to afford them. Hence, it is crucial to choose a policy that also offers out-patient cover, especially for those who have chronic health conditions as they might require regular doctor visits.
Look for Cataract Cover
As we age, we may tend to develop some age-related health problems. One such common health issue is cataract. Many Health Insurance plans for senior citizens cover cataract surgeries after a certain waiting period. The coverage limit for cataract surgeries varies based on the opted sum insured and on the type of policy, that is, whether the opted policy is an Individual or Family Health Insurance. In the case of a floater policy, the coverage will be applicable separately for both insured persons. Hence, comparing various policies for better coverage limits, waiting periods and premiums helps choose the best policy.
Low Waiting Period
Most Health Insurance plans have certain waiting periods to cover pre-existing diseases (PEDs). The policyholders can make a claim for such PED health conditions only after the completion of the waiting period. Hence, it is important to choose a policy that has a low PED waiting period. However, most senior citizen plans have comparatively lower waiting periods.
Pre-Medical Check-Up
Most Health Insurance plans for senior citizens do not require the policyholders to undergo a pre-medical check-up. However, under some policies, senior citizens can earn premium discounts if they undergo the medical tests listed under the policy. This helps avail coverage at an affordable premium. Health Insurance provides solid financial support for people, especially senior citizens. There are various medical insurance plans available that are specifically designed to address the medical needs of senior citizens. Choosing the right plan helps them enjoy their retirement life peacefully without having to be concerned about medical bills.