As we grow old, the chances of encountering medical conditions increase quite drastically. It is majorly due to deteriorating health and an increase in fragility. Add this with the fact that post-retirement one might not have access to a huge amount of funds, getting adequate treatment can be a pain.
Not if you have health insurance for senior citizens. These health insurance plans are designed keeping senior citizens in mind. Thereby ensuring that you get the right treatment at the right time without having to worry too much about the expenses.
Guide To Buy Health Insurance for Senior Citizens
Before you can start buying a health insurance plan, it is essential to be aware of the different types of plans available. And access which plan makes the most sense for you. Here are some of the most commonly available plans.
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Individual Health Plan
As the name suggests, the plan is available for an individual and it offers a wide range of coverage along with a better sum insured.
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Family Floater Plan
A family floater plan covers all the members of the family under a single plan. You can either claim the entire amount for a single member or make different claims for different family members. This is possible as long as the sum insured is not exhausted.
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Top-up plans
Opting for an individual plan on top of a group plan might not always be feasible or economical. A top-up plan can help you get a higher claim without costing you as much as individual plans. They offer a higher sum insured as well.
However, it is best to opt for Senior Citizen specific plans, be it individual or family floater to get maximum benefits. Click here to check out the best health insurance for senior citizens on Turtlemint.
Points to look out for in a Senior Citizen Health Insurance Plan:
After you decide on which plan to opt for, you can take a closer look at the policy coverage and look for specific coverages as well. Here are the ones to look out for.
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Critical Illness
Some common examples of critical illness include cancer, paralysis, kidney failure, heart-related diseases, etc. The expenses related to such conditions are usually higher as well. Look for policies that offer critical illness cover as a part of the policy or as an add-on.
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Pre-existing Diseases
Health insurance plans usually do not cover pre-existing conditions for senior citizens. Depending on the disease there might be a 2-4 year waiting period for the same. After you complete this duration, the policy covers these pre-exiting diseases. A quick check of the pre-existing diseases list and conditions is essential.
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Co-payment
Health insurance for senior citizens usually comes with a co-payment clause. In other words, if a policyholder makes a claim, they will end up paying a predefined percent of the claim as out of pocket expense.
For a policy with a 20% co-payment clause, you will end up paying 20% of the total expenses. A higher co-payment results in a lower policy premium since the policyholder bears some of the expenses.
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AYUSH Treatment
While opting for health insurance for senior citizens, you can check if the insurer provides coverage for AYUSH treatment or offers it as an add-on. AYUSH treatment or Ayurveda, Yoga, Unani, Siddha, and Homeopathy is an alternative treatment.
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Network Hospitals
Before purchasing health insurance for senior citizens, it is advisable to look at the network hospitals of the insurance provider. Having hospitals near your house on the list would ensure that you do not have to travel a lot for treatment.
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Complimentary check-up
Some health insurance providers offer complimentary check-ups on renewing their policy.
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Room Rent cap
There are greater chances of senior citizens ending up in hospital for a longer duration as a part of treatment. Thus, taking a closer look at the room rent caps or ICU cap is important. A policy that does not have any room rent cap as long as the sum insured is intact, is preferable; however that could be more expensive.
Similarly, ICU rent is much higher than the normal rooms. A policy without any room rent cap is ideal.
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Cumulative Bonus
For every year that you do not claim your health insurance policy, the insurers offer a bonus. This usually is in the form of a higher sum insured when you renew the policy. A closer look at the cumulative bonus of a health plan can help you make the most out of your policy.
The above pointers are some of the most important aspects of health insurance for senior citizens. You should also consider the claim settlement ratio of an insurance provider. The number simply states the total number of claims that a company settled versus the total number of claims that they received. A higher ratio is recommended.
Conclusion
Given the constantly increasing medical expenses in the country, not having health insurance for senior citizens can turn out to be financially straining. With the above, you can secure a health insurance plan that offers you adequate coverage at affordable premiums.