The most important thing we can do for our aging parents is to gift them a lifetime of financial security against illnesses and medical expenses. That is why you must consider including health insurance for senior citizens to your portfolio.
If you are looking for a health insurance for senior citizens but don't know where to start, then you have come to the right place. An effective health plan will allow them to live a stress-free life, knowing that quality healthcare is always accessible.
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How to Choose the Best Health Insurance for Senior Citizens
This article will share some valuable tips to help you choose an optimum cover for your parents.
In-patient hospitalization refers to all the medical expenses that your insurance provider will cover if the policyholder is hospitalized for more than 24 hours. Ideally, the policy would provide coverage against doctor’s fees, medicines, nurse expenses, diagnostic tests, etc.
Since senior citizens may need an extended stay at the hospital to fully recover, look for a policy that offers you maximum coverage for in-patient hospitalization.
Not all medical procedures require hospitalization more than 24 hours. Some procedures can be completed in a day.
Therefore, the health insurance for senior citizens should also have a provision for day-care hospitalization. When looking for an insurance policy, don't forget to check out the limitations on the number of day-care facilities offered by the insurer.
But suppose the insured person requires recurrent treatment, such as chemotherapy or dialysis. In that case, this low number may defeat the purpose of a health insurance policy because you'll end up paying most of it from your pocket.
Pre-existing conditions are health issues that the policyholder may have before taking the policy. You must declare these conditions at the time of buying the health insurance for senior citizens.
Failing to do so can become the reason for claim rejection. Some insurance companies may also require the policyholder to take a medical exam and provide the reports as part of their mandatory paperwork.
A waiting period is defined as the time frame required by the insurance company before they can entertain any claims filed against the pre-existing illness.
If the policyholder has a pre-existing medical condition, the insurance provider may only start covering after the completion of waiting period. At the same time, they may also require them to go through a medical test to determine the severity of the disease.
Then, based on the test report, they determine if the policy can be issued to the prospective policyholder. If they are deemed eligible, the waiting period may be between 2-4 years (for most insurance companies) before they can claim that disease.
According to this clause, the insurance company will agree to pay a certain part of the claim, but the policyholder must bear the remaining part.
In health insurance for senior citizens, most insurers will insert the co-payment clause since the risk is higher and the waiting period may not be a feasible option for the policyholder.
Another important clause to check in health insurance for senior citizens is the sub-limits.
These are the upper limits that the insurance company puts on certain services, such as room rent, consultation fees, etc. You must educate yourself about these limits to ensure that you are getting adequate coverage for your parents.
Having health insurance is necessity in today’s day and age when medical costs in India are over the roof. Moreover, it offers tax saving and gives free annual health checks, among other benefits.
So, keep these points in mind and compare policies to choose the best plan for your parents.