The rising health care costs, consultation fees, and health check-up charges pose a financial threat to senior citizens living a post-retirement life.
But the deteriorating health conditions are stubborn enough to take a backseat. That is why scouting for a senior citizen health insurance plan is crucial.
Ailments grow as people grow. While some people may face minor health conditions like body pain, weak eyesight, others may suffer from life-risking diseases such as cancer, diabetes, and heart failure.
With a senior citizen health insurance plan, dealing with these health problems no longer requires lump sum finances from your end.
What Is a Senior Citizen Health Insurance Plan?
Health insurance for senior citizens is an agreement between the policyholder and the insurance company where the latter provides compensation to the former in case of their medical urgency. Anyone above the age of 60 can opt for the plan.
The policyholder has to pay a specific premium annually or monthly, and in return, the insurer offers to pay for their medical expenses.
Regular doctor check-ups, consultation fees, and hospitalization expenses are all borne by the insurance company. As a result, the policyholder can receive cashless treatment wherever they want.
Factors To Consider Before You Buy The Policy
Scrutinize The Features
When you purchase medical insurance for senior citizens, you have to focus on the waiting period, co-payment clause, and exclusions. Sub-limits need equal consideration. The waiting period is generally applicable for people with a pre-existing illness.
However, many insurance companies have lowered the waiting period to one year. So, consider that.
Focus On The Premium
Generally, the premiums for senior citizens are higher than for young individuals. Scout for a policy that offers many benefits at a low premium rate. This will reduce the burden of making massive payments on the go.
In-patient Hospitalisation Coverage
When you receive the in-patient hospitalization cover, make sure it includes different types of hospital expenses. The nurse expense, specialist charges, and other consultation fees should be included in it. Many expenses also have sub-limits. So, focus on each of them.
Terms & Conditions
You may have one or more pre-existing illnesses. So, when you purchase the policy, you must consider whether you are receiving a comprehensive pre-existing illness cover that fits your demand.
Carefully consider the terms & conditions. If you do not understand something, do not hesitate to ask the insurance company about it. They will help you.
Post Hospitalization Expense Limit
Generally, the post-hospitalization eligibility is 60 to 90 days. But many insurance policies have shrunk the eligibility.
So, before you buy the procedure, you should be well-informed about the limits to avoid any complications in the long run. Do not forget to check the term applicable before you buy it.
Daycare Hospitalization Restriction
Senior citizens need sufficient daycare facilities to maintain good health. Since many insurance companies provide daycare facility numbers as low as 8 to 10, it is crucial to examine that before buying the plan.
So, make sure you have sufficient information about the insurance company’s daycare hospitalization restrictions before you accept the policy.
The Bottom Line
If you face any inconvenience regarding the policy and its benefits, connect with the insurance provider to avoid any complications later.