Senior citizens are more vulnerable to health risks and the rising medical expenses only add to the financial woes. Thus, an adequate health insurance policy for older people is a must to tackle medical emergencies efficiently. Let's take a look at key things to consider while buying a senior citizen policy.
While some insurers limit the purchase of policy to below the age of 80, some don't have any entry age. Similarly, some policies have the option of renewal up to the age of 80 while some don't. Check these specifications beforehand to negotitate and get the best deal possible.
After age, the single most important factor is coverage in an insurance policy. Make sure to select the one with maximum coverage and enough protection for pre-existing illnesses too. This is because old age can invite absolutely any disease and one must be prepared for such surprises.
While certain insurers give protection against pre-existing illnesses, it may come with a significant waiting period. Here, policyholders have to wait for certain predetermined duration before becoming eligible to make claims for pre-existing diseases. Make sure to select a policy with shortest waiting period.
Insurers cover all the expenses incurred by the insured if a particular hospitalisation extends for more than 24 hours. However, some senior citizen policies have sub-limit clauses that allow insurers to only pay for the hospitalisation to an extent. Make sure to scan these clauses before signing the dotted line.
The post-hospitalisation expenses are normally covered for a period of 60-90 days. However, this reduces sharply for senior citizen policies as insurers put a cap on maximum post-hospitalisation expenses that can be covered. Do check this particular aspect carefully.
The benefit of network hospitals are quite obvious. Cashless facilities ease a lot of burden off the shoulders of the policyholder and family members. Thus, always pick a policy that boasts of a wide range of hospitals. You don't want to worry about selecting a hospital during a medical emergency, right?
The premium for senior citizen's health insurance policies will always higher than those for younger people. The stakes are higher in case of the elderly and insurers don't want to take unnecessary risks here.
However, as applicants, you can definitely do a fair bit of research and pick a policy that is most economical out of the lot. Make use of insurance aggregators online to discover the policy that suits your individual needs both in terms of finances and health risks.
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