7 Points to Check before Buying Health Insurance for Senior Citizen

With numerous senior citizen health insurance plans available today, comparing and choosing the best one can be a daunting and cumbersome task. To make sure you pick the best policy, it is imperative to evaluate all options and essential aspects, and make a well-informed decision thereafter.

Here are the important factors to consider while selecting the best senior citizen health insurance plans:
1. Age

Entry age: A critical aspect in senior citizen health insurance plans is the age factor. Even the best features are far from useful if one cannot avail the health insurance plan in the first place due to age exceeding the limit permitted by the policy. Some insurers, especially in the public sector, offer health insurance plans for senior citizens in the 60-80 year age group. Certain other insurers have health insurance policies without any maximum entry age.

The best senior citizen health insurance plans are those that allow entry even at the age of 80. Pick a plan that provides the longest coverage tenure, allowing entry at any age, along with medical cover that goes on for a longer period.

Renewal age: This is the age or time until when the health insurance policy can be renewed by the insured. Certain health insurance plans allow renewal only till 80 years of age, following which the policy cannot be renewed. This age limit for renewal varies between companies, so pick a plan that suit your requirements.

2. Sum Insured

The sum insured or health cover is another vital consideration when selecting a senior citizen health insurance plan. With advancing age, health risks increase and therefore senior citizens need higher health cover protection. Consider the right face value - higher the face value, higher the final coverage provided.

3. Coverage

It is essential to ensure that the best senior citizen health insurance plans cover a broad range of illnesses, particularly critical illnesses, as chances of such incidences increase with progressing age. You must also thoroughly review all terms and conditions concerning exceptions, i.e., the illnesses that the policy does not cover, especially the pre-existing medical conditions.

Hereditary medical conditions such as diabetes, hypertension, must be watched out for. The best health insurance plans for senior citizens offer maximum illnesses’coverage with minimum exceptions.

4. Pre-Existing Medical Conditions

Defined in the health insurance policy itself is the waiting period before a claim can be made for a pre-existing medical condition. This is a critical factor because the threat of illness and resultant hospitalization due to a pre-existing medical condition increases with age and is hence higher for senior citizens.

5. Broad Hospital Network

A senior citizen’s health insurance policy should ideally have a broad network of hospitals, including the good ones in their immediate vicinity. This is particularly helpful when senior citizens need emergency medical care and/or hospitalization. It is therefore necessary to opt for a health insurance plan that includes a wide network of hospitals specializing in a broad range of treatments.

6. Premium

Premiums are another important consideration when comparing health insurance policies for senior citizens. Because senior citizens are at higher health risk levels, insurance companies usually charge higher premiums.

Senior citizen insurance policy rates vary as per age. Other factors affecting the rates of such policies are lifestyle, family history, overall health, etc. Healthier senior citizens get better coverage at lower premiums.

Choose wisely by comparing the various senior citizens’ insurance policies that different insurance companies offer at varying premium rates. Keeping in mind the above-mentioned criteria, these comparisons/evaluations make it easier to choose a good health insurance plan with affordable premiums.

7. Co-Payment Clause

Health insurance policies for senior citizens have a co-payment clause that varies from insurer to insurer. A co-payment clause means that the insured has to share a part of the medical expenses they incur.

Over to You!

To get a good senior citizen’s health insurance policy in tune with your specific needs, budget and requirements, it is advisable to consult an experienced financial/insurance advisor specializing in health insurance. Getting old and spending the old age in peace and happiness is what everyone wants, and having a good health insurance policy can make these golden years happy, healthy and stress-free.

Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.