Crucial Tips for Senior Citizen Health Insurance Comparison

Medical inflation has risen over the past few decades, which makes medical treatment expensive. Considering these soaring treatment costs, having some form of financial cover becomes necessary. It becomes even more crucial as you start ageing and the probability of health risks increases. Here is where health insurance plans come to the rescue. Health insurance plans offer a financial safety net for unexpected medical treatments. Who doesn't want to have a backup for their medical needs?

Worrying about finances is no longer required once you purchase an adequate health insurance policy. When it comes to old age, there is an increased chance of health ailments and a more frequent requirement of medical attention. Hence, buying medical cover for senior citizens is something that should not be overlooked at all. With a plethora of health insurance plans to choose from, selecting the right insurance policy can be confusing.

Why Health Insurance for Senior Citizens?

Health insurance for senior citizens is different from health insurance for younger people. Senior citizen health insurance is a specialised and dedicated plan which caters to the various needs of the elderly. These plans include riders and add-ons which typical health insurance policies do not contain.

The reason for having a specialised plan for senior citizens is that medical bills tend to be higher and more frequent for the elderly. Therefore, to help them manage their bills and provide a better quality of life, health insurance is necessary. However, you must not buy any plan that you see on the internet. In the next section, we will understand senior citizen health insurance tips that will help you choose the best policy.

Also Read: Comparing MHCP EDGE+ Benefits for Individuals and Families

5 Key Factors to Compare When Selecting the Right Insurance Policy for Coverage

Lifetime renewability option

The most important feature in senior citizen health insurance comparison involves looking at the lifetime renewability of your policy. Some insurance companies allow the health insurance policy to be renewed up to a specified age. After this age, there is no option available to renew such a policy, but this is when you most require medical insurance. So, make sure you look for a plan with lifetime renewability when conducting a senior citizen health insurance policy comparison.

Co-payment clause

The co-payment clause of your insurance policy requires you to bear an out-of-pocket expense for certain services like doctor visits or prescription drugs. Since the frequency of these services for senior citizens is higher compared to a young individual, it might require a higher outflow for treatments. Thus, you need to check the co-payment clause at the time of senior citizen health insurance comparison. This co-payment facility, on the other hand, helps to reduce the premiums too. Hence, if you have some contingency funds earmarked for medical needs, you can consider reducing the premium of your policy. Read up on the meaning of copay, how it works and its purpose.

Coverage for pre-existing ailments

When buying a senior citizen health insurance, comparison needs to be made for coverage of pre-existing ailments. Older age is when most individuals start to contract illnesses. At such a time, buying a health insurance policy that does not cover these already contracted ailments will defeat the purpose of buying one. Thus, the waiting period is something to compare when selecting health insurance plans for senior citizens. Different insurance companies have different waiting periods, usually ranging between 24 and 48 months. Selecting a policy with a lower waiting period is advisable for faster policy coverage.

No claim bonus availability

A no-claim bonus or a cumulative bonus is a reward that insurers give you for maintaining a claim-free year. With this feature, you can increase your sum insured without paying an extra premium. So, keeping your parents healthy and fit can reward you with greater coverage, which can be beneficial in the future. Most health insurance companies offer up to 50% NCB for claim-free years. Therefore, when you are doing a senior citizen health insurance comparison, make sure to check the NCB feature. You will find this information in the policy wordings and brochure.

Adequacy of sum insured

Lastly, make sure to check the adequacy of the sum insured of your policy. Treatments can be expensive, and an inadequate insurance cover will require out-of-pocket expenses when a claim is raised. A periodic evaluation of the approximate treatment costs vis-à-vis the sum insured of health insurance for senior citizens can help you increase the policy coverage if required. This way you need not worry about having to pay additional costs for the treatment. If you keep in mind the above factors for senior citizen health insurance comparison, it will ensure an all-round and comprehensive coverage for age-related ailments. Further, a senior citizen health insurance is the smartest decision that can help you get a financial backup for medical contingencies as well as save tax while doing so. Keep in mind the above tips for comparison and select a suitable insurance cover for your parents.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Also Read: Government Health Insurance Scheme for Senior Citizens

Wrapping it Up

Seeing your parents slowly age is not a great feeling. However, ageing is a normal process, and it becomes our duty to support them in their older years. Therefore, buying health insurance for senior citizens provides a way of caring for them without worrying about huge hospital expenses.

But before buying, make sure to follow these senior citizen health insurance comparison tips so that during a crisis, your policy does not fall short. Let your parents enjoy their golden years in peace. Get a quote from Bajaj General Insurance today!

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, read the sales brochure/policy wording carefully before concluding a sale.

FAQs

Which health insurance company is best for senior citizens?

Bajaj General Insurance is one of the best health insurance companies for senior citizens. You can get in touch with us 24/7 and we have a fast claim settlement procedure as well. We offer diverse plans that meet the needs of senior citizens.

Can a 75-year-old get health insurance in India?

Yes, a 75-year-old can get health insurance in India. However, the premiums might be higher as older people are considered high-risk individuals.

How much premium do I have to pay for senior citizen health insurance?

Senior citizens need to pay slightly higher premiums compared to younger people getting health insurance. There are several factors upon which the premium amount depends. They include pre-existing conditions, sum insured amount, age, and co-payment options (if any).

Is ₹20 lakh health insurance enough for senior citizens?

No, a ₹20 lakh health insurance is not enough for senior citizens. Since they are at a high risk of hospitalisation, you should aim for a ₹50 lakh sum insured at least to cover their medical expenses.

What factors should I compare before buying health insurance for senior citizens?

You must compare the premium amount, check whether there is any co-payment clause, ensure pre-existing diseases are covered with a minimum waiting period and whether the policy has lifetime renewability options.

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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.