Health Insurance : 5 Important Things You Must Consider When Buying Health Insurance For Senior Citizens
Senior citizens require greater coverage, flexibility and support, therefore, they need Health Insurance with a bundle of features.
If your parents have been without an insurance plan. then you must look for an appropriate Health Insurance cover immediately. Though there are limited options available in the market, you can still get a decent policy for them by taking care of some important points that we are going to discuss here.
Check The Policy Features
Senior citizens require more coverage, adapt-abilities and support. in this way, they require a Health Insurance cover with a bundle of features.
There should be no co-payment requirement for Critical Ailments like cardiac problems. cancer. kidney transplants. etc.
Some policy puts a limit below 70 years, try to avoid such policies. Features like air ambulance support, daycare cover, OPD cover, etc. can add value to a senior citizen’s health policy.
Pre-Existing Diseases Or Pre-Existing Illness
Most of the Health Insurance companies are not keen to provide coverage to an individual with pre-existing medical conditions.
Pre-existing medical conditions or diseases means that an individual is suffering from any medical condition or disease before taking a health insurance policy.
This includes health issues like cancer or diabetes. high blood pressure or asthma. Pre-existing conditions make buying a Health Insurance policy for senior citizens very difficult. However, a lot of Health Insurance policies still offer cover if the disease is not critical or terminal.
When buying a Health Insurance policy for a senior citizen, it is advisable to be thoroughly aware of their medical conditions to avoid any kind of decline.
Sum Assured Under The Policy
Senior citizens are more prone to health risk than younger people. So. it is vital that they get sufficient size of Health Insurance cover. Some Health Insurance companies put a limit on the maximum health cover allowed for the senior citizens.
It also makes sense to understand the health insurance top-ups as it provides additional cover. over and above the presently available limit.
Always prefer the insurance plan which offers the facility to upgrade the health cover to a higher level.
Floater Policy Vs Individual Policy
You must be very careful when it comes to making a selection between floater policy and individual policy. Under floater policy, the premium is charged on the basis of the eldest member’s age.
Senior citizens have a greater chance of falling ill. therefore they may require Health Insurance support multiple times in a year.
Individual Health Insurance should be preferred over the floater policy when buying insurance for senior citizen members.
Beware Of The Waiting Period
Waiting period restricts the insured person to get risk cover for a certain period. especially for pre-existing diseases. Once waiting period gets over, the insured person becomes eligible to get the required insurance cover. The waiting period for ailment for the senior citizen normally varies from 1 year to 4 year period, pre-existing.
Senior citizens may require treatments for problems such as knee replacement, prostate ailment, etc., but insurance companies normally allow treatments for such problems after a certain waiting period only. You should select a health policy that offers risk cover with the least waiting period.
When you are buying health policy for the senior citizens, look for a policy which has a lesser waiting period for pre-existing diseases.
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