Your complete guide to senior citizen health insurance policy 10th May 2021
Health is wealth’, perhaps one of the most commonly used phrases that stand true for all of us. This phrase stands more relevant for elderly people present in our lives. As our body ages to its physical peak, there are increased chances of rising disorders and diseases that come with high costs.
Thanks to the presence of effective senior citizen health insurance policies; today, effective healthcare is no longer associated with heavy medical bills & expenses. This article guides you through senior citizen health insurance so that you won’t disrupt your life-savings & budget. Let’s get started!
Health Insurance for Senior Citizens
It is necessary for everyone to have health insurance but it becomes even more crucial in the case of senior citizens who are prone to falling sick due to the age factor. If you do not have a health insurance policy for the elderly, a simple health issue could turn into a big financial problem. Therefore, it is important to secure the future of the elderly with a good senior citizen health insurance policy.
What to Expect From This Article?
In this article we will discuss the reasons why one should buy health insurance for the elderly who are over 60. This article will also navigate you through the basic features to look out for, to help you find the best health insurance company in India.
Basic Characteristics and Benefits of Senior Citizen Health Insurance
Taking care of the elderly is our responsibility and buying a senior citizen health insurance policy is one of the best ways to fulfill it completely. However, things get confusing when you search for the ideal health insurance (the market is filled with a variety of insurance options). Even a simple query on the internet with ‘best health insurance company in India’ yields a number of results which could make it daunting for a first time consumer to choose from.
Well, it won’t be the situation anymore! Listed below are the basic characteristics to help you streamline the search process:
● Tax reduction due to the payment of insurance premiums
● Higher insured benefits
● Coverage of the OPD expenses
● Coverage of daily hospital expenses while admitted and receiving treatment such as usage of equipment like dialysis machines, chemotherapy, etc.
● Free annual health tests and medical check-ups
● Coverage of ambulance fees
● Cashless hospitalization benefits
● Coverage of the doctor’s fees
● Coverage of room charges
● Coverage of medical bills for more than 24 hours’ hospitalization
● Pre and Post hospitalization charges
● Full coverage of declared illnesses/ diseases
● Coverage of Pre-existing illnesses
● Seamless and quick financial settlements
● Hassle-free claim fulfilment
Things to Keep in Mind before Selecting a Health Insurance Policy for Senior Citizens:
1. Medical history: Formulate a well-documented medical history with age, risk factors, pre-existing illnesses et al. This helps in identifying a specific plan since there exist specific plans for specific illnesses. This also helps in availing the maximum benefits.
2. Declare correct information: It is important to disclose all the information and give correct details prior to the purchase of a plan. This is because incorrect or incomplete information can create trouble at the time of filing a claim.
3. Conduct proper market research and make comparisons: It is necessary to search for different types of policies that are out there to find the perfect fit for your elderly parents. Making a comparative analysis is the best way to conduct this search and select the perfect health insurance provider.
4. Insurance premium should not be the only criterion for comparison: While everyone wants to get the maximum benefits with minimum premium rates, it is not right to keep it as the sole criterion while selecting a policy.
Conclusion
Now that we have had a walkthrough of all the basics, we hope that this article will make your work easier while searching for a goodhealth insurance policy.
Tips:
● Look out for a plan that provides value for money in terms of benefits.
● These benefits should also exist within your budget limit.
● Create a clear set of expectations so that you know what to search for.