7 smart tips to buy health insurance for senior citizens – The Financial Express
Here are some important tips senior citizens should not forget before buying a health insurance policy.
Health is our real wealth, but a healthy life comes with a cost. As we get older, you may come across many health-related challenges that leads to an increase in our overall medical expenses at a time when we are not earning. As medical inflation is soaring every year, it could be a difficult task for many senior citizens who don’t have a health insurance policy to meet their medical expenses during their retirement period. A health insurance cover for senior citizens is essential to make sure they comfortably meet their medical expenses.
However, at times despite having a health insurance policy, some elderly people may face serious financial challenges during medical emergencies. Do you know why? Some of the common reasons for this is having an inadequate health cover, selecting inapt health policy, and lack of clarity about the policy features.
Here are some important tips senior citizens should not forget before buying a health insurance policy.
Maximum Age Of Entry And Renewal Tenure
It becomes more and more difficult to get a new health insurance cover as you get older after crossing the age of 60. So, it’s always better to renew your existing health policy timely to avoid a lapse. Some insurance companies put a cap on the maximum age for entry and renewal of the health policy. Take a policy that allows a life-long renewal option. You may not want to live without a health policy when you need it most especially when you become a super senior citizen. If you are buying a policy after crossing the age of 60, prefer companies that allow entry up to maximum age and at the same time also gives you a life-long renewability option, according to BankBazaar.
Types of Ailments In Waiting Period
Health insurance companies restrict cover for certain ailments for a specific duration that normally varies from 2 to 4 years. While buying a health insurance policy for senior citizens, you should try to get such a product that has the least number of ailments under its waiting period list and comes with a lesser waiting span.
List of Exclusions
Insurance companies may not accept a claim for certain expenses incurred during the treatment which is mentioned in their list of permanent exclusions. It could be expenses related to a pre-existing health condition, a standard set of exclusions such as treatments like cosmetic surgery, weight control, gender change, etc. While buying a health policy, you must check the list of permanent exclusions and ensure that your existing ailment is not mentioned in it. Prefer a policy that has the least number of exclusions.
Co-Payment Requirement
According to BankBazaar, some companies offer health cover to senior citizens on the conditions that a certain percent of the total treatment cost will always be borne by them, such payment obligation is called co-payment. While buying a health policy, always prefer such policy which has a minimum or zero co-payment requirement.
Capping and Sub-Limits On Treatments
Under some health insurance products, there are capping on the maximum claim amount for a particular type of ailment or the medical procedure. It is called sub-limits. For example, a health insurance company may put a cap on the room rent for a particular class of room occupied by the insured and beyond that caping, the insured must bear the cost. When choosing the health policy, choose such products that have no capping or sub-limits or have the least number of items with such restrictions.
Annual Preventive Health Check-ups Reimbursement
Aging patients require regular health check-ups. Some health insurance companies allow reimbursement of costs incurred towards the preventive health check-ups in the year next to a claim-free year, subject to a certain ceiling limit and applicable terms and conditions in the policy. Senior citizens should buy such policies where the cost of health check-up is also borne by the health insurance company.
No Claim Bonus (NCB) Benefit
In most health insurance products, for every claim-free year, they reward the policyholder by allowing an enhancement in the sum insured by a fixed percentage. The enhancement in sum insured varies from company to company and usually ranges around 10% to 100% of the base policy size. Senior citizens should prefer buying such a policy which allows them maximum enhancement in sum ensured as an NCB benefit.
When choosing a senior citizen health policy, apart from the above-mentioned points, you should also focus on features like restoration of cover after a claim during the year, zero deductible, air ambulance cover, higher cover for critical illness, the inclusion of psychiatric ailments, cover for Ayush treatment, etc. You must also check the premium for different age groups because some companies may charge you a low premium initially but after crossing a certain age their premium may go up significantly.
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