June 19, 2024

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Key Things To Check Before Buying Health Insurance For Senior Citizens

3 min read
6 key points to check before buying health insurance for senior citizens

Health insurance is crucial, especially for senior citizens, safeguarding their savings from rising medical expenses in the age of medical inflation. Contrary to misconceptions, senior citizens can indeed acquire new health insurance policies. Many insurance companies offer specialised medical insurance plans for seniors. Still, it’s vital for them to thoroughly assess coverage, inclusions, exclusions, optional features, and add-ons, as their healthcare needs may differ from other age groups. This proactive approach ensures tailored protection and peace of mind in managing healthcare costs for seniors.

Before Buying A Health Insurance Policy, Be Sure To Consider The Following Important Factors:

  • Examine The Premium

Medical insurance plan costs can vary based on an individual’s health, with senior citizens often facing slightly higher premiums due to age-related health risks. However, certain features can help reduce insurance costs. Since health coverage varies among providers, comparing different plans from various insurance companies when purchasing senior health insurance is essential. This comparison ensures the selection of a policy with necessary coverage at an affordable price. ##

  • Co-Payment

Co-payment is a prevalent cost-sharing component in many senior citizen health insurance plans, where the insured and the insurer share accepted claim expenses, the insured paying a portion. Some policies provide the option to choose co-payment or not. Opting for co-payment or selecting a policy with this feature by default results in a lower premium but entails sharing claim costs. ## *

  • Outpatient Coverage

In the face of rising medical inflation, driven by increasing healthcare demand and lifestyle diseases, having a health insurance plan is crucial to ensure access to quality medical care. Hospitalisation coverage is often the primary focus when considering health insurance, but outpatient expense coverage is equally, if not more, vital. Outpatient costs like lab tests, doctor visits, and health check-ups can pose a significant financial burden, particularly for senior citizens who often pay out-of-pocket. Therefore, selecting a policy with outpatient coverage is essential, especially for individuals with chronic illnesses requiring frequent doctor visits. Claims are subject to terms and conditions set forth under the health insurance policy.  *

  • Look For Cataract Cover

As we age, the likelihood of developing age-related health issues increases, such as cataracts. Many senior citizen medical insurance include coverage for cataract surgeries after a waiting period. The coverage limit depends on the sum insured and policy type, whether family or individual. Under a family policy, the coverage applies separately to each insured person. To find the ideal policy, comparing different policies for coverage limits, waiting periods, and premiums is essential. Claims are subject to terms and conditions set forth under the health insurance policy.  *

  • Low Waiting Period

Pre-existing conditions (PEDs) are generally subject to waiting periods under most health insurance plans. After the waiting period is over, policyholders can submit claims for such PED health conditions. Therefore, picking a policy with a short PED waiting period is crucial. However, the waiting times for most senior citizen plans are considerably faster.

  • Pre-Medical Check-Up

Most senior health insurance plans don’t require policyholders to undergo pre-medical exams. However, some policies offer medical insurance premium concessions if seniors opt for specified medical examinations, allowing for cost-effective insurance. Health insurance provides crucial financial support, especially for seniors, and various plans cater to their medical needs. Making the correct choice ensures seniors can retire peacefully without the concern of escalating medical costs.

*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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.

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