After the age of 65, it is essential to look for a financial cover for possible hospitalisation and medical expenses. As the years go by, even if you lead a healthy lifestyle, you are more likely to fall sick due to age related illnesses. High blood pressure, diabetes, cancer and other chronic illnesses are on the rise. This makes it more important for those who are in the retirement phase of life to avail suitable insurance plans to safeguard themselves. Similarly, if you have dependents who are elderly, it is important to purchase insurance for them individually or find a policy in which you can include your entire family.
Earlier, health insurance plans did not accommodate senior citizens over the age of 60 to 65. However, current insurance agencies do have policies for the elderly that would make a big difference to healthcare expenditure now and in the future.
Terms of Health Insurance
Securing good health insurance for senior citizens can turn into a complex procedure. There are certain factors, terms and conditions that you should be aware of before you decide to invest in a particular policy.
1. The Amount to be Paid as Insurance Premium
The sum you would have to shell out as a premium annually is definitely one of the major points that you will consider when zeroing in on a particular insurance plan. However, you should be aware that policies with lower premiums may not cover a multitude of illness and conditions. Thus it becomes important to weigh the pros and cons against the insurance premium and evaluate the value for money.
2. Be Cautious of Sub-limits
If there is one thing that a senior citizen should be wary of when selecting an insurance plan, it is the sub-limit. This is the upper limit or ceiling that insurance service providers place on room rent and particular ailments and their treatments. Your insurance policy may not completely cover common surgeries like cataract or a hernia. You will end up having to pay out of your pocket partly, which could possibly turn into a significant amount.
3. Waiting Period for Pre-existing Conditions
Most insurance policies, especially those tailored for senior citizens, have a waiting period before pre-existing conditions will be covered under the plan. It is critically important to read the fine print and find out the period you would have to wait before you can successfully raise a claim for a particular illness or procedure.
4. Stay Acquainted With Network Hospitals
In order to save yourself the hassle of claims and reimbursement, it is wise to be well aware of network hospitals in your insurance plan. Availing services at a network hospital that is included in your insurance plan would allow for cashless settlement of bills directly between the hospital and the service provider.
An ideal health insurance plan can save you stress and money at the time of an emergency. However, is best to tread cautiously as a senior citizen, bearing in mind the loopholes that may exist within each insurance plan.
Websites for Best Health Insurance
Considering all the factors that come into play while choosing an insurance plan, it is essential that you research thoroughly and educate yourself well. The internet has made the entire process easy, smooth and instant. There is a world of information available regarding the top health insurance service providers with the best plans on offer for senior citizens. Coverfox.com is a great tool to compare and contrast between top health insurance plans and take the right pick.
Let us take a look at the top health insurance service providers for those aged above 60 years and some of their features.
1. Senior Citizen Red Carpet Plan:
-Covers ages from 60 to 75
-Insured sum: 1 to 10 Lakh INR
*Pre-policy medical check-up is not required
*Can be renewed over an entire lifetime
*Coverage up to 10 Lakh INR
2. Bajaj Allianz Silver Health Plan:
-Covers ages from 46 to 70
-Insured sum: Rs 50,000 to 5 Lakh INR
*Waiting period for pre-existing conditions is only one year
*No ceiling on room rent
*Pre-existing conditions are covered for up to 50% of the insured sum
Invest Wisely to Secure Your Golden Years
Insurance for your healthcare will give you peace of mind and keep you calm in times of emergency. There is no need to drain your retirement savings for medical bills when adequate help and financial coverage is available. Trust Coverfox.com to give you the best advice regarding the health insurance policies that will be most suitable for you as a senior citizen. You worked hard to reach this phase of your life, don’t let health issues bring you down!