As we age, our healthcare needs become more critical. Unexpected diseases or chronic ailments can cause medical bills to skyrocket fast. Thankfully, senior citizen health insurance policies are intended to offer stability in terms of finances during difficult times. Their old and growing age makes them vulnerable, and it is important to cover their medical expenses. Insurance will ensure that medical treatment for a senior citizen does not lead to a financial burden for all the members of a family.

Keep reading the guide to know more about senior citizen health insurance plans in detail.

Points to Consider While Buying Health Insurance for Senior Citizens

Here are some factors you must consider while buying health insurance for senior citizens:

1.     Pre-Existing Diseases

Senior citizens are likely to have pre-existing diseases and conditions. Some insurance plans may exclude coverage of pre-existing conditions altogether. But you can also find plans which cover pre-existing conditions after a certain waiting period. So read the terms and conditions to check which pre-existing diseases will be covered, and after how much duration.

2.     Range of Network Hospitals

Network hospitals are those hospitals which have agreed with an insurance company to provide cashless treatment to insured patients. The bigger the range of network hospitals, the easier it will be to provide cashless treatment to a senior citizen. You should also check if the network hospitals are close to your residence.

3.     Free Medical Check-up Facility

The earlier a disease is diagnosed, the easier it is to cure and prevent it from hurting a patient. Because of this, it is best to buy senior citizens’ insurance which offers free medical check-ups at regular intervals.

4.     Sub-Limits and Co-Payments

Sub-limit is a cap on the expenses which an insurance company will bear in the case of certain treatments. On the other hand, if your insurance comes with a co-payment clause, you will have to pay a certain percentage of the claim amount from your pocket. You should seek insurance plans with low or nil co-payments.

5.     Domiciliary Treatment Coverage

Sometimes, a senior citizen may require treatment at home. A domiciliary treatment cover can cover the cost of treating a senior citizen at their home.

6.     Lifetime Renewability

You must select health insurance plans which can be renewed without any age restrictions. With time, health insurance becomes increasingly important for a senior citizen, highlighting the need for renewing it.

7.     Exclusions

It is important to know which situations are not covered by health insurance. Knowing the exclusions will help you set the right expectations for the insurance.

8.     Day Care Treatment

While health insurance will cover treatment which requires at least 24 hours, there are procedures which require less than 24 hours of hospitalisation. So you must opt for insurance which covers day-care procedures.

Bottom Line

The cost of healthcare is rising in India. For many families, it accounts for a significant percentage of the total expenditure. Senior citizens deserve special attention when it comes to their medical needs. For financial safety, the best thing you can do is to buy health insurance plans for senior citizens. It is crucial to check the exclusions and inclusions in an insurance plan to evaluate it. Day-care treatment, ambulance charges, and domiciliary care are some of the things to look for in a health insurance plan.