Our healthcare demands will inevitably alter as we get older. Seniors need medical attention more frequently and are more likely to develop chronic diseases. Because of this, having comprehensive health insurance is essential to financial stability in retirement. Having health insurance for senior citizens is crucial for the medical and financial safety of elderly people and becomes a great help during medical emergencies.

In this blog, we will go through the key policy considerations for buying health insurance for senior citizens.

Policy Considerations For Senior Citizens’ Health Insurance

Here are some of the policy considerations to keep in mind while buying health insurance:

1.     Coverage

 You must check what is covered by the health insurance plan.  Some of the things to look for are the diseases which are covered, medical procedures such as surgeries, and hospitalisation.

2.     Pre-Existing Conditions

Insurance plans usually cover pre-existing conditions after a certain time, called the waiting period, has elapsed. There is a high probability for a senior citizen to be suffering from pre-existing illnesses even before enrolling for an insurance scheme. It is best to opt for a plan which covers pre-existing conditions after a small waiting period.

3.     Premium

The premium is the amount you will pay to buy the insurance. You must compare the premiums charged by different insurance plans, and the coverage offered against the premium to judge which plan suits you the most.

4.      Co-Payments

Co-payments refer to the payment you must make to avail of treatment under a specific coverage. You must check if the insurance plan has any co-payment clauses, for which treatments and procedures it applies, and how much the co-payment amount is.

5.     Coverage Across Network Hospitals

Insurance companies enter into agreements with hospitals for the latter to provide cashless treatment to senior citizens with insurance. If an insurance company has more network hospitals, it will be easier to avail of cashless treatment under the insurance scheme.

6.     Tax Benefits

Under Section 80D of the Income Tax Act of 1961, senior citizens can claim deductions up to Rs. 50,000 for medical expenses. You must read the terms and conditions of the policy carefully to learn about the tax benefits.

7.     Claim Process

You must know the steps involved to settle claims under a scheme. The claim settlement method is mentioned in the terms and conditions of a policy.

8.     Second Opinion Cover

When it comes to chronic medical conditions such as cancer, it is important to consult multiple specialists to get an accurate diagnosis. You must ensure that your health insurance policy provides second-opinion coverage.

9.      Reviews and Recommendations

It is important to see what other people, especially existing customers, say about the insurance scheme. You can read online reviews and get in touch with your acquaintances to get reviews and recommendations.

10.                         AYUSH Treatment Coverage

Treatment under Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) is fast gaining traction in our country. If you want coverage for such treatment under an insurance policy, you must read the terms and conditions to see if AYUSH coverage is included.

Bottom Line

In this blog, we have covered the key aspects of a health insurance policy for senior citizens. It is important to check the exclusions and inclusions under a plan to judge how much it suits you. You must go through the claim settlement ratio, and online reviews, and compare different policies to arrive at an informed decision.