As we grow older, we become increasingly vulnerable to diseases. And, the medical treatments for these diseases often gets costlier. This is why it is so important to have health insurance in our senior years. Whether you are about to buy health insurance for yourself as a senior or you are about to purchase coverage for your aged parents, this article will prove helpful. Read on to discover 7 helpful tips for buying senior citizen health insurance in India.
- Compare plans to check for affordability
When buying health insurance for senior citizens, you need to choose a plan with a higher cover limit. This higher limit would naturally bring along a higher premium. So, compare at least a few insurance companies to see who gives you the best rate for the premium for a higher sum insured.
- Look for inclusions of day care procedures
A lot of surgeries that seniors require are done as day care procedures. This means that they do not have to be admitted in hospital overnight. Look to see whether the senior citizen health insurance plan covers a wide list of day care procedures such as cataract operations since these can be quite expensive.
- Check the location of network hospitals
It is important to choose an insurance company who has network hospitals located near your home. As a senior, travelling long distances to hospitals that are far away can be stressful. If there are network hospitals near your home, you can avail cashless treatments with ease.
- Check the sub-limits of the plan
Sub-limits in health insurance define certain limits of claims for specific expenses. For instance, there may be sub-limits on specific illnesses or even on certain charges like room rent. Choose a health insurance plan that has reasonable sub-limits which fit your budget.
- Opt for the shortest waiting period
Health insurance plans come with waiting periods for pre-existing diseases and certain illnesses. Do make sure to choose the plan that has the least waiting period. On an average, the waiting period for pre-existing illnesses is around 48 months.
- Ask about additional benefits
It helps to know that your insurer goes above and beyond to give you a bit more. Look for additional benefits like free health check-ups, discounts on premiums, and so on when buying health insurance for senior citizens.
- Inspect the insurer’s background
Finally, do a bit of research to check the insurance company’s reputation in the market. Choose an insurer who is known for their senior citizen health insurance plans. Check the claim settlement ratio, how long the insurer has been in the industry, and customer reviews. If you are happy with what you find, go ahead and buy your health insurance plan.
Buying health insurance for senior citizens is a big decision and one that must be made very carefully. We hope that this article guides you when you make the purchase. All the best!