Our true wealth is our health, but it comes at a price. As we age, we may face a variety of health-related issues, which might result in an increase in our general health bills at a point when we are not employed. Because medical inflation continues to rise year after year, many elderly persons who do not have health insurance may find it difficult to cover their medical bills during their retirement years.
A senior citizen’s health insurance plan must ensure that their medical expenses are met comfortably. They should not be left in a condition where they need to fend for themselves when they are sick. Older people need a health insurance plan that will look out for them and provide for them. No other section of society needs medical insurance plans more than senior citizens do.
Older people should be hounded into taking just any medical insurance plan but should be given the time to under health insurance benefits. We need to understand that the needs of older people are different from others, and they need plans like stroke health insurance as they are more vulnerable to these diseases. Thus, here are some tips to consider while choosing health insurance for senior citizens
4 Tips for Comparing Health Insurance Plans for Senior Citizens
We should always buy health insurance plans that bring out the best benefits of health insurance. The way we can do that is by comparing health insurance plans. So here is a short list of what you should be on the lookout for.
- Keep an eye on the age of renewal and entry
After reaching 60, it becomes increasingly difficult to obtain new health insurance coverage. To avoid a lapse, it’s always a good idea to renew your operating health insurance policy as soon as possible. Some insurance providers set a limit age for enrolling in and renewing a health insurance policy.
Instead, consider a policy that can be renewed indefinitely. You may not want to be without health insurance when you need it the most, especially as you get older. If you’re over 60 and looking for a policy, look for one that allows you to enter up to the maximum age while renewing it for the rest of your life.
- Get one offering cashless claim
When a policyholder chooses a cashless claim option, the insurance company will cover the majority of the hospitalisation costs. Suppose a senior citizen or close relatives are hospitalised in a network hospital and use a cashless claim. In that case, they will not have to worry about organising finances to receive treatment.
- Opt for a plan offering critical illness cover
Cardiovascular disorders, cancer, dementia, renal failure, and other major diseases are examples of critical illnesses. Unfortunately, medical costs for certain ailments are significantly greater than prices for other illnesses. Furthermore, many critical ailments, such as cardiovascular difficulties, kidney failure, Alzheimer’s disease, and others, are more common. As a result, be on the lookout for health insurance packages that offer critical illness insurance cover.
- Check your sub-limits
Some health insurance plans have capped the highest claim amount for a disease or procedure. It is known as sub-limits. For example, a health insurance provider may set a ceiling on room rent for a specific type of room, and if the ceiling is exceeded, the insured is responsible for the expense. When deciding on a health policy, choose products with no capping or sub-limits or the fewest list of instances with such restrictions.
Senior citizens should choose the right plan for them. There are many cost-effective and efficient health insurance plans offered by rputed insurers in India. What is needed is a thorough comparison of what insurance companies are offering, on the basis of which senior citizens should choose the one that fits them best.