As one gets older, the need to purchase a health insurance plan gets stronger. With age comes a number of health issues and ailments that require constant medical attention. Hence, purchasing a good health insurance plan for senior citizens is necessary.
One should purchase a health insurance plan as early as possible in order to get maximum benefits in old age. There is some good critical illness insurance for senior citizens that you could purchase for yourself or your parents. However, there are a few things you should consider before buying it. They are as follows:
1. Coverage
The first thing that you should check is the coverage period offered. Higher the coverage, the better for you. Old people are more prone to falling sick than younger people, so a higher coverage amount will ensure that medical emergencies and expensive treatments would be taken care of when you reach that stage.
2. Co-payments
There are some insurance companies that come with a co-payment clause. What this actually means is that a percentage of the claim amount should be paid by the insured and remaining part would be settled by the company. Although it sounds fantastic, it isn’t necessarily great, since you wouldn’t be able to enjoy full coverage. So, it’s important you check all the clauses before buying such plans.
3. Waiting Period
Another important thing to watch out is the waiting period. Most insurance plans come with a waiting period, especially for pre-existing diseases. This waiting period restricts the insured person to avail cover during that period. So, it’s only once the waiting period is over, will you become eligible to make any claims. Hence, always choose a plan that offers a lesser waiting period.
4. Floater and Individual Policy
Generally, individual health policies are great for senior citizens since they need more medical attention. With a floater policy, the premium amount would be determined based on the age of the eldest member of the family. So, once you make a claim, the cover amount would automatically reduce and the other members will be greatly impacted.
5. Illness Covered
When purchasing a health insurance policy, always take a look at all the illnesses and diseases that are covered under the plan. Compare different policies and choose the one that offers you protection for a number of different conditions.
Benefits of Senior Citizen Health Insurance
Below are a few benefits of health insurance plan for senior citizens.
· It covers costs that arise due to treatments such as chemotherapy, dialysis, et cetera.
· Pre-existing conditions are also covered after the waiting period is completed.
· Ambulance charges are covered.
· Pre and post-hospitalization charges.
· Doctor’s fees, medicine and drugs costs, room charges, et cetera.
· Can avail annual health check-ups.
· Hassle-free and quick claim settlements.
· Higher sum insured benefits.
Claim Procedure
The claim procedure is not complicated at all. All you need to do is fill out a claim form online and submit it back to the insurer. Medical reports and bills from the hospital or doctor with supporting documentation needs to be attached as well. For quick claim processing, make sure you meet all the requirements so that there are no reasons for any delay.
Though falling ill is common when you are of a certain age, you should still ensure proper planning, so that all your medical expenses are covered and taken care of in an easy and hassle-free manner. Health care is also an expensive affair and you do not want to be caught in a situation where you’re faced with a financial crisis.
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