Thanks to a sedentary and stressful lifestyle, signing up for a health insurance plan has become a must-buy across ages. But it assumes tenfold more important for senior citizens. This is because their medical requirements are maximum across ages which implies that their medical expenses are also the highest. Thus, it is not only important that all senior citizens have medical insurance but it must also be adequate based on their medical needs.
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Thankfully, you have several health policies available in the market today that are specifically tailored for the needs of people in the golden age. However, you can make the right choice only by comparing various policies based on their extent of coverage, the sum insured, premium amount, etc.
Comparing them manually can be a daunting task but the job is made easier today by various health policy comparison sites. You can compare the policies on various grounds and then make the final call.
Comparison Guide for Senior Citizens Health Plans
General health policies can be renewed until the age of 65. Senior citizens’ health policies are designed for people aged between 60 and 75 years. Different plans offer different facilities and benefits. Few of the leading features on which these policies need to be compared are:
- Age limit
Most senior health policies have entry and exit age limits. But there are several Senior Health Policies available today that promise to remain in force till the age of 90 if renewed regularly. It is always preferable to choose a policy that has no age restrictions or age limit is substantially high.
- Lifetime renewability
The growing competition has made insurance providers roll out incentives like lifetime renewability so that they can enjoy a health cover for as long as they live. It also frees them of the hassle of renewing the policy every year. It is best if you narrow your selection to those policies that offer lifetime renewability.
- Medical tests
The risk of diseases is quite high in the senior age. Thus, most insurance providers ask for a mandatory pre-health checkup. But there are several who are offering you the benefit of no medical check-ups. It is always preferable to select one with no medical checkups but if the insured is fit enough; a medical test adds to the benefits.
Almost all senior health plans have a co-payment clause. It refers to the out-of-pocket cost that you must bear before the insurance plan kicks in to cover the cost. Various insurance companies have different plans for co-payment. It helps reduce your premium amount down. You can select one that looks most affordable to you.
- Waiting Period
Another common feature of a senior health insurance plan is the waiting period for pre-existing diseases. It means that the disease would be covered only after a certain period of time after the policy kicks in. The general waiting period is from 18 months to three years. Needless to say, the health plan with the least to no waiting period would be beneficial.
- Critical illness cover
Senior citizens stand a higher chance of becoming a victim of a critical illness like a heart attack, kidney failure, cancer, knee replacement, etc. There are plans that provide no cover while few facilitate a cover as an add-on. It is always wiser to choose a plan that makes critical illness cover available.
- Insurance coverage
Different health policies cover a different list of diseases. It is always wise to choose a plan that provides a wider coverage of illness.
- Network hospitals
Checking the list of network hospitals is another important comparison feature. One must always choose an insurance provider that has a higher number of network hospitals, particularly in your location. The biggest benefit of it is the availability of cashless treatment.
- Premium amount
Finally, we come to the premium amount. It is generally high for senior insurance plans and increases with a higher sum insured. Thus, it is important to compare the sum insured and the benefits attached to the payable premium amount. You can then select the plan that gives the best value for money.
Buying a senior health insurance plan is a critical decision as it is most likely to be claimed. Doing little research and then selecting the best one will help you remain stress-free in your golden years.