Considering the increasing cost of healthcare around the world, health insurance is no longer an option but instead has become a necessity. All the more if you are old, it is an important way in which you can protect your life savings from being spent on medical treatments.
Buying health insurance for senior citizens is a tricky process. There are various considerations that you need to keep in mind to ensure optimal coverage for your policy.
Let us look at some essential criteria to look for when buying health insurance for senior citizens:
- Coverage for in-patient hospitalisation
In-patient hospitalisation refers to when you, the patient, need to be hospitalised for a continuous period of more than 24 hours. In-patient hospitalisation covers all hospital expenses for nurses, doctors and even specialist fees, including fees for medicine. Some plans may include in-patient coverage, but with certain sub-limits like a cap on the amount of doctors’ fees. Since the hospitalisation required by most older individuals is prolonged, it is vital to check for in-patient hospitalisation coverage when you buy health insurance for senior citizens.
- Restrictions on post hospitalisation expenses
When you buy health insurance for senior citizens, it is crucial to pay attention to restrictions on post-treatment expenses. Since increasing age requires increasing dependence on medical support, it is advisable for you to select a policy that includes a post hospitalisation facility. Some plans extend 60 or 90 days of post hospitalisation support. Thus, depending on the severity of reliance on such medical aid, you should plan and buy health insurance covers appropriately.
- Terms and conditions for pre-existing diseases
If you are looking to buy health insurance for your parents who are at an older age, it might so happen that they are already facing some ailments. While you look for suitable alternatives, you mustcompare health insurance plans and check for coverage of pre-existing diseases or PEDs. The scope and the waiting period for the inclusion of any pre-existing medical condition will determine whether a policy is suitable or not.
- Waiting period of your plan
Waiting period is the tenure for which your insurance company does not cover any treatment costs for your pre-existing diseases. It is a kind of hibernation period wherein all other ailments are insured except the pre-existing conditions. Generally, the waiting period ranges from two years to four years and differs for each insurance company. The lower the waiting period, better it is since the quicker your policy benefits will start to kick in for existing ailments.
- Co-payment under your insurance policy
Co-payment clause defines the percentage of the claim that you have to pay from your pocket. When you buy health insurance for senior citizens, you must give a thought about the co-payment component. Most senior citizen policies include a co-payment clause. Also, the higher the co-payment percentage, the lower is its waiting period, which differs based on the terms and conditions of your policy. Thus, make sure you select a policy with the appropriate requirement of the senior citizens to be insured.
- Exclusions in your coverage
Lastly, exclusions play an important role when it comes to senior citizens. These are medical conditions that are specifically excluded by your insurer. You need to check the policy documents that mention the illnesses excluded explicitly by your policy.
These are some crucial considerations that must be looked into while selecting health insurance for senior citizens. Do not forget to compare policiesand go through the policy wordings of all general insurance plans before buying the insurance policy.