Here's How to Choose the Best Health Insurance for Senior Citizens

HEALTH INSURANCE



Our parents have worked tirelessly throughout their lives only to ensure that we remain in the best of health. Now in their old age, when they are feeble and dependent on us, it is our responsibility to take care of their health and other needs. Moreover, being more prone to infections and diseases due to their age, they require special care and attention. 

While each one of us wants our parents to receive the best medical aid, access to the same can become a little challenging because of the exorbitantly high cost of medical treatments these days. Thus, it is extremely important to buy a health insurance plan for our aged parents in order to make sure that our financial constraints don’t limit their access to the best medical facilities.

Purchasing a health insurance plan for your parents keeps them safe and sound, which is the least that we can do for them in return of the countless sacrifices they make for us. 

Selecting the Best Health Insurance Plan for Them

Here are a few important factors that should be considered while choosing a health insurance plan for senior citizens:-

•Age Limit

Different insurance companies have different eligibility criteria for senior citizen health insurance policies. Some of them offer insurance plans for people who are 80 years or above whereas others provide insurance policies for people who are 60 years or above. Hence, make a choice based on your parent’s age at the time of buying the policy.

•Coverage

The next important factor to consider is the “expenses covered” under the policy. Choose a policy that offers the maximum coverage including expenses incurred during pre- and post-hospitalisation, domiciliary hospitalisation, alternate medical treatments, and more. 

•Policy Renewal

Some insurance companies offer senior citizen health insurance plans up to a certain age only. They don’t have a provision of lifelong renewability while few others have. Thus, enquire about the policy renewal provision before narrowing down your choices.

•Waiting Period For Pre-Existing Conditions 

The waiting period for pre-existing conditions is a certain specific period of time an insured has to wait before their pre-existing illnesses are covered under the policy. Make sure to ask about the same from your insurer.  

•Co-Payment

 It is a fixed amount to be paid by the insured for every claim. Remember to enquire about the co-payment clause from your insurance provider.

•Amount Of Sum Insured

It is the total amount that you can get when you make a health insurance claim. Your insurance provider will reimburse your parents’ medical expenses up to the amount that is assured in their policy. The higher the sum insured the better. Thus, choose wisely.

•Sub-Limits

It is the limit placed by the insurance company on health insurance claims, which is usually applicable to services such as room rent, ambulance charges, and other medical procedures. Compare these rates between providers and choose an insurance plan that offers the most reasonable sub-limits.

•Annual Health Check-Up

Ask the insurance provider if they cover annual health check-ups as this helps in monitoring the insured’s health and promote a healthy lifestyle. 

•No-Claim Bonus

No-Claim bonus is the advantage that the insured enjoys for not making any claims during every policy year. In this scenario, insurance companies increase the sum insured by a certain percentage for every claim-free year. Do note here that different insurance providers have different policies with regards to no-claim bonus. 

•Cashless Claim Settlement

In case of cashless claim settlement, the insurance company directly settles the medical bills with the hospital without causing you any inconvenience, which means that you are spared from the burden of footing the bills yourself. 

The aforementioned factors will surely help you make the right decision when it comes to giving your parents the gift of health insurance. 

Conferred with the most prestigious awards like the ‘Best Medical Insurance Product Award’ at The FICCI Healthcare Awards, and ‘Best Health Insurance Company’ at the ABP News-BFSI Awards, Religare Health Insurance (RHIL) is a trusted name when it comes to investing in health insurance. RHIL offers a wide range of comprehensive health insurance plans and Mediclaim policies for its wide clientele, ranging from individuals and families to corporates and senior citizens.