Considering the current medical inflation rate, any medical emergency is enough to put pressure on your finances. Hospital bills can rise further, especially during old-age when medical care becomes more frequent. Therefore, it makes sense to buy best the health insurance for senior citizens to get financial coverage in the case medical emergency strikes. Either you can buy a best senior citizen health insurance policy for yourself or your parents.
If you are planning to buy the best health insurance for senior citizens, it is essential to pay attention towards the following facts. These parameters constitute a best senior citizen health insurance policy=
1. Long-Term Renewability
As we grow old, our susceptibility to ailments also increase, and therefore, it is essential to go with that senior citizen health insurance policy which comes with a lifetime renewable feature. Many insurance companies offer health insurance for senior citizens for the people who belong to the age-group of 60-80 years.
Some insurers also limit the entry age of insured to 69 years only. Hence, after 69th birthday, you might face issues in getting a health insurance policy. However, the best health insurance for senior citizens come with a long-term renewability option so that you can renew your policy till you are alive. In fact, some insurers offer their policies without a cap on age.
2. Low Waiting Period
A waiting period is a duration before the health insurance policy would come into force. In this duration, if you have been diagnosed with an ailment or any medical emergency arises, your Mediclaim policy will not cover it. The waiting period can be there for pre-existing ailments as well, i.e., those diseases from which you have been suffering before buying the policy.
As senior citizens are more likely to have a pre-existing condition, most of the health insurance companies have eased out waiting period norms for senior-citizens. In fact, the best health insurance policy for senior citizens come with the lowest waiting period on various treatments for joint replacement surgeries, cataract, fractures, etc.
3. Minimum Co-Payment
In the insurance field, co-payment is the fixed amount that a policyholder needs to pay at the time of hospitalisation. Sometimes, the clause is specific to diseases/ treatments only. For instance, if your claim amount is Rs 50,000 and co-pay is 10%, you would be liable to bear Rs 5,000, while the remaining would be paid by the insurer.
Go with that senior citizen health insurance policy which comes with a minimum co-payment clause to lessen your burden at the time of claim.
4. Network Hospitals
While you might be thinking that buying the best health insurance for senior citizens is enough, imagine a scenario, where you go to the nearest hospital and your horror, you find that you can’t avail the cashless treatment because the hospital doesn’t fall in the list of network hospital of your insurer. Well, of course, you can reimburse your hospital bills later by submitting your bills to the insurer, the hassle of paying the hefty medical bill from your pocket immediately is not only stressful, but it can also put excessive pressure on your finances. Moreover, what if you don’t have enough money on hand to deal with the medical crisis?
Therefore, it is necessary for you to know the list of network hospitals with which your health insurance has tied up with. Further, if the health insurance company’s network hospital list includes those hospitals as well, which are near to your house, then it is a matter of great comfort. Hence, do check the network hospitals before purchasing a health insurance policy for senior citizens.
So, now when you have a clear idea of what constitutes a best senior citizen health insurance policy, we are sure that you will carefully evaluate and compare all the above options before choosing the one. SecureNow, a leading insurance advisor, can help you in choosing the best health insurance for senior citizens. Not only at the time of purchasing the policy, but SecureNow is also there when you need to file a claim.
Remember, retirement is not the end of the road, but it’s the beginning of the open highway. With the best health insurance for senior citizens, you will be able to walk confidently on the road!