Healthcare is a basic need that every human being has. This need grows as time progresses. However, if you look at the healthcare industry, you will realize that the cost of seeking treatment is too high for most people. While healthcare is an irreplaceable requirement, it is priced like a luxury these days. Considering the rising cost of health care services in India, adequate health insurance for the entire family is absolutely essential. And if your family includes your elderly parents, the need for health insurance is even more important.
As people get older, the list of diseases they suffer from increases. Hence, the risk of frequent hospitalizations also increases. Now, even if your parents are covered under your group health policy, this may not be enough. Therefore, they should have a specialized health insurance policy.
Here is all you need to know about health insurance for senior citizens before you buy health insurance online:
What health insurance is for senior citizens.
As the name suggests, health insurance for senior citizens is medical coverage for people 60 years of age or older. Health insurance is a general agreement between the insurer and the policyholder for senior citizens. The policyholder pays a premium to the insurance company, in return for the coverage for medical expenses incurred during hospitalization, daycare, post and pre-hospitalization, etc. However, the total premium for a senior citizen health insurance policy is much higher compared to health policies designed for a young person.
Things you should know while buying health insurance for senior citizens
- Coverage for in-patient hospitalization
The insurance company provides coverage of the inpatient hospitalization for medical expenses incurred by the insurer when the policyholder is hospitalized for more than 24 hours. It covers all hospital expenses – nurses, doctor and specialist fees, medicine, etc.
For some senior citizen health policies on the market, there are sub-limits to certain costs. For example, some plans cover inpatient hospitalization but have sub-limits on doctor fees. Since the number of people staying in the hospital for a senior citizen is high, it is important to look for a Senior Citizen Mediclaim that offers you maximum inpatient hospital coverage.
- Limitations on post-hospitalization costs
It is a reimbursement of any expenses incurred by the policyholder after discharge from the hospital, which is directly due to the illness or injury they have been inflicted. Generally, post-hospitalization eligibility is 60-90 days. However, for many health insurance policies for senior citizens, the period after hospitalization is reduced.
- Limits on the number of day-care hospitalizations
The hospital has procedures that can be completed in less than 24 hours, for example, cataract, dialysis, chemotherapy, etc. Although there are many medical insurance daycare facilities for senior citizens, some plans limit the number of times a claim can be made for such expenses. For some plans, the number of daycare claims ranges from 8 to 10. Before purchasing any health plan, make sure you are aware of the daycare facilities available under the policy.
- Terms and conditions regarding pre-existing illnesses
Your parents may have one or two pre-existing diseases at an older age. So, when buying a policy, check the terms and conditions relating to pre-existing diseases, whether certain pre-existing diseases are covered, the waiting period for each of them, co-payment clause, etc.
- Compare the premium amount with the benefits offered
For health insurance for senior citizens, the premium amount is much higher when compared to policies designed for young people. So, when comparing health insurance for senior citizens, do not look for a policy that offers you a lower premium, but look for a policy that offers more benefits for the premium that you are being charged. In addition, some insurance companies have also introduced a monthly premium payment system that reduces the burden of making huge payments all at once.
There are other important factors to consider when you buy health insurance, such as room rent allowance, increase in sum insured, OPD expenses, etc. However, when buying a health plan for the elderly, the above 5 factors are very important. After covering these five points, you can then prioritize based on the other benefits offered.
