Today, with rapid increase in diseases and soaring medical expenses, health insurance has become a necessity for all. This is especially for senior citizens as they are more prone to these health diseases than younger people. Once people reach their 60s, they suffer a lot medically and require treatments on a regular basis. The expense of treating such old-age diseases is usually quite high. However, these expenses can be cut down with senior citizen health insurance.
Senior Citizens’ Health Insurance plans cater to the needs of people over the age of 60 who are retired and do not have a steady source of income. As people become older, their chances of developing diseases grow, increasing the need to be financially stable to cover health-care costs; health insurance is essential in this aspect.
It offers elderly people preventative health checkups as well as cashless hospitalization at the insurance company’s network hospitals. Pre-existing conditions, hospitalization costs, severe sickness, pre and post-hospitalization costs, and COVID-19 treatment are all covered under this.
Before comparing and choosing health insurance for your elderly parents, make sure you check the following in your plan:
You must be aware of your parents’ medical history before purchasing health insurance coverage for them. It would not be wise to depend solely on their knowledge of their medical history in such instances. It is always preferable to cross-check such information before sending it to the insurance provider.
Hospitals these days often treat and discharge patients on the same day. However, depending on the policy, you may be able to file a claim only if the policyholder has been hospitalized for at least 24 hours. Therefore, it is preferable to choose a senior citizen plan that covers a wide range of daycare operations such as dialysis, chemotherapy, radiation, etc. as per your needs.
Every health insurance company has a large network of hospitals where you may seek cashless hospitalization. Before purchasing a plan, you should ask and review your insurance company’s list of network hospitals. This will let you know whether a reputable hospital in your area is on the list or not.
Always select a plan with a low to zero co-payment. Several senior citizen health plans have a co-payment agreement that requires the policyholder to pay a percentage of the claim amount. The insurance company only pays the remaining fraction of the claim amount. So, always check this by buying a senior citizen’s health insurance for your parents.
Always go for a good health insurance plan with a lifetime renewability option, so you don’t have to purchase another health plan in your old age. Insurance that is not constantly renewed, particularly after 60 years, is not the best option for a senior citizen.
Elderly people are more certain to have pre-existing diseases, which might drain all of your hard-earned money. Therefore, you should choose a senior citizen health insurance plan with a short or zero waiting time for pre-existing diseases.
When purchasing a senior citizen health policy, the insurance company’s claim settlement ratio and claim settlement time should also be considered. If an insurance company’s claim settlement time is short and the claim settlement ratio is high, your claim is more likely to be settled swiftly.
Today, most insurance companies provide a no-claims bonus if the policyholder makes no claims in the entire previous year. In this case, either the policy premium or the sum insured amount is reduced.
Your parents’ unexpected hospitalization can be both emotionally and financially draining. Health insurance for senior citizens will help you in managing the financial costs of hospitalization. Just make sure you keep the above-mentioned things in mind before choosing the right plan for your elderly parents.
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